Here are a few of the past week’s highlights:
Visual Capitalist Takes a Look at Category Fluctuations
The team from Visual Capitalist put together an interesting look at product categories that are spiking and plummeting since stay-at-home orders have become the new normal around the world.
Predictably, categories like Disposable Gloves and Cough Medicine are going through the roof with increases of 670% and 535%, respectively. Other foods with long shelf lives like soup, rice, and fruit cups have also seen a big jump. On the flip side, any product tied to the travel, recreation, and party industries have tumbled. The biggest loser so far is luggage and briefcase sales, which are both down 77%.
Think About Short and Long-Term Opportunities
Short-Term
Be prepared to jump on products that are trending as it relates to the market changes coronavirus has caused. Is it possible to turn to some domestic sourcing of these items so you can quickly take them to the market? Can you find source breadmakers and adult puzzles, for example, here in the US, and get them into your product mix quickly?
Long-Term
Think about product categories that are in-decline some currently, but could bounce back as things slowly start to return to normal. People will be antsy, ready to travel, ready to celebrate, and see their friends. What products can you add to prepare for the shift back to normal? Watch the products you come up with and be ready to jump when the time is right.
USA Today Considers Gifts to Give Essential Workers
There’s no doubt about it: We all owe a huge debt of gratitude to the essential workers in healthcare and the food supply chain who are helping to keep us safe and healthy as we fight coronavirus together.
These workers deserve a little love for a job well done. If you sell B2B, consider how your clients might like to reward their employees. In this challenging time, all types of companies have employee recognition top-of-mind. They need to show appreciation for the work people are putting in and how much that work is valued.
USA Today suggests the following ideas for companies to reward their employees:
- Coffee and food delivery gift cards- Maybe you could re-sell some of these at a discount to your B2B clients to pass on cheaply or virtually free to their employees as a reward
- Bubble bath products – Now there’s a thoughtful one. Who couldn’t use the relaxing moments a bubble bath provides.
- Things to look forward to – As we mentioned previously, think of products people can’t take advantage of now but will be highly sought-after as things get back to normal. What can your customers give their employees to help them feel a little more regular as we turn the corner?
Takeaway:
A little can go a long way when times are tough. Help your B2B customers use their buying power to show their employees that they care about their well-being during a tough time.
Some Post-Coronavirus Recommendations
While it’s easy to have tunnel-vision in a crisis like this, it’s also essential to have a forward-thinking orientation. Disasters always create opportunities for creative thinkers.
Consider the types of products that are struggling some now, but have a potential to bounce back post-recovery.and volume right now and which of these products has the potential to bounce back quickly post-recovery. There are plenty that are obvious, but with some digging, you could find that diamond in the rough that becomes your next big success.
Challenge yourself to think outside the box and consider the potential wins that are out there as our world heals and starts to move toward the future.
Gembah helps e-Commerce sellers, consumer brand builders, and growing small businesses demystify the product creation process from design to manufacturing. Click here to learn more about our process and how we can help you develop that next great product to take to market!
