The pandemic not only had a grave impact on public health, it led to business losses in excess of $16 trillion. A staggering 60% of pandemic-era business closures are now permanent, and many that did survive are in critical condition. Yet some businesses, like Zoom or DoorDash, never fared better.
It’s tempting to credit their success to luck, or an unwittingly pandemic-proof business model. But there’s a bit more to it.
The pandemic amplified certain economic pressures that had been brewing for decades. What was once ‘strongly recommended’ graduated to ‘mission-critical.’
Those pressures included:
- Creating a robust digital presence
- Having strong remote communication with customers and employees
- Offering customers the utmost speed, convenience and flexibility in how they acquire your product or service
Those who failed to meet these demands were the most likely to crack under the pressure of the pandemic. In essence, we now inhabit a world where companies only survive if they’re digitally well-equipped. Of course, what does it mean to be “digitally well-equipped?”
As we will explore, it all starts with a mobile app.
Adaptability Determines Survival
In many ways, the pandemic hit “fast-forward” on the progression towards a digital-first economy. In a rapidly changing environment, success hinges on the ability to adapt. During the pandemic, those who nimbly adapted to the onslaught of changes were the most likely to survive.
In some cases, that meant quickly shifting to remote work environments, nurturing the adoption of technologies like Zoom and Slack. In other cases, it meant finding new ways to connect with customers, especially for brands who relied on in-person experiences (be they concerts, conferences or indoor dining).
CEOs initially puzzled over what Covid-era operational changes would salvage the customer experience. Some turned to high-tech solutions like virtual reality. But some behemoths, like Instagram, Chase, Uber Eats and the like, had long since adopted the strategy that would help them thrive in a digital-first environment: a mobile app.
Going Mobile: The Only Way to Adapt
In an economic game of survival of the fittest, mobile apps are the adaptation that keeps a business fit. In fact, adaptability and cultivating a mobile presence are now practically synonymous in a business context.
Although we’re in the downturn of the pandemic, the digital-first strategy isn’t expected to lose steam. Consumers have become accustomed to the conveniences that a strong mobile presence brings. As Provoke Media so eloquently put it, “A brand’s digital presence won’t get less important as we start to reincorporate travel and live meetings into operations.” Companies across all industries are predicted to spend around $2.4 trillion on digital transformation through the year 2024 with 89% of businesses having already adopted a digital-first strategy or plan to in the near future. It’s time to consider if you’ll need to do the same.
For companies that originated as websites, like Zillow, Youtube, Facebook and countless others, migrating to an app was a logical move long before the pandemic. But for brick and mortar institutions, the transition was less self-evident, yet equally important. If your business falls into this category, then creating a mobile app of your own may be long overdue.
For restaurants in particular, app downloads exploded during the pandemic, as did digital sales. KFC, Pizza Hut, Taco Bell and The Habit Burger Grill saw digital sales rise by $1 billion in the second quarter of 2020. All the while, mobile sales accounted for 22% of Starbucks transactions in Q4 of 2020. The trend benefitted small restaurant owners as well, as this Las Vegas restaurant owner discovered.
An app places your business in the palms of consumers. With features like real-time payments and push notifications, they offer incredible value to business models that may have considered apps non-essential. As one source wrote on the power of mobile apps:
“Companies have slowly come to believe that smartphone apps are the best way to reach new consumers and increase loyalty from existing customers.The data supports this strategy. Experts predict that mobile applications will generate an incredible $188.9 billion in annual revenue by 2020.
However, this number doesn’t tell the full story either. It fails to account for increased customer loyalty, the importance of the data collected from these apps, and the boosted efficiency found as a result of better internal communication.”
Join the Victors: Launch a Mobile App
Mobile apps have become a non-negotiable aspect of doing business in the modern world. It’s never too late for businesses to adapt with a mobile presence that will help them thrive during the post-Covid economic surge. In fact, it may be more important than ever.
Luckily, launching a mobile app isn’t nearly as difficult as you’d think. It’s all about partnering with the right developer who knows your market, offers superior customer service, and can get your app to market quickly.
Mauka Technology creates customized mobile applications for businesses across myriad industries. Their expertise in app development, design, hosting and customer service ensures an app will resonate with your customers. The Mauka team will shepherd you through the process of building an app, from vetting your app idea to marketing it to your audience. Partnering with Mauka Technology is the most efficient way to adapt your business to a digital-first economy.
To learn more about Mauka Technology, simply schedule a short call with one of our leadership team here.
We also encourage you to visit our website: mauka.us