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Phase 3 re-opening in Singapore has been a relatively fast-paced operation - with over 6,200 people in Singapore having received the COVID-19 vaccine (including Prime Minister Lee Hsien Loong) and 4 vaccination centres to be operational by the end January 2021.
The Singaporean government has been gradually easing restrictions on religious organisations, weddings, funerals and live performances - local attractions are allowed to apply for an increase in operating capacity to 65% (up from 50% during Phase 2).
Having a vaccinated population and open travel links will make Singapore a safe, open travel destination once the crisis is over. Footfall to tourist attractions is expected to grow by 15 to 20 per cent across the board during Phase 3, and businesses in the retail, restaurants and the tourism sector hopeful of a boost to sales - although it is unlikely that they will revert immediately back to pre-COVID-19 levels just yet.
In this article, we’ll be going through some key insights for your business to be better prepared for a post-pandemic world.
During the lockdown, businesses took a massive hit in sales as people began spending less money on non-essential items.
Businesses were forced to pivot and reposition themselves in a COVID-19 landscape. For example, American clothing companies like Pomchies and Origin USA saw an opportunity to produce face masks in early 2020 when America was facing a shortage of face masks. Since they were already in the business of making fabrics, these businesses were already equipped to tackle a new growing market brought about by the pandemic.
On the other hand, COVID-19 has caused industries in eCommerce, info-communications and media to enjoy accelerated growth due to the lockdown and whole work from home (WFH) situation.
Regardless of how your business was affected by the pandemic, it’s important to look at sustainability and make the necessary changes to ensure that your business thrives in the long run. While tourism and aviation were badly hit by the pandemic, Singapore Airlines weathered the crisis by launching its Restaurant A380 @ Changi dining experience / SIA @ Home package and, more recently, plans to become the first fully vaccinated carrier in the world.
If your brand deals with overseas vendors, it’s important to strengthen your supply chain and develop contingency plans. According to a study by Material Handling & Logistics (MH&L), one-third of supply chain leaders plan to move their business out of China by 2023. While only 21% of survey respondents believe they have a highly resilient network, another 55% expect to have one in the next two to three years - which is largely in reaction to major disruptions like Brexit, the China-US trade war and COVID-19.
It’s important to note that sectors which have suffered the most will not see a sudden surge in demand during Phase 3. While the pandemic has highlighted existing political, economic and social dysfunctionalities, it’s also created opportunities for much-needed changes that are necessary for creating an agile, sustainable business model.
The pandemic has also resulted in the rapid acceleration of current digital trends.
2020 was a year of change - video conferences and live streaming have become the norm and customer spending habits and attitudes have changed drastically with a greater uptake of eCommerce platforms.
The lockdown has taught us the value of greater innovation, faster communications and smart working habits. Moving forward, businesses need to be in tune with the latest tech changes to keep up with an ever-evolving digital landscape. Remote work software like Google Drive and Asana have quickly become a staple in most offices, and players in the medical and education industry now offer remote services like telemedicine and virtual classes.
Find a way to make your product or service a high-value proposition in today’s digitalised world. With more people working from home, local companies such as Prism+ and Secret Lab rolled out a series of marketing campaigns to capitalise on the sudden surge in demand for home office equipment.
Knowing where to reach your audience is also crucial. Make sure you understand the demographics of the audiences that the various online platforms that are available (Google, Facebook, Instagram, and more recently TikTok) and make sure you also consider the content your brand is posting and the tone of messaging that you’re using - which are key elements in creating your brand voice.
Lastly, rethink any assumptions you have about your market to make sure you’re never caught off guard. As a business owner, it’s your responsibility to anticipate changes in your market and make plans ahead of time. This means conducting market research, understanding the competition and creating your target audience personas.
It’s important to put your business in a position to succeed - especially as the global situation is gradually improving. Here at Big 3 Media, we have a suite of services to market your business during these challenging times. From corporate video production to animation video production, we do it all. Other services that we offer are:
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