The global crisis has only aggravated the trade crisis. From March 2020, at least 347 US companies he cited the epidemic as another factor in his decision to pursue bankruptcy. Among them was the Guitar Center, whose supervisors said their e-commerce sales could not replace what musicians try to play instruments on their own. Some businesses are finding new solutions to the problems – or getting out of them is better than before. By 2021, it seems that most retailers are ready to change the way they do business.
MIT Technology Review Insights, in collaboration with Oracle, surveyed 297 executives, most notably financial managers, C-suites, and technical leaders, of their corporate mindsets for doing big business. This includes new types of business, integration and acquisition, and technological change, such as creating financial and risk management solutions.
According to the survey, 83% of factory managers doubt their company’s 2021 goal, hoping to improve or improve – that is, sell more goods and services, or do new business or marketing strategies. Overall, 80% of organizations have done great things in 2020 or are planning one in 2021.
The way to market
Purchases will be different in 2021, says Mike Robinson, chief marketing officer at The Eighth Notch, a leading affiliate marketing service for retailers and retailers, as well as former digital business leader at Macy’s. Among the most difficult questions that sellers have to ask are: “How can the shops convince people that it is better to return and relocate? How can consumers believe that the store is running smoothly from a clean standpoint? “No one has any clear answers,” Robinson said, “but they are asking you.
Other special areas affected by retail organizations in 2021: consumer risks and e-commerce risks. As cyber criminals become more sophisticated and more sophisticated, retailers need to think about how to protect their data, starting with avoiding credit card fraud. While this is important for every consumer business, Robinson says, the problem of data security also changes for retailers. In order to provide customers with the best, most personalized experiences, vendors need to gather information to be able to see it, exposing them to the risk of data breach.
Machine sales – manufacturing, shipping, and operations – are also important this year. Depression first appeared in 2020, as the epidemic spreads around the world, exposing flaws in production and chain making. And the US-China trade war caused many companies to look beyond China to Southeast Asian countries such as Vietnam or Thailand to cooperate with them.
Sales are not just about money. Robinson says the search and production is very important because consumers are raising confidence in the stability and security of workers. “This just continues to be very important as I move forward,” he adds.
Fortune loves the brave
It is difficult to plan for a long time in times of crisis – but that is what many industrial enterprises are doing: more than half of the organizations surveyed will increase technical funding by 2021, and 40% are planning to move IT and business services to the cloud (see Figure 1).
Sometimes, the 2021 plan is just to add more business. Developing companies that sell desks for treadmill or buluku they do not need to change their business practices. Due to overcrowding during long-distance work, these vendors simply need to develop production methods and use shipping.
But adjusting to the new world means that you have to be open to new ideas. Business leaders who are ready to change the company should also consider both: business types, business development, marketing strategies, implementation, and successful strategies. As a result, 87% of organizations expect business transformation in 2021 to change in some way.
Robinson believes this is a time for courage, and retailers are realizing this. “People will be rewarded for their devotion and will probably be forgiven if they are imperfect,” he says. When you get out of your way, try the unusual.
“Business has not stopped just because of covid,” said Ashwat Panchal, vice president of managing operations within Skechers. “We are expanding our market. We are developing our business experience. We are developing new marketing strategies. We are now preaching in new territories. ”
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This was created by Insights, the hand of material contained in the MIT Technology Review. It was not written by the authors of the MIT Technology Review.