COVID vaccinations are on the rise, restrictions are loosening, and we’re all beginning to see the light at the end of the pandemic tunnel. Business owners should be looking to the future with bold anticipation, right? Not entirely.
The collective entrepreneurial spirit of the global economy has proven its resilience, delivering advancements and solutions at an unprecedented pace. But rapid change has a bad habit of bringing unforeseen complications along for the ride:
Innovation overload
Out of the ashes of our pre-COVID comfort have arisen software solutions as numerous as the grains of sand on your favorite coast. While having options is great, having too many options becomes a problem in its own right, making it very difficult for businesses to zero in on a software solution that meets their needs.
Not only do we have an abundance of software solutions, business owners are bombarded by a plethora of niche solution providers. One handles payment processing, while one handles marketing and loyalty programs, some claim end-to-end coverage but fall short upon closer examination.
Solution providers who’ve taken the time to fully understand the challenges faced by specific industries will be the ones to emerge victorious when the dust settles.
Margin erosion
The abrupt restrictions brought about by COVID-related safety mandates left businesses with two options: adapt quickly or go under.
Established purveyors of online services charged into action like Don Quixote toward a threatening windmill, promising – and delivering – rapid establishment of online presence and ecommerce capabilities. Unlike our fabled friend, however, many of these would-be heroes of the pandemic era had ulterior motives attached to their offers of help.
Particularly in the restaurant industry, businesses that initially revelled in the triumphs of online ordering and delivery via popular marketplace platforms are now drowning in a mire of heavy commissions and service fees. Operating within delicate profit margins of just 3-9%, it’s no surprise that, as of 12/1/2020, over 110K food and drink establishments had closed, either temporarily or permanently. It’s clear businesses are desperate for more economical solutions.
Customer disconnect
With rapid transition to ecommerce, impersonal online transactions that used to be just an additional stream of revenue have become a primary pillar of success.
Friendly in-person interactions have all but vanished, relegating customer feedback to online surveys and reviews. To further complicate matters, many software solution providers have introduced additional barriers to customer communication, establishing themselves as gatekeepers of customer data that rightfully belongs to business owners.
To succeed in this new landscape, businesses must find ways to reclaim their customer data. Doing so will pave the way to reclaimed customer relationships, and ultimately restoration of the brand connection that made their customers love them in the first place.
Putting it all together
The post-pandemic era brings more than its share of new challenges, but Ally is here to help you meet them. With solutions to increase profit margins, reestablish direct customer relationships, and manage your business end-to-end, walk confidently, knowing you have a solid partner on the road ahead.