It’s time to tune into the post-coronavirus economy (whether you’re ready or not).
Want us to make an educated guess?
Being flexible and agile will be a decorator’s best asset in this new, fragile economy. Printers should act both reactively and proactively to service this new market””and to tap into opportunities.
We’ve been talking to a lot of decorators lately. Here’s a quick snapshot of what they see ahead for our industry and the economy as a whole.
Companies will spend way less
“Business in every industry will change in a lot of ways,” says Tom Rauen, CEO of Dubuque, IA-based Envision Tees. “I expect companies to be more frugal, so they may not spend as much on promo products or premium branded merch. As owners of decorated-apparel companies, it’s our job to educate our customers and prospects about the benefits of our products and marketing services, and the ROI we can deliver.”
Facemasks just may be everyone’s newest accessory
“In August, we might all be attending rock concerts and music festivals wearing facemasks,” says Brett Bowden, El Capitan at Keller, TX-based Printed Threads. “We may be decorating face barriers. We must adapt to what’s coming. The people who didn’t want to adapt six months ago won’t adapt now.”
E-commerce will trump brick and mortar.
“This pandemic may be cementing that move, and we’re in uncharted territory,” says Nico Cathcart, a muralist and a graphic artist at Richmond, VA-based K2 Custom Tees. “A fundraising shop can bridge this gap. We have an opportunity to stay in business while being compassionate toward the community as we give back.”
Here, we break down some of the big trends we see coming out of COVID-19″”from a huge demand for wellness products and online fundraising efforts, to an increase in contract decorating and e-commerce.
The Demand for Health and Wellness Branded Products Will Surge
Already one of the world’s biggest and fastest-growing industries, the health, wellness and fitness industry has an estimated global value of $3.7 trillion, with double-digit annual growth percentages since 2010.
Now, following the devastating spread of COVID-19, you can expect an increased demand for health and wellness products, like forehead thermometer kits.
Most, if not all, employers and organizations have (or will) put in place new workplace health and safety initiatives for their employees, customers and members. For example, a bank might send its top customers wellness kits of branded promotional products, like hand sanitizers, antibacterial pens and device wipes kits.
These branded wellness products definitely demonstrate concern for people’s overall health and safety””and most businesses will want to imprint their logos and messages on these consumer mainstay products.
Don’t Miss Out on Your Opportunities
If you’re a decorator who’s already using InkSoft tools to sell apparel, start selling promo products via your online Store.
Big news: InkSoft recently partnered with leading promo products supplier Polyconcept (PCNA) so that you can offer decorated promo products via InkSoft Stores and InkSoft Proposals. (Learn more here.)
Tap into these product trends that also keep people healthier:
- End-users will likely adopt facemasks as a “new normal” to prevent the spread of viruses, as many Asian countries like South Korea and Taiwan already do.
- Along with wellness staples like sunblock, hot/cold packs, lip balms and pill packs, hand sanitizer will be a mainstay product for consumers.
Support Remote Work””a Huge Part of the “˜New Normal’
Pre-coronavirus, we saw a major uptick in the number of Americans working at home, according to a recent analysis by FlexJobs and Global Workplace Analytics. Over the last five years, work-at-home arrangements grew 44% and over the previous decade, remote work arrangements grew by a staggering 91 percent.
In our new version of normal, more businesses will embrace remote and flexible work styles. And studies show that many people prefer being able to work remotely, at least part of the time. The FlexJobs and Global Workplace Analytics survey found that 90% of employees say more flexible working arrangements boost morale. Plus, overall, 82% of telecommuters reported lower stress levels.
As more companies shift to a virtual workplace, they’ll need affordable solutions to promote employee morale and keep productivity up. Branded merchandise fills this need. Think: desk accessories like pens and planners, tech gadgets like USB drives, or handy mugs and water bottles.
Don’t Miss Out on Your Opportunities
For remote offices, you’ve got a great bundling opportunity to pitch curated groups of products. For example, help current and new employees “set up” their office at home: a planner, pen, mouse pad and USB drive.
For some extra encouragement, suggest some useful products in a tote bag: a T-shirt, a mug, hand sanitizer, and a stress ball. You can even sell custom packaging like a screen-printed tote bag or an attractive gift box.
Make it a point to offer clients customized:
- Morale-boosting swag gift packages
- New employee welcome kits
- New employee onboarding packages.
Don’t Expect Fundraising to Fade Away Any Time Soon
In just four weeks, the number of Americans out of work due to COVID-19 swelled to a staggering 22 million unemployed out of a U.S. workforce of 159 million people. The week of April 6, the government reported another 5.2 million people filed for unemployment””making this one of the worst stretches of job losses in American history.
As a nation, we expect the post-COVID-19 economy to take a long time to recover. In the meantime, digital fundraising efforts can help businesses, organizations and groups raise money and spread awareness. Cause-based fundraising efforts also mitigate some of the loneliness, fear and anxiety that social isolation and stay-at-home orders cause.
You’ve probably heard of (or are part of) the grassroots Here for Good movement, brainchild of Monster Marketer at St. Louis-based Tiny Little Monster. Now, active in more than 30 states, screen printers imprint T-shirts with local businesses’ logos: Half the proceeds go to support the local business and the other half helps keep the printer afloat.
With InkSoft’s Fundraising feature, the profits automatically get allocated behind the scenes every time a buyer makes a purchase. You can also easily divert additional funds to other organizations. For example, K2 Custom Tees, launched RVA Together, an online fundraising store to support local artists and benefit local food pantry “‹Feed More”‹.
Don’t Miss Out on Your Opportunities
Many of the screen-printing shops who’ve launched an InkSoft Store with a Fundraising component tell us they did so in mere hours””almost an instant revenue-generator for themselves and other local businesses. Think of it as “selling in a helpful way.”
When you approach businesses or organizations about setting up a fundraising store, here are two best practices we recommend:
- Actively promote a zero-risk, no-labor, turn-key fundraising campaign offering that you manage completely.
- Develop a standard fundraising product and price mix to standardize fundraising programs for simplicity and efficiency.
The Bottom Line
The point is, the world — and business operations specifically — will look a lot different after COVID-19. There will be massive changes to the economy, to the workforce, and to customers’ needs.
But that doesn’t mean you should be distressed. In fact, it means the opposite.
You should be chomping at the bit to take on new opportunities — to outfit your business and your team with the capabilities they need to stand out in a changed world. Whether that means adding promo products to your offering lineup, jumping into the health & wellness market any way you can, or getting started with your own apparel-oriented fundraiser — it’s up to you.
A lot has changed. But to us, change means growth — and we can’t wait to see how your business takes these circumstances and grows.
