How we look at value will change in the future, because to survive the pandemic things have to change.
Consumers have quickly adapted to e-commerce options for trading and business activities and have accepted their role in pushing innovative ideas in customer delivery options to complete the sale. For many consumers uncertain and mistrustful of online purchasing and financial transactions, the only choice is to trust your instincts. The more information available on a supplier and clear payment options, the more feasible committing to the transactions and buying experience.
Integrating customers in the supply chain process is necessary to get goods out and retain market share. What works for customers depends on availability of products, access to purchase, access to delivery options, and a returns policy. The big change here is access to purchase via safe and reliable e-commerce providers and access to receiving goods in a timely way.
Value has always been “…worth, usefulness, or importance in comparison with something else…” according to Merriam-Webster online, and in this pandemic period ‘value’ is influenced by availability. Options can be of equal value to the customer once they can get it. The means and funds to purchase is impacted by economic conditions, but value of commodity relies heavily on availability. A luxury or well-known brand may hold little value to consumers needing a pair of shoes or a handbag. Food, clothing, consumables, and entertainment are all of value but at different levels of the domestic ‘social demand chain’. When goods are in a diminishing market, they need to be re-evaluated, redesigned, reengineered to meet the changing needs of customers.
Economic conditions continue to evolve globally, but the impact of the disruption on supply chains and manufacturing hits the heart of every country’s GDP. Employment has changed, as needs have changed and consumer demands for what they value are constantly being adjusted and revised. There is understanding that we are presently stable in instability. This is a period of innovation, creativity, and growth, with positive outcomes for the future, but for now survival is of utmost value to almost everyone.
Of what value is value, has been playing on my mind as I consider impact of the pandemic on small and medium businesses in developing economies. This is a good time for all companies to define their value to customers, to provide what is needed to satisfy needs.
Let’s keep focused, and moving forward!
If you’d like to discuss the above as it relates to your business or enterprise send me an email and will be happy to schedule a meeting!
Give Hope to all you meet and watch the world grow!
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