McKesson emphasizes supply chains during any crisis | Amazon still plans to hold Prime Day sale this year | Office Depot, OfficeMax stores require face masks
McKesson is always about "the integrity of the supply chain" during crises, including the coronavirus pandemic, says Kirk Kaminsky, president of the company's US pharmaceutical solutions and services business. He also discusses leadership qualities of crisis management and what stakeholders expect from McKesson in 2020.
Amazon has confirmed that it's postponing -- but not canceling -- this year's Prime Day shopping event, which normally would take place in mid-July but has been put on hold because of the pandemic. Last year, the two-day event booked bigger sales than Amazon reported on 2018's Black Friday and Cyber Monday combined.
Among the lessons of the pandemic are the importance of digitalization and planning for disruption, writes Chris Stevens of Protolabs. A disruption response plan "is similar to business continuity planning but with an added mindset of determining what change in business or social norm would have the largest impact on the business," Stevens writes.
Nearly 80% of business-to-business sellers say they will likely maintain the changes they've made due to the coronavirus pandemic, such as greater use of e-commerce and omnichannel selling, according to McKinsey. Customers prefer digital ordering and get frustrated with websites that are difficult to navigate, McKinsey adds.
Business-to-business microsegmentation involves getting precise with data such as customer purchasing behaviors and helps companies improve their targeting, content and customer experience, according to a Forrester Research report.
Empathy is a core trait required during crisis, as employees need to feel they can show emotion, share concerns and see vulnerability in their managers, too, writes Joel Garfinkle. "To establish yourself as an authentic leader, show your team that you experience anxiety about the future, yet feel an intrinsic sense of confidence in your team that affirms you have what it takes to get through this crisis," he writes.
Distribution hasn't seen disruption like what we're seeing today. Distribution expert Ian Heller provides an overview of current and upcoming technology disruption that is driven by new, advanced technologies and outside entrants. He discusses how these technologies will change customer expectations and how distributors should change to meet them. Traditional distributors must find new ways to compete and non-traditional ways of adding value. Get the intel you need in this research report and at next week's webinar. Register for the July 28 webinar and download the report.
NAW Institute Author Pradip Krishnadevarajan writes, "Reinvigorating revenue streams is a priority for distributors right now, but it's important to pay attention to the sacrifices that come with certain tactics. These include over-discounting to bring in sales and going above and beyond in service -- at a loss -- to retain customers. These aren't pricing strategies; they're panic responses. A good pricing strategy has intention and structure, and it doesn't put margin on the back burner, even for short-term quick wins." Read his post.