The past two years have presented an array of challenges for every business sector. Most industries have been forced to alter business practices to stay afloat during the pandemic. Some of these shifts were already on the horizon but were accelerated in the wake of COVID-19. Companies have adapted as quickly as possible, but the challenges are far from over. Here are some key insights for 2022 based on recent data.
Convenience is Key
Convenience is crucial to earning and retaining business in the current environment, and customers will reward the companies that are easiest to work with. The McKinsey Global COVID-19 Auto & Mobility Consumer Survey showed that prospective vehicle buyers are less inclined to meet with automotive salespeople in person during the pandemic. Auto dealers have responded by streamlining the online car buying process. Online options have become more attractive to buyers of all ages since 2020. Organizations that provide the most convenient methods to their customer base will gain market share in 2022.
Technology-based self-service options are expected to grow rapidly over the next year. According to a 2021 ACA study, 67% of participants stated they use digital self-service options when available. Consumers prefer to skip the potential wait times associated with phone support lines if a faster solution is available on a website or mobile app. Businesses with the best self-service options will retain more customers.
The Great Resignation is Not Over
Employees will keep exploring their freelance and start-up options. Americans applied for over 5 million tax identification numbers for new businesses in 2021, a 43% increase from pre-pandemic levels according to the US Census Bureau. This indicates that many people are starting side gigs or leaving their 9-to-5 job in favor of new work-from-home ventures. Companies will adapt to the new labor market and make employee-centered improvements but will continue to see moderate turnover. The Great Resignation may have peaked, but it has not yet run its course.
The pandemic continues to be a massive disrupter of business practices and its impact will be felt for years. Some methods will eventually return to normal, but others will be altered permanently. The companies that continuously adapt to their stakeholder’s demands for safety and convenience will succeed in 2022.