New Royal Mail research gives a fascinating insight into how British companies have changed their business models to meet the rapidly changing behaviour of consumers during the coronavirus pandemic.
More than 7 in 10 (71%) British firms claim to have changed their business model in response to the coronavirus crisis. The urgent need to adapt has been fairly consistent across companies of all sizes and across all industries.
Of those who have made changes to their business model, over half believe these will be for the long term. A quarter anticipate some of them will be permanent.
The most common changes that business leaders anticipate will be kept on permanently include selling more products or services online (41% of those who have introduced this measure), new online customer service options (39%) and additional delivery services (31%).
Delivering A New Future
Companies have found novel new ways to ensure that customers are able to access their products, while still abiding by social distancing rules. 7% of British businesses have introduced a new delivery option for their products, with large organisations making this change most frequently (11%). 5% of businesses have launched a takeaway or click and collect service.
When looking at the retail sector specifically, one in five retail businesses have introduced a delivery option for their products. In the hospitality and leisure sector, 16% of organisations have launched a takeaway and/or click and collect service.
Some more anecdotal examples of how companies have added services to their existing portfolio include: online training courses, a postable course detailing pottery techniques from a ceramics business, and increasing the minimum length of stay at hotels.
Source: Royal Mail