Twenty Twenty Two is like Twenty Twenty Too (Part 2)

As businesses start to reopen and economic activity picks up again, it is essential to remember that the business challenges are not over yet. 

Throughout 2021, the consumers faced two waves of inflation. The first was felt in the second quarter when commodity prices went up, for instance, the cost of steel to a historic high. This was followed by an increase in the prices of materials that are energy intensive to produce, as the cost of energy started spiralling during the fourth quarter.

As economic events continue to be volatile, so will the consumers. They become cautious of their spending, and businesses must find ways to mitigate risks while maintaining revenues. This article highlights two points for companies to consider when navigating such turbulent times.

Optimise your operations

The dependence on products that rely heavily on coal, gas and electricity makes the sector particularly vulnerable to prolonged energy price increases — and this situation will not change anytime soon. Moreover, the global transition to cleaner energy may result in higher gas and electricity costs, but as the share of renewable electricity grows, prices should stabilise eventually and fall.

One of the live stream content ideas can be an extensive demonstration of your products and services to garner more viewers

The geopolitical tension in Ukraine is expected to cause huge shifts and resource restrictions in the already volatile market. Due to these many challenges, boosting productivity may be key for many companies to succeed. Therefore, managing cost drivers, proactive risk management, and maximising organisation-specific value must be top priorities.

In China, the factory and transportation in China are affected due to COVID-19. Shenzhen and Shanghai have been put on lockdown. As a result, companies may already experience a disruption to their operations and supply chain. 

Amid the limitations in available resources and disruption to the supply chain, companies must thoroughly assess their operational costs to understand if it weighs up to their actual benefits. Mapping out key operations processes helps to identify operational deficiencies. This will help businesses reduce operational risks and achieve better time, cost, and quality efficiencies.

Clients are encouraged to consider establishing reliable supply chain partners who can help deliver and mitigate risk proactively in view of the current and foreseeable volatility.

Content is your queen

Like chess, the queen is the most powerful and versatile piece on the board. Like a chess queen, online content should be able to move in any direction, reaching consumers in new and innovative ways. Online platforms allow content to be shown to consumers in various formats, from live stream sessions and augmented reality to interactive graphic design and live chat. This flexibility means businesses can reach their target audience in the most effective way possible, whether through engaging visuals or informative text. With so many possibilities at their fingertips, businesses are spoiled for choice when creating content that will make a real impact.

Unfortunately, many brands struggle with creating informative and engaging content. In a recent Blueprint workshop, we tackled this issue head-on with the health and wellness industry. After reviewing their existing listings, we found they were aesthetically pleasing but lacked the kind of content that would excite customers and entice them to purchase the product. 

In this example of our client, it is essential to use a framework to guide their target audience through the process from attention to action. 

E-commerce is a huge and ever-growing industry, and with it comes increased pressure on operations and marketplace strategies. To keep up with the competition, businesses need to relook into their operations and reorganise their e-commerce tactics. Our Max Ops program helps brands and businesses map their key operations processes within a business to simplify operations, reduce risks, and achieve better time, cost, or quality efficiencies. To top it off with the strategic Blueprint session covering end-to-end e-commerce tactics, businesses have a 360-degree view and clarity on pursuing forward through these uncertain times.

The COVID-19 lockdown causes a lot of businesses to re-evaluate their operations and supply chains

About the Author

Sam Kon is an e-commerce consultant from Beyond Infinity Consultancy (BIC). He is also a certified e-commerce trainer by Alibaba Business School and Taobao University; Enabling and empowering businesses to boost their revenue by going from offline to online (O2O).