COVID-Innovation: The Good, the Questionable, and the Not-So-Good So Far

While businesses across the globe reel under the impact of COVID-19, digital has come to the rescue of organizations worldwide. One and a half months into lockdown and most organizations are now through the initial scramble to assess, address, and run in the best way they are able. But, some have gone beyond just getting to a run state and pushed innovation to address new and evolving customer expectations. But, are all these “COVID - innovations” actually good for customers?

COVID-19: Curse or a Blessing?

COVID-19 - The global pandemic reminds us of the Spanish flu pandemic of 1918, the deadliest in history that infected nearly 500 million people worldwide. And worsening this situation was the aftermath created due to World War 1 which gave rise to a shortage of physicians and other health care workers.

Having said this, since 1918, the World has been impacted by several other influenza pandemics. However, Coronavirus will have an irreversible impact on this World.

So, here’s the Good, the Bad and the Questionable, COVID-19 has given to ‘Earth’.

New Possibilities, New Avenues for Growth

The impact of Coronavirus is visible across all facets of life, within human society, races, religions, geographies, countries, and continents. This has brought a significant change in business models and working cultures. Taking this further, Coronavirus has given a boost to digitization.

Pathway to Driverless, Contactless Deliveries

This pandemic has brought logistics challenges, more specifically, online grocery stores, food banks, senior care facility services providers, online clinics, and medical supply stores. Their operations are getting disrupted and expanding due to this pandemic. Coming as an escape to such chaos is the response from ‘China delivery providers’ who are capacitating businesses to overcome mobility challenges with the deployment of driverless delivery vehicles. These automated vehicles have opened avenues for contactless delivery mechanisms. In India, e-commerce giants such as Amazon have also started adopting contactless delivery mechanisms although not supported by automated vehicles at present.

Giving Birth to New Talents and Skill Set

With innovative thinking and using creative skills, many who are still working observed their job reform overnight. Industries like Zappos are reallocating resources to provide a public service during the Coronavirus crisis. It has launched what it’s calling a “Customer Service Anything Hotline” to provide valuable and reliable service to the community. This hotline has not only opened up new and better ways to support customers but also supplemented existing talents with new skills.

Creating Mindsets to Prepare for Uncertainties

With human mindsets deviating from buying shoes and clothing; there has been a spike observed in consumers' interest towards risk-mitigating investment plans and specific insurance schemes. For instance, searches for ‘best investment options’, ‘best investment options for salaried person’ has grown tremendously.

Facilitating Better Customer Control Over Last-Mile Logistics

Innovation spurs among supply giants adopting more efficient ways to simplify last-mile delivery an logistics. FedEx, is one such giant that is coming up with fantastic innovation - same-day bot known as Roxo. This brings peace of mind that would bypass the need of visiting a store and serve customers better during times like what we’re experiencing right now.

Heavy Promotions Might be Threatening for Brands

The spread of COVID-19 has created a situation where multi-million-dollar businesses have been struggling to breathe and survive with the implementation of heavy discounts and promotional offers. They are left with no choice other than to recover using discounting digital strategy thereby, leading to delayed purchasing. Businesses implementing this approach for survival will lead customers to delay their purchasing unless some great offer comes up. Unfortunately, this raises a big concern about the future survival of businesses.

COVID-19 has left us to think over the fact that maybe things will never go back to normal and we might have to prepare for a ‘New Normal’. More uncertain times and insecurities await ahead, but, few Words of Wisdom will help us to stay motivated: “Have Faith Through Uncertain Times, It Worked Out for You Every time Before And This Time It Will Be No Different.”

By Bhargava Ghatty, Co-Founder, Scketch Digital Solutions