Covid-19 is affecting humankind in every possible manner and businesses are no exception. Many small and medium-sized businesses are full of uncertainty and thinking about how to overcome future challenges. This current pandemic crisis won’t end so soon. It’s not a matter of a day or a month. The “herd immunity” will take time, till experts come up with a vaccine. The year 2020 will witness a shrink of the global economy by almost 3% IMF estimates. India alone will have to face a cut in growth by 1.5-2.8%. The 40-60 days of closure has already given way to the annual sales decline.
As per the estimates, this cycle of opening up and shut down is giving way to more economic losses. Experts say that this whole ruckus will continue next year with huge losses in businesses and of life.
What after the global pandemic gets over?
Life is surely going to change. Businesses will never be the same and the current crisis will also affect customer’s choices. A big change in business fundamentals will also come up. The anxiety, fear, and uncertainty will hugely affect the buying behavior of the customers.
Moreover, this whole crisis will fill up a customer’s mind with anxiety and uncertainty. Buying products will be a big decision for consumers. The definition of ‘luxury’ will change. The lower demand will have serious impacts on the distribution and the capacity of products. Excess of everything will result in unhealthy competition.
Adding further, disposable income will be largely impacted by lower growth rates. With lower growth, disposable income will also be reduced. Fluctuating demands will affect manufacturing processes.
No matter what, businesses need to forget about the current health crisis and start utilizing this crucial time in future planning. Accept the current scenario and move on should be the mantra.
Business owners must keep in mind that it is important to make adjustments as per social distancing protocols. They’ll have to cater to the mood and behavior of the customers. Keeping a huge inventory is soon going to become a dream. Amid all the losses, two platforms are going to get great benefits from lockdown – Omnichannel and E-commerce. The reason? People are going to prefer these platforms to place orders while sitting at home.
The totally digitized world will demand an additionally skilled workforce. Digital marketing, web analytics, data analytics, and E-commerce will become the top career choices.
Organizations must gear up for the future and make changes accordingly.