Around the globe during the coronavirus pandemic, food retailers are responding to an unprecedented demand that stretches the entire market. Due to the Government rules of social distancing and lockdown, the customers, especially the ones above fifty from all the areas, got shifted to digital ordering and delivery. Moreover, the young ones prefer ordering at their doorsteps due to the busy schedule they carry.
Once the situation of COVID-19 normalizes, the demand for food ordering and delivery will gradually be regular, and food retailers will find ways to recover the market supply by realigning the supply chain and seeing the potential in the long term. Below mentioned are a few pointers that help the food delivery business to carry out the process for the long term market. Permanent Behavior Shifts to Online Delivery Across All Customers The disproportionate impact of the virus has brought a surge of customers to online food delivery models. The older customers aged above fifty preferred shopping traditionally initially, but now with the outbreak of novel coronavirus, the behavior has shifted to embrace the effortless way of shopping, which is popularized by the young generation. Due to their busy schedules, the young generation started accepting the idea of food delivery, so a white label glovo like app started to grow. Supply Chain Realignment and Innovation Due to the lockdown, there was a sudden change in the supply chain management coupled with stockouts. The companies' lack of capacity created an environment where there was a room of innovation, disruption, and new entrants. Thus, the supply chain should be realigned for the longer picture after the changes settle post-pandemic. New Understanding of Essential Workers Ensuring the food industry's continuity during the virus problems has created a new class of essential workers. From the workers working at the store to the ones delivering the food are currently working in the front lines. Workforce management, workforce satisfaction, and vendor relationships have become a critical aspect not only to the retailers and wholesalers but also to the Government and society. Loyalty Through Social Media Social media becomes a compelling and authoritative source to communicate with the associates, customers, and suppliers in the phase of the hyper-tension situation of COVID-19. Customers get to know about the prices, offers, discounts, and changes in the menu during the pandemic and post-pandemic through social media. This way, the loyalty of the customers does not degrade, and profits continue to increase. Navigating the Regulatory, Taxation and Financial Reporting Businesses must become careful considering the unique circumstances due to the outbreak of novel coronavirus. Each industry during the pandemic and after the pandemic will be challenged in different ways that need to be addressed in a variety of tax, accounting, regulatory and internal control challenges.
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