The Covid-19 situation has increasingly brought about many changes – some of which we love, some of which we don’t. But the Covid-19 crises has also changed the business landscape to a great extent.
As such, here are some ways how Covid-19 has changed business.
Being digital has always been there. But now, in this situation when people are no longer able to just pop into some stores for a shopping spree, it is of prime importance now.
With being bound in their homes, everyone is going online. And therefore, the shops which already had a strong online presence are reaping the benefits more than ever before.
But those, which cannot be enjoyed online like transportation services, fitness centres and tourism industry are facing extreme losses. Thousands are left unemployed as businesses have resorted to reducing their workforce to cope with financial losses.
2) Way of Working
We have clearly seen and experienced how the Covid-19 situation has changed the way we work. Most of us are working at homes, attending meetings in our own quant space with the occasional barging of our pets or kids. Nonetheless, it was never imagined before that the majority of the working force will be one day working from home clad in comfy pyjamas but well-dressed on top.
But it is not only the employees who are coming to the realisation that going to offices and taking uncomfortable commutes aren’t exactly essential. Businesses too are coming to the realisation of the benefits they acquire by having a workforce that can work anywhere and at any time.
3) Living Up to The Brand Value
The brands which are actually providing help in this Covid-19 crises are gaining recognition and popularity.
For far too long, brands have gotten away by simply saying the right things but the Covid-19 situation has made it impossible to let them get away anymore. News Outlets and people on social media are calling out those who do not provide help during this situation. Such was the case of Victoria Beckham, who faced extreme backlash after reports emerged that she put 25 VB staff members on the government scheme.
In this time, people are extremely conscious of their money and the brands they shop with. Therefore, the brands that are living up to their brand value will gain more recognition.
4) Preparing for the future
The coronavirus pandemic has brough forth many changes in the world of business. This has allowed the businesses to review their adaptations to the situation and which of these adaptations they want to work on in the future.
The Covid-19 situation has allowed businesses to rethink their strategies and offerings.
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