The impact of the global pandemic brought many industries and businesses to a halt; some even to a complete stop. For Alliance Global Group, Inc. (AGI) chief executive officer Kevin L. Tan, our current situation opens up a lot of new opportunities for businesses to take a step back, assess where they are, and think of ways to reinvent themselves in order to move forward.
Speaking at the Philippine Retailers’ Association’s (PRA) podcast series entitled Let’s Talk Retail, Tan highlighted the three most important traits businesses must demonstrate in order to survive and thrive in this time of the new reality: flexibility, creativity and innovation.
“These days, businesses that can demonstrate an extreme amount of flexibility will definitely recover faster. Perhaps, it’s time for retailers to maybe diversify their products and services. If they are already diversified, maybe spend some time to study which parts of their business are more resilient than others, then pivot towards that in a big way,” said Tan.
Tan said that it’s vital for businesses to be creative and reimagine themselves in a way that will help address the needs of consumers efficiently and effectively.
“Everything is in reset now, so you can pretty much start from scratch. There’s a fair bit of reinvention that needs to come into play. Maybe it’s time to start thinking out of the box, or maybe just throw that box away because everything starts from scratch anyway. There are still lots of pockets of opportunities out there, but you have to discover it,” he added.
Of course, the best way to get through the challenges brought about by COVID-19 is to learn how to adapt, find the right mold, and fit in it.
“The faster you can embrace innovation, the more ahead you’ll be in terms of adapting to this new reality,” shared Tan.
He cited the impressive nature of new vendors and retailers that have chosen to bring their businesses today to the digital space via the all-in-one, on-demand premium lifestyle delivery app PICK.A.ROO.
“It’s their first time to be in an online space, first time on an on-demand business platform. The kind of risks they take and the determination they have is quite impressive. I think that’s the kind of attitude you should have at this time of the pandemic. It’s not easy to migrate, and it takes some mileage for you to be able to discover or improve your business online. So the sooner you get into it, the more ahead you will be in adapting to this new reality,” he explained.
Over the past decades, AGI has showcased how adopting new technologies and practices can help one grow and survive during these challenging times.
In 2018, Megaworld rolled out its iTownships initiative to bring its township developments to the next level in terms of building smart homes, creating connectivity, and using technology to make things more seamless.
Golden Arches Development Corporation (GADC) or McDonald’s Philippines, a strategic partnership between Alliance Global Group, Inc. (AGI) and the George Yang Group, also made a huge step towards the future with the launch of its NEXTGEN stores. To date, the company has about 669 McDonald’s store nationwide, 142 of which are next-generation branches.
“We also invested in an alcohol delivery site called Boozy.ph two years ago, as well as a home improvement app called GoodWork.ph where you can book a variety of home services from the most trusted home service workers,” said Tan.
Watch the rest of the interview here: