Did you know? Gov. Andrew M. Cuomo said all New Yorkers must wear face coverings when social distancing is not possible, including on public transport, in stores and on crowded sidewalks. I’ve seen people in Asia wearing masks and very little if ever, seen in Europe or North America. This could also introduce a level of mutual obligation and civic duty about wearing masks in public that is more firmly established in Asia than in the West.
In a continuation of the North American Webinars, I’ve noted some of the most interesting bits from Michael E. LeBlanc who spoke to Irish businesses.
- Canada Post is two weeks in delays.
- American Postal Service is 10 days behind in delivering mail.
- Amazon stock replenishment is slow.
- Businesses big and small need to get online. Those who already were online have created a valuable community. This advantage helps business who’s strategy has turned to consumer retention over consumer acquisition.
- Trends in Asia which likely will carry over include a focus on the eyes from a beauty perspective. With Masks becoming the norm, accentuating the eyes will support growth in eye makeup.
- Decrease in major advertising spending. Smaller companies have an advantage to use Google AdWords, Facebook and/or Instagram sponsored posts. BTW Google AdWords apparently have the highest conversion rate.
- Reduce your range, build on bestsellers/basics.
- For example: A pasta company who normally makes 16 varieties of pasta shells is now only producing 5.
- Businesses strongest non-physical asset into the future will be TRUST.
- There are those who could not work from home, or were let go (22 million Americans and 1 million Canadians are now unemployed) who will not have an excess of disposable income, and then there are the 50% of the workforce who can work from home and who will spend when stores open once again.
Tips for Social Media Engagement
In what way will Ireland return to normal?
- Germany are opening smaller stores first, looking at square metres.
- Companies who were slow to adapt, are now accelerating e-commerce.
- Experience stores/ retail concepts are under threat.