Due to the novel coronavirus people have turned to the Internet for all their needs. this includes shopping, business meetings, and even education. A successful business will utilize this new trend and adapt accordingly. The following article presents some tips on how to do just that.
Bradley Beman’s Perspective on the Impact of COVID-19 on Various Business Sectors
Despite increased sanitization, social distancing guidelines, and a global lockdown, the number of positive cases is still increasing. However, with medical experts and healthcare workers’ efforts, a good percentage of patients have recovered.
The Novel Coronavirus has led to unprecedented disruptions invarious business sectors, notes Bradley Beman. From the limiting of movement of vehicles and people to suspending trains and flights, COVID-19’s impact on the economy has been unprecedented. Certain sectors, however, have found opportunities to innovate during this crisis.
Sectors that are most likely to grow during our present situation include education (online learning and virtual classes turning into a norm rather than novelty), e-retail (to maintain social distancing), and BFSI (people being circumspect of cash). A few other sectors to watch are healthcare with the increase in the consumption of wellness and nutrition products, increasing use of fitness tracking apps and gadgets, and growing use of sanitizers and disinfectants, which is likely to continue, and IT. As these sectors grow, we can expect the larger economy to grow as well.
The outbreak is hugely impacting enterprises, economies, and labor markets, including worldwide supply chains, resulting in widespread business disruptions. As a result, employees and customer behaviors and attitudes are also changing.
With the emerging new behaviors, companies possess the opportunity to accelerate their pivot to digital commerce via creating new service lines and expanding existing offerings. For example, contactless delivery and curbside-pick-up services ordered online have become increasingly desirable. The pivot to digitalization will force organizations to reimagine how they cater to the online customer.
There are several possible futures, all resting on how society and governments respond to this outbreak and its economic aftermath. The future is uncertain, but the list below presents things that may stay or change after the outbreak has been mitigated.
What Could Stay?
- Face masks and physical distancing
- Social anxiety
- New habits of personal hygiene
- Remote working
What Could Change?
- A shift in healthcare such as the use of telemedicine, digital apps, online consultation and diagnosis
- New socially distant rules in the workplace
- New socially distant rules in educational institutions
- Face-to-Face Interactions
- Digital platforms taking over in-person avenues for services
Regarding the last bullet, digital methods of working, business continuity, cash optimization, order management, and supply chain management will allow businesses to recover without endangering their employees and customers.If you are clever, you will take this business model to innovate and keep your business successful, even in our current state of a recession.
As we continue to adapt to our “new-normal,” people crave a return to their life before the pandemic, but that life will be undoubtedly different. Reaching semi normalcy will rest on actions taken today. To curb the spread of this virus, people should respect social distancing and turn to digital platforms.