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Business Briefing: Adopt and Adapt #14

James Perrin
James Perrin
Head of Content 17 Jul 20204 minutes read

A round-up of the most important insights and what they mean for your business.

 Adopt and adapt  

Welcome to this week’s Business Briefing! Each week we wade through the COVID-19 noise to unearth the most valuable insights for your business. 

This week’s edition celebrates everything adaptive and collaborative; those who are adopting new ideas, partnerships, technologies, systems and processes. The impact of COVID-19 has evolved consumer’s digital habits and a number of brands have accelerated their efforts to meet the enhanced needs of the ever-evolving customer.

Retail

Why does this matter?

Shoppers are seeking out better connected experiences in the wake of COVID-19, where convenience is king. So, for retailers navigating the post-lockdown landscape, thinking omnichannel is more significant than ever. “Businesses that adopt omnichannel strategies achieve 91% greater year-over-year customer retention rates in comparison to businesses that don’t” (V12).

Hospitality

 

Why does this matter?

Adaptation requires agility and creativity. For hospitality brands look for technology or service partnerships to quickly pivot to online platforms and test digital solutions. This will ensure you’re delivering what guests, visitors and attendees want, at a time where their enhanced needs must be met to offer an optimal guest experience. As brands quickly adapt and adopt such technologies, ensure it meets your needs operationally and commercially, but also the needs of your customers. 

Finance

Why does this matter?

Collaboration and partnerships not only mean a better service to financial institutions and their customers, but they also mean growth, and probably more important than ever right now, the retention of jobs and people’s livelihoods. Partnerships and collaborations will help financial institutions to adapt and thrive, and while a major challenge in the adoption of new technology is the integration with legacy software, there are plenty of third-party tools to partner with too. 

Gaming

 

 

Why does this matter?  

Enhanced experiences, thanks to partnerships and collaborations, extend to the gaming industry, especially as the number (and type) of audiences grow. For example, over two-thirds (71%) of mothers aged between 25-54 play video games and consider it to be an important and positive part of their lives (Activision Blizzard). The possibilities to engage with this burgeoning audience are endless, especially if studios and brands take a more open and collaborative approach like Animal Crossing have been with a litany of brands.  

Creative Corner

 

In the true spirit of adaptation, we had to highlight one campaign that caught our eye this week. Australian-based streaming service Binge teamed up with fashion retailer, The Iconic, to create lockdown-inspired loungewear called ‘Inactivewear’.

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We love Humans

 

Each week, we pick a feel-good story that showcases human resilience and brilliance during a time of great change and innovation. So, what have we loved this week?

  

Hospitality Action launches ‘Invisible Chips’, a campaign to harness the UK’s goodwill and affection for the hospitality industry. Food outlets add ‘invisible chips’ to their menu and diners are encouraged to purchase, with all proceeds going to charity. BrewDog are the first to sign up to the initiative, with Hawksmoor and Gaucho to follow in the coming weeks. 

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