Undoubtedly, COVID-19 has marked a before and after in the way of doing business and our way of life in general.
The crisis derived from the pandemic by COVID-19 is an unexpected reality that escapes any contingency measure. Perhaps many businesses had plans to maintain their operations in different scenarios. But it is very unlikely that they had foreseen that all over the world people would have to stay in their houses for months.
Business impact of COVID-19
Although it is not yet known if the Coronavirus is here to stay or at what exact moment it could be controlled, it is certain that the world has changed. Economic activities have had a great impact for better or for worse. In fact, some market niches have been reduced and others have been potentiated.
This is how the tourism sector has been one of the most affected and shipping and home delivery companies have gained ground, for example. On the other hand, new consumer needs have forced businesses to reinvent themselves and adapt to survive. In some cases, transforming from its products and services to the way of marketing them.
But, just as companies have lost contact with their customers when they were unable to go to physical locations, online sales have increased substantially. To the point that older adults have finally given up their reluctant attitude to enter their personal information on the Internet, and now they’ve broken this barrier, there is no going back!
Business after COVID-19
After having spent a few months facing this situation of living with a virus and even with the uncertainty of when it could end, companies have no choice but to prepare for the post-COVID-19 era. Some of the changes that businesses are adopting and that they will possibly keep in the future are:
- Implementation of remote work. Many companies have already proven that they can continue to be productive without the physical presence of their employees, or at least those related to positions that can be carried out remotely. Furthermore, remote work has proven to be a flexible and convenient modality for both employer and worker.
- Adequacy of business models. Companies will bet on shorter production chains that suggest less risk. Home services are also a relevant aspect to incorporate. Transformation processes will be promoted to adjust to the new requirements of the markets.
- Consolidation of digital platforms. Automation processes, websites, social networks and digital tools have never been as necessary as now. It must also be taken in mind that e-commerce is an effective alternative for many businesses to continue selling their products.
- Adoption of new technologies. Technological solutions such as Big Data and Artificial Intelligence will be great allies and a key point in business development. By having analytical models that allow us to understand the behavior and needs of customers, among other things, it will provide them an important competitive advantage.
- Branding management. With increasingly sensitive and conscious consumers, the brands that provide value are the ones that will prevail in the future. Companies that share their purpose are generating greater trust and a better connection with people, just as sustainability and contributions to society will be key elements that should not be neglected.
Some of these changes were already taking place, but undoubtedly the COVID-19 crisis has accelerated them to the point of making them essential and urgent. Consumption patterns and businesses are definitely having a metamorphosis. In any case, nothing will be as before.
What do you think of all this?