As the COVID-19 pandemic continues destroying lives and livelihoods around the planet, some pet food companies have found ways to adapt and meet consumers’ needs. Continuing to innovate during the pandemic may be key to a company’s success during this turbulence. In the webinar “Innovating During Coronavirus: A Guide to Recovery and Business Growth,” market analysts with Euromonitor International presented examples of how brands have met consumer and market demands during the pandemic.
1. New Needs
In South Korea, a fast food chain quickly pivoted to delivering meal kits of their most popular dishes and broadcasting cooking shows, Stella Vatcheva, Euromonitor head of innovation, said during the webinar.
“COVID-19 has been a catalyst across many segments, and it is increasingly clear that innovation will underpin their recovery,” she said. “It's a large opportunity for many companies to reimagine the organization's core competencies and business model and bring it up to date.”
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2. Purpose
“Some companies like Unilever have reinforced the purpose of the organization by providing cash flow relief for companies across its supply chain,” she said. “Also, donating soap and hand sanitizer, bleach and food, along hygiene awareness campaigns.”
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3. Digital
“Some ventured into the digital space like Pepsi launching a direct to consumer delivery for snack bundles in the U.S.,” Vatcheva said.
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4. Agile
“We have seen many demonstrate an agile approach, like EMI Controls repurposing its artificial snow cannons as aerosol machines to fumigate indoor spaces with disinfectants for a number of businesses,” she said.
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5. Value
Brands have to offer value for cash-strapped consumers facing uncertainty, she said. Nike, for example, offered its premium online training app for free.
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6. Innovation
There has been some innovation along the way, too, she said.
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