As we sit on the cusp of a new decade and head into the throes of the 4th Industrial Revolution, never before have we questioned our place in the new world order or have had to reassure ourselves that we can still be effective entrepreneurs.
We are living in an era where Customer Experience (CX) plays a significant role in the success of a brand/business. It is now a topic of discussion in many boardrooms and CX has become a strategic measure on most business plans. FASA service providers The Franchise Firm is holding an interactive session of Customer Experience Journey mapping on Tuesday 15th October 2019 highlighting the moments of truth and the moments that matter. Find out more about the dynamic CX Mapping process that will allow your teams to view your CX journey from the Customer’s Point of View.
When is a burger not a beef burger? Well, when it’s a burger with the same look and texture and tastes better than the real thing? That’s what the makers of this latest fast-food trend are telling us and everyone, it seems, is climbing on the plant-based meat substitute burger bandwagon – and loving it! So much so that leading manufacturer Beyond Meat, the beef- substitute maker, posted a record-setting 192% rise from its IPO price of $25 per share in its initial public offering on the New York Stock Exchange. Backing by Microsoft founder Bill Gates and actor Leonardo Di Caprio helped the shares soar along with a growing consumer appetite for meat alternatives.
The Extinction Rebellion climate-change protestors over the Easter week-end in London brought the city to a standstill as demonstrators showed their determination to influence climate-change and the excessive use of plastics which ruin our oceans and clog our rivers. The focus, both for individuals, business and governments is to find solutions to cut back on pollutants. Whilst South Africa may not be at the forefront of change, developers and retailers are starting to take the threat seriously.
The buzz word in global circles is ‘adaptability.’ With technology forging ahead at an unprecedented rate and talk of a 4th Revolution takes hold, adaptability has became the mantra as we end the decade and face the 2020’s.
It’s a known fact that when the world economy undergoes changes – either positive or negative – franchising is the first to act on those changes. As the one business sector with its ear close to the ground when it comes to picking up shifting consumer trends, it is also the one best suited, through its franchise systems, to effectively make the necessary changes to stay in the game, change the game or climb onto another bandwagon.
“Things are not what they used to be…” is a common refrain – whether we are referring to the obstacles that we face every day or future challenges that will impact the way we do business. Franchising, which has made a significant mark on the South African economic landscape over the past fifty years, currently contributing R721 billion or 15, 7% to the country’s GDP, is being challenged from all sides to remain relevant and continue to contribute to entrepreneurship, skills development and job creation.
If there is one area of the economy that is causing the greatest concern, it’s the future of consumer spending. How much is being spent, given the economic situation? Where is that spend being done? How can one stay ahead of the technological changes that are affecting the retail environment?
Whilst the outlook at the moment is dire – tough times means shrinking baskets with researchers Inperspective pointing to 88% of shoppers reporting that money is tighter than a year ago – this doesn’t mean the end of retailing or that consumers have stopped buying. It just means that the consumer’s buying habits have changed and as a manufacturer, supplier or retailer you need to tap into these changes and tailor your offering or promotion to still be relevant to that buyer. Some of the changing shopping trends include;
Delivery giant FedEx is getting in on the robot delivery wars, debuting a robot called SameDay in the USA that can climb stairs and navigate sidewalks. Their SameDay bot is designed to seem friendly to humans in its own way. In fact, its design looks almost comical, with four chunky wheels and two small auxiliary wheels that look like little T-Rex hands. Those hands aren’t there for decoration; the robot uses them to climb stairs and navigate any vertical obstacles it may encounter on its path. It’s a system that was developed with the help of Dean Kamen, the inventor of the Segway and the stair-climbing wheelchair.
Research by the 2016/17 Global Entrepreneurship Monitor report shows that SMEs in South Africa account for approximately 36% of South Africa’s gross domestic product, and the National Development Plan cites that SMEs are expected to provide a staggering 90% of new jobs by 2030.
With every report of the closure of big names in South Africa – from international brands Dunkin Donuts, Baskin-Robbins and Hamley’s due to poor management and trying trading conditions there are other stories of young and vibrant brands – like Ubuntu Baba and Superlatte taking on the big players to fight for their place in the entrepreneurial space.
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Firstly, let’s understand what we mean by “disruption”. It’s not simply doing it better, it’s not doing new things, it is doing and making things that make the old way obsolete.
The Dictionary defines ‘disruption’ as ‘disturbance or problems which interrupt an event, activity or process’ and is synonymous with disturbance, disordering, disarrangement, disarranging, interference, upset, upsetting, unsettling, confusion, confusing.’ That pretty much describes the state of our world at the moment.