TEN Questions on the Shape of the Industry POST-PANDEMIC

DARWIN said that a species SURVIVES based on its ability to ADAPT to CHANGE. I think that also applies to companies and industries, especially so in our current crisis.

So HOW do we ADAPT and WHAT are the CHANGES forcing these events?

Hard to answer the HOW at this time, although I welcome input, but first things first – let’s ask the right questions & define the CHANGES we may expect.

While these thoughts are developed for the natural products, health & wellness industries I think the concept has broad relevance.

1)   How will Business-to-Business be conducted?

• What happens to conventions and trade-shows?
• Will face to face meetings with trade reps remain important or will it go virtual
• Will you need to be certified SARS-CoV-2 free or immune to be allowed to attend meetings, both big and small
• Will remote interactions become the dominant form of interaction?

2)   Will the public change its product interests & focus?

• Greater interest in shakes as ready, complete source of nutrition
• More products for anxiety & depression
• Obviously, an interest in boosting immunity

3)   Do Millenials change their approach, developing a keen interest health as they see it eroded around them, and dropping the veil of invincibility?

4)   Will government inspections transform to include virus management as part of GMPs?

5)   In manufacturing sectors will production lead times lengthen?

• Based on staff shortages or plant shutdowns
• Will run size change
• Endless disruptions in the supply chain of raw materials

6)   Will new ingredients and Innovations have a greater demand on efficacy and clinical support as the public becomes leery and tired of scams?

• Greater emphasis on scientific assurance & clinical research
• Will companies that have invested in scientific credibility dominate the market as the public seeks assurance.

7)   Will fads that come to dominate our mindset and sales, like CBD, become more common or rare & less dominant?

8)   Will marketing become more dependent on validation through science?

9)   Will e-Commerce dominate sales, with products delivered to the consumer as we have grown accustomed to not going to stores? 

10) Will ingredient substitution become the new norm with supply chain disruptions?

I am sure that there are many additional questions but this is a decent place to start. The world is being violently disrupted, and what emerges will be different. How an individual or a company responds to these changes will determine their survival. The answers may not be obvious now, but before you reach that point you need to ask good questions.

Good Luck.