Post pandemic, companies step in to help customers get back on their feet
Trend - Times of crisis can take emotional, physical, mental and financial tolls on many. During these times of volatility, consumers will respond positively to brands that provide support. Once these times of crises pass, however, the aftermath can leave a sense of instability that brands can still help alleviate.
Insight - A call for companies to demonstrate more benevolence can be observed in recent years due to consumers becoming more aware of systemic inequalities due to the access of information online. During difficult times, such as the COVID-19 pandemic, this call for companies to use their resources for good is no longer something consumers simply desire, but need. This extends beyond the thick of volatility and into its aftermath; ultimately, this helps create a connection and retain existing customers.
Insight - A call for companies to demonstrate more benevolence can be observed in recent years due to consumers becoming more aware of systemic inequalities due to the access of information online. During difficult times, such as the COVID-19 pandemic, this call for companies to use their resources for good is no longer something consumers simply desire, but need. This extends beyond the thick of volatility and into its aftermath; ultimately, this helps create a connection and retain existing customers.
Workshop Question - What is one way you could help ease your customer's daily stress?
Trend Themes
1. Branded Stability - Companies are expected to provide post-crisis support and resources to alleviate instability, creating an opportunity to connect and retain their customers.
2. Increased Benevolence - Consumers are increasingly seeking benevolence from companies, creating an opportunity for brands to demonstrate social responsibility and create a positive image.
3. Access to Virtual Programs - Consumers are looking for accessible virtual programs that can provide mental and emotional support, creating an opportunity for innovative virtual programs and mental health services.
Industry Implications
1. Telecommunications - Telecommunication companies can explore ways to offer extra data allowances and contact-free delivery options, providing support to customers during crises and afterward.
2. Retail Pharmacy - Retail pharmacy companies can invest in mental health programs to provide accessible support for customers, especially during crisis and extended stays at home.
3. E-commerce - E-commerce companies can provide interest-free cash advances to alleviate financial burdens on businesses with reduced cash flow, filling the gaps of traditional financial relief options.
