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14th Jun 2020

Opportunity in crisis: emerging stronger from the circuit breaker

Opportunity in crisis: emerging stronger from the circuit breaker

As Singapore gradually emerges from the circuit breaker measures implemented to curb the spread of COVID-19, many businesses are looking forward to resuming operations.

However, things will not return exactly to how they were before. These two months in an unprecedented situation in Singapore have changed the mindsets of many retailers and businesses in Singapore.

Digital businesses find opportunity in crisis

Business models that were digital or online before COVID-19 have seen an increase in uptake since the pandemic. For example, YQueue, an online ordering and payment solutions provider, previously had to provide much education about its systems and their importance among F&B establishments. However, demand for their system increased greatly during the circuit breaker, and, with many safe distancing measures still in place in Phase 2, the system’s capabilities to reduce queues and physical contact is likely to remain attractive.

Similarly, Singapore Home Cooks, a Facebook page platform that links suppliers of quality ingredients direct to consumers, also saw increased traction during the circuit breaker. They report an 3-4 fold increase in viewership of their Facebook Live platform, with trust and credibility built among consumers. As such, they are likely to continue this live-selling service.

Adoption of online and social media platforms

Other companies that had relied on physical interactions before the circuit breaker also turned to online platforms and social media to help sustain their business. Post COVID-19, some of these strategies appear likely to stay.

Proceeding into the new normal

As Minister Heng Swee Keat described in the Fortitude Budget statement, the shift to digital transformation had already occurred before COVID-19, but the pandemic’s effects have accelerated it. “We will not go back to our old ways. Digital solutions will become more deeply embedded in our lives,” he continued.

In this climate, many businesses have changed their operations, taking greater advantage of the social media and online platforms available. As consumer preferences and norms also shifts, businesses must find new strategies to move forward into the new normal.

Source: https://www.smehorizon.com/opportunity-in-crisis-emerging-stronger-from-the-circuit-breaker/