UncategorizedCI Automation on Terraform – Whizlabs Webinar
March 24, 2023
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When discussing the knock-on effects from the coronavirus pandemic, UK lockdowns, and subsequent UK lockdowns, a lot of attention is placed on the negative effects on the economy, our mental health, and our physical health. While the negative effects are unimaginable, it’s not all doom & gloom.
Many businesses have suffered from the pandemic, but others have prospered. Amongst the businesses that survived the first national lockdown were exercise equipment, DIY, and gardening retail stores.
When it comes to business-to-business, technology providers, ecommerce sites, video conferencing software solutions, and healthcare providers led the way. Companies that tapped into their services were also successful.
Many of the B2C success stories were driven by changes in consumer behavior as a result COVID-19 restrictions. However, there is a common thread among the majority of successful organisations: the successful adoption and use of technology.
Technology adoption accelerates because of the pandemic
Many businesses were not prepared for the massive shift when the Prime Minister issued the March 2020 work from home directive. Many organisations were unable to adapt quickly due to issues such as a lack of cloud software and portable work devices. However, businesses that had prioritised digitalization were ahead of the curve and were able shift to home work with minimal disruption.
Businesses implemented digital solutions to maintain a sense of normalcy through remote work and collaboration. Many businesses also accelerated their digitalization.
According to a McKinsey global survey of business executives, July 2020 found that businesses accelerated their long-term digitalisation plans and increased the speed by three to four years. Businesses also increased the speed of digitisation by seven years. This is due to the increased funding for digital initiatives which was the most popular business area that received internal investments during this period.
Nearly all respondents to the survey said they had implemented temporary measures or solutions to enable their businesses to adopt this new way to work. However, most expect their investments will be long-term. Senior executives recognize technology as an essential part of their business and not just a cost-cutting tool.
Digital investment is a boon for businesses
Businesses that had invested in digitalisation in the past 12 month were able to get a head start in the pandemic, as well as the shift to home-working. However, this doesn’t mean that they weren’t winners. According to McKinsey, 92% of business leaders knew that digitalization was essential for their business to compete in the new environment.
COVID-19 has caused problems for high-end retailers. We saw the sad loss Debenhams flagship stores and Burberry’s retail sales plummeting by 48.4% in the first three months after the pandemic.
Michael Kors was a luxury fashion brand that relied on in-person shopping. This was because the experience in-store was just as important as the quality of its products. The brand had to quickly adapt to the COVID-19 pandemic that decimated its physical stores. The company shifted to digital and launched an online service that allowed customers to design their own bags and receive product recommendations.
The MK My Way service was available on Tmall, an online e-commerce site by Alibaba. It began with a personality quiz that would then give a personalized recommendation to the user. Users could also have a custom-made, hand-painted bag made. The digital pop-up event was exclusive to Chi on the first day.