COVID-19 has created an economic situation different from any previous crisis. The collective trauma of this global pandemic on our population has disrupted our economy, and is likely shifting many consumer and market trends going forward. A question remains, what happens to new technology innovation and projects when a pandemic and economic recession collide?
As individuals and businesses emerge from lockdown, there is much uncertainty about what is to come. While some organizations are cautious about the future and delaying R&D projects, we’ve found a majority of our customers are looking to new technology innovations to solve problems.
Projects in ingredient consistency across suppliers have taken on a new sense of urgency as more supply chains are interrupted by the consequences of the virus. As the food and beverage industry braces for a second wave, diversifying the supply chain while maintaining end product quality is a key focus. Using odor data to quickly assess incoming raw materials can help manufacturers meet these requirements.
And although consumer goods have seen market contraction since the pandemic hit, there are some segments that show promise. According to the annual Food & Health Survey from the International Food Information Council about 60% of consumers said they’re now cooking at home more. And as people become reacquainted with their kitchens, the smart appliance revolution seems to be one trend that’s largely recession-proof.
As regions are released from lockdown and people head out to their businesses and activities, consumer confidence in a clean rideshare experience has gone from brand differentiation to a to a must-have. Using digital olfaction to help assess the air quality in the various modes of transportation will allow these companies to validate an acceptable level of odor—whether they be malodors or residual cleaning compounds.
This resurgence of interest in new technology projects has us excited about how digital olfaction can contribute to a recovering world. As we engage with customers across our core markets, we look forward to the days in coming months when travel restrictions loosen and we can once again share physical space. In the meantime, we are enjoying partnering with our customers to address their challenges, from wherever they may be!
