Pandemic is Pushing People Online
A new article in the Washington Post has the headline: “The new coronavirus economy: A gigantic experiment reshaping how we work and live.” The post story says it well, that businesses and consumers are trying out online business at a massive scale.
We’ll likely here more about this shift in the coming weeks as the shutdown period squeezes brick and mortar based companies harder. Business owners are fighting against the tide in this Corona Virus pandemic and small businesses are faring worst. There’s a reason why.
Switching to Online Business
Those who switch to online commerce and customer management will likely increase their marketshare. In the property management sector, those who move to online property management software will see more contented tenants and better financial results.
They’ll also see greater tenant loyalty and likelihood to re-lease. The discontent as well as unemployment may increase vacancies in 2020 and cause landlords and investors a lot of money.
It’s definitely a time of change, as tenants and regular consumers go online to meet their personal needs. Online rental solutions are in vogue. It’s all part of being modern and branded as relevant to today’s customers.
How Strong is the Tide to eCommerce?
Unfortunately, we’ll have to wait for the stats to be collected and reported on online commerce revenue growth during the pandemic. Yet reports are that Dominos Pizza, Amazon, Costco e-commerce, Zoom Video, are doing very well right now. Amazon has taken it even further with its one day shipping service along with Amazon Go stores which helps them fulfill more consumers who prefer to pick items up in person.
We can guess that there is significant daily trial usage of the online retail and business infrastructure right now.
These leading businesses will be shaping consumer preference.
When businesses see the cost savings from virtual business solutions, they’ll likely to adopt them to some extent when the Corona Virus recedes. And consumers may enjoy shopping online to get the exact products they want.
The shift to online commerce is no secret of course. The trend keeps growing as brick and mortal retail stores and malls continue to lose market share to companies such as Amazon. Amazon is moving quickly into the brick and mortar space with Amazon Go locations, Amazon locker pick up locations and online ordering and delivery arrangements with other top retailers.
It’s a race to efficiency and lower prices, and it’s also a race to fulfill customers the way they prefer.
Today’s consumers particularly Millennials and younger, prefer to conduct routine business online. For them, there’s little romance in shopping at a store which doesn’t have the exact products they want, or waiting in line at a store to pay.
This isn’t just about smartphones. It’s the intent businesses show in making it easier for customers to get what they want. And in property management for example, there are many ways to keep tenants happy and maintain leases.
Disconnecting From Customers?
Currently, consumers can’t go to a store to shop for these things. This literally forces them to begin their first adventure into online business. And businesses too, if they want to keep their companies viable and retain their top employees, must adopt online tools to reach and serve their now missing customers.
This is a scary point in time where customers have a short period of disconnect from their usual suppliers. It’s a time when they’ll seem much less relevant to their customers lives. And it’s when competitors can make moves to capture these customers.
While some businesses sit idle waiting for the Corona pandemic to pass, smart businesses are planning their online business strategy and putting it into action.
Big Growth Opportunity for Online Powered Companies
Yes, it’s a crisis, but for some it’s a unique opportunity to improve their company’s revenue, appear more relevant, and serve their customers better. Those who setup Shopify and Amazon accounts are likely breathing easier right now. Those who didn’t may lose their customers and their best staff in the coming months.
In the real estate sector, there is a big demand for proptech solutions. Most property managers have adopted a property management software solution. Right now, this is a blessing with social distancing and the real threat of catching Covid 19.
What’s Driving Online Property Management?
But what’s driving high tech in property management is tenant preference. The move to online business for property management companies, is in staying relevant to tenants. The growth in profitability from cutting costs and providing new digital services is significant.
Across the US, Canada, Australia, UK, Germany and other countries it’s most consumers first commitment to online business. All because a surprise pandemic changed people’s routine for one or two months.
Time to Explore a New Platform
ManageCasa’s excellent value and performance stem from 7 Key Features:
- all in one management solution
- better tenant communications
- simplified but powerful bookkeeping and accounting
- online rent payment using the top payment platform for business
- automated maintenance and contractor management
- insightful financial reporting
- cost efficiency
If you’re ready do your trial into online business, or switch from your current legacy applications, contact the team at ManageCasa for a demo and pricing.
We’re looking forward to helping you thrive in the post Corona Virus period.
See also: Rental Property Management Software | Reviews of Rental Property Software | Housing Market | US Rental Apartments | Landlord Software | Spring Maintenance Tips | Property Maintenance Tips | Salaries for Property Managers | Apartments for Rent | Best Cities for Rental Property | Texas Rental Housing| Real Estate Portfolio Tips | Start a Property Management Business | Will the California Rental Property Market Crash? | Property Management Accounting