How the Internet Changed Business in COVID and What’s Next

By True North Advisory Research Department

In our previous blog titled Entrepreneurs in the New COVID Normal, we wanted to start a conversation about COVID and to think about the world we see post the pandemic.

One example we discussed was how the global pandemic had provided startups in the healthcare space the opportunity to solve difficult problems that traditionally have not needed to be addressed. These problems are a result of safety precautions, increased demand for medical equipment, and social distancing mandates.

Yet the healthcare industry isn’t alone in this fight. Restaurants, retail stores, grocery markets, grade school, higher education institutions, and so many more organizations have struggled to adapt to the new normal. To stay afloat, they’ve tapped the power and ubiquity of innovative applications over the internet.

According to the Pew Research Center, 53% of Americans say the internet has been essential during the COVID-19 outbreak. But for businesses? It’s a much-needed lifeline.

Let’s explore a few examples of legacy operations that have quickly pivoted to serve customers and drive revenue during the pandemic:

• Restaurants: With strict limitations on patrons, restaurants have turned their kitchens into factories where they pump out deliveries and meal kits for at-home dining. Applications from smartphones connect consumers to their favorite foods with a click of a button.
• Retail and grocery stores: With an inability to have customers do their own shopping, these massive spaces have turned to warehouses where employees pick and pack online orders that lead to curbside pickups.
• Colleges and schools: With students unable to return to classrooms, teachers and professors rely on video connections and pre-recorded lectures to teach students. Students continue to advance their education from the comfort of their home and the power of their laptops.

Applications over the internet have become the ultimate backstop for organizations that can no longer serve their customers in person. But to not only survive the foreseeable future but thrive, businesses need to continue to innovate with the help from nimble organizations that disrupt the old way of doing things in the new normal. How?

• Can new technology companies create platforms that better connect restaurants to hungry patrons? Create recurring orders? Track previous orders and update suggestions based on preferences? Will “no footprint” restaurants take off? Where simple kitchens are set up without storefronts and room for patrons, but focus solely on delivery?
• Can organizations help streamline the curbside pickup process by providing personalized parking spaces and technology that notifies workers (or even robots) when a specific customer is there to pick up a particular order?
• And for education, can startups improve the college or K-12 experience? Disrupt it with new learning platforms at a much cheaper cost? Create platforms that are interactive and turn textbooks into a more efficient and engaging e-learning experience?
• What about keeping consumer and student data safe? With a nearly 50% spike in internet traffic from January to March alone, how can we ensure these new business ventures are keeping our sensitive data safe from hackers?

The internet has helped us stay afloat, but real innovation will come from the organizations that harness its power and put it to create customized experiences that simplify the already disrupted and complicated life of today’s consumer.

As we know, more than 80% of consumers are willing to pay more for a greater experience. If you’re able to do that, you’ll win business and help others grow. For now, stay safe, keep innovating, and share your thoughts with us.