The new Covid19 business lexicon
Covid19 has changed the world. And almost everything about it. We are all living through an epoch and are going to talk about those days to our kids and grandkids (of course, the past tense does not seem close right now, but we will reach there).
What’s one of the most interesting things is the way new terms and words have got added to our lexicon. With more to come! Sharing some I see coming up always in conversations and business reading
1. The New Normal
The first term, which has become my favourite, is “The New Normal”. And no term can come close to how well it actually phrases the Covid19 life. Almost every aspect of our personal and professional lives has changed. Industries and categories have changed. Customer behaviour has changed. No time in history has change been as pronounced and all pervading in such a short period, and so rapidly. Now if we mesh it with an oft used theory of how one needs 21 days to change a habit, well unknowingly most of us have picked up new habits and given up old ones too! Without even realising it. Welcome to The New (& ever changing) normal.
2. WFH wear
A new category has been created. Clothes that aren’t home wear (aka old clothes, casual wear, sleep wear) but not out of home casual wear too! It’s the classic comfort dressing with some formal thrown in. Athleisure, which was trending earlier, has probably morphed into WFH with more a formal look.
Uniqlo was one of the first apparel companies to launch a WFH range online
3. Waist Top Dressing
Or It could also be called ‘video call dressing’ (did I just coin a new term?) A subset of WFH wear, it refers to being well dressed formally or appropriately in your top wear (shirts, t-shirts, kurtas etc.) but bottom wear, which will not get seen on a video call, be more casual like a pair of shorts, track pants, maybe even pajamas. But do remember to switch off the video if you are taking a quick loo or water break ;-)
4. Revenge shopping
What all retailers are eagerly waiting for. The shopper who hasn’t been able to buy as much as they would have liked to, online or offline. Some of them want to go to a store for the interaction and of course, to finally step out of their homes.
Note, this is not a new term. but a term who's meaning has altered with Covid.
Originally revenge shopping was a term coined to the shopping done by one spouse / partner using the other spouse's / partner's credit card, after a fight as a feel good (for the spending partner) and penalty (for the other). In the start of this century, it was also used to describe the Chinese shopper who suddenly had the option of a wide choice of brands, including luxury brands, when their economy opened up after years of restraint. The revenge shopping then made China one of the Top 3 luxury markets in a very short span of time. In fact post Covid opening has seen spends on luxury brands being one of the highest.
5. Contactless customer interaction
No touching items you don’t wish to buy. No trying of clothes or sampling a fragrance before you buy. No sampling of a flavour. Order on a digital device at a restaurant, no browsing of a paper menu. Limiting touch points or completely eliminating them. The new normal of contactless customer interaction.
The challenge with this aspect of customer interaction is that in the immediate past, brick and mortar retail was fighting e-tail by focusing on the experience with high sensory interactions. Further, as humans, we are all social beings and to now be kept at arm’s length – quite literally – is going to be challenging.
Food delivery has become contactless with food delivery aggregators and restaurants leaving food at your home or apartment entrance. Contactless customer interactions have also increased transparency with food delivery packs now having stickers which confirm the delivery person was gloved, sanitised and not having fever during food pick up
Contactless customer interactions are sure to open up a whole world of digital opportunities in other areas of retail too.
6. Black Swan Event
The most common term used to describe the impact of Covid19, Black swan events are by nature unpredictable with consequences way beyond expectations. Thankfully they are rare, but their impact is severe and widespread.
7. The 6ft economy
A new term coined at IBM India to describe both the end customer reality and how their clients too support the companies they serve in implementing digital solutions for the physically distanced economy, yet we need to be connected. . While this has been coined for the technology solutions industry, it pervades everything we do. The queues outside and customer journey inside the post Covid retail stores are also part of the 6ft economy.
8. Survive & Revive
A term commonly used for business to manage the lockdown period and prepare themselves for post lockdown. With as many as 50-70% of business expected not to survive the impact of the lockdown, survival strategies are critical and post opening revive strategies need to be ready too, to move ahead. Survival strategies should be customer-centric and approach how the need can be met, but differently. Cost and cash management are key to pass thru this phase.
9. Vocal for Local
While this is currently a very Indian sentiment after the Honourable Prime Minister's call, there is no reason why it will not go global. As each economy struggles to recover from the impact, focus on giving a boost to the local economy will play a big role. Add to that the anti-China sentiment and also the real impact on business globally on movement of goods from China during lockdown, nations and companies will be forced to look at other options, and local would be high in consideration now.
