The pandemic forever changed business. In the last 14 months, we saw companies' ability to pivot become magnified, strategic initiatives such as digital transformation got accelerated, and a fast track to remote work happened almost overnight.
The organizations that couldn't adjust fast enough either no longer exist or are about to get wiped out.
The reason is, there is a post-pandemic spending surge about to erupt.
McKinsey estimates annual productivity will double the average it saw during the post-financial crisis and JP Morgan just reported there is $2.8 trillion more cash in checking accounts than pre-pandemic. Let that settle in for a second...
The travel bug is already busting out all over. This past Sunday recorded 1.5M folks that flew. A year ago to the day was 91,000.
In healthcare, patients are booking all the procedures they postponed.
In entertainment, concerts are getting planned and stadiums are opening back up.
Retail is already up 9.8% in March and the list goes on and on.
With this surge comes opportunity but also some underlying challenges that must be addressed.
For instance, call volume exploded when the pandemic hit. Reports indicate it was upwards of an 800% increase and customer satisfaction took a heavy hit as consumers were stuck waiting on hold.
If consumers are spending at record levels for the next 12+ months, call and chat volumes are destined to spike and the contact center is about to get severely tested again.
The question is, are contact centers prepared to accommodate consumer demand without impacting customer service this second time around?
Who will succeed? Who will fail?
The stakes are high - $2.8 trillion is up for grabs.