The APAC market is constantly changing, but this year has tested even the most resilient business. This time, the changes we’re seeing are driven by circumstances that us mere mortals don’t understand and can’t control. If you’re an Aussie, you might know these circumstances as “the ‘rona” which in the Queen’s English translates to “a really bloody big challenge for almost every business.”
For the most part, brands are focused on the chaos of ‘now’, holding out hope that we’ll get back to ‘normal’ – but we won’t. What was ‘normal’ is gone. It’s time to point the compass ahead.
This is a huge opportunity to plan for 2021 and beyond and reconsider what your business will look like in the future. But it needs to happen now.
How are people reacting to the major challenges facing the continent, including COVID-19?
Lockdown fatigue is probably a mild way to describe how many are feeling, especially where Stage 4 restrictions were implemented. This fatigue is dividing Australians and New Zealanders, especially as the weather warms up and the beach beckons. Like the US, there’s is a growing tension between continuing to follow restrictions to support the wider community’s health vs. demanding more freedom through protests and online conspiracy movements. Not to mention large numbers of people that, while not actively protesting, have simply moved on and are ignoring rules and guidelines.
Businesses are learning to embrace new restrictions by using online platforms and new ways of working. Ex-staff of companies that have changed significantly, including giants like Qantas, have discovered incredible resilience and ambition to adjust to a new way of life, at least for now.
So, what’s next?
How can your business change now to stick around for the long run?
Sadly, it’s unlikely that this pandemic and its economic impact is going to be short-lived or a once-off. Businesses need to plan for this type of disruption and future-proof their plans wherever possible. This should include securing supply chains, diversifying manufacturing locations and ensuring resources are able to cope with a similar event.
The three business decisions we predict will pay off beyond this pandemic include:
- Businesses who bring manufacturing closer to home will reap the benefits in the future. Unsurprisingly, there’s a strong push to bring manufacturing either back to Australia or New Zealand.Or at least nearby as consumers demand more transparency about ingredient and product origins.
For governments, there’s a need to provide support to help get companies back up and running by creating an economic environment that encourages entrepreneurial growth. Governments need to step in and create opportunities to fill the gaps left by businesses that don’t survive. Supporting the repatriation of manufacturing could be an important part of filling the gap. - Flexibility and better connectivity will be crucial to keeping staff and students engaged, both locally and globally. Traditional ways of working, studying and communicating have been upended as businesses embrace the flexibility that was forced upon them. We’re going to see permanent change in the working environment: more working from home, better connectivity and real flexibility.
Many schools and universities have learnt the hard way that their virtual learning technology isn’t up to scratch and must evolve quickly, particularly if they’re trying to appeal to international students who can’t currently travel to Australia.
The rise of e-health services such as online doctor appointments and mental health services is long overdue. This has been widely embraced in the community, especially amongst states like Victoria, that have experienced stricter lockdown restrictions. - Services that made people’s lives better and easier during the pandemic will find a permanent place in our everyday lives. Much like e-health service’s increased use, some of the ingenious businesses that have popped up in response to people’s new needs had us thinking, “Now why hasn’t that been done already?!”
From contactless grocery drop offs to open-source 3D designs for life-saving tech and even cocktail deliveries, it’s not hard to see why necessity is the mother of invention. If that’s not a silver lining, we don’t know what is.
What’s next for Australian and New Zealand businesses?
There’s no need to panic about things not returning to the way they were. This is a great opportunity to reimagine what your business could look like moving forward, regardless of where you are.
From developing better infrastructure around community support systems to ensuring we’re reassuring consumers about the safety and origin of their food, now is the time to work as a global community to put systems in place that will future-proof your business.
By exploring the unique opportunities this time presents, your business has the potential to emerge from this period stronger than ever before. If all goes well, that’s certainly something worth celebrating after a tough year.
