Since March 2020, many businesses have had to adapt, overcome and change the way they operate and plan for the future. Consumers are behaving differently, employees are wanting safe working environments and some are struggling to find employment in an ever incraasing volatile economy. Even when the short-term effects end, the long-term economic impact will ripple for years to come.
Businesses are definitely changing and most for the better. Following the theory that it takes 3 weeks to form a habit, consumer buying habits are certainly different to where they were before the pandemic arrived.
Business impact of COVID-19
Industrial impact in the post-pandemic world, services that relied heavily or entirely on customer mobility have been the worst-hit. Transportation services like Uber, gyms, and the tourism and holiday industry have taken heavy losses and – in many cases – have permanently closed operations. Other businesses have been compelled to reduce their workforce, give up their physical office addresses and restrict client interactions to digital conversations. Technological impact With COVID-19 necessitating social distancing and work from home, businesses have been facing an unprecedented level of IT challenges.
Customer relations impact Customer expectations have also massively changed, both in terms of buying patterns as well as interactions with a brand.
1. Going digital-first
Being a digital-first brand isn’t a new concept, but it’s now paramount to succed in the current environment – it needs a playbook like no other. People are no longer able to visit the shops for their every need. Instead, they’re going online. That automatically puts businesses with strong online offerings ahead of the competition. Some companies are taking this a step further by creating immersive experiences, entirely online. John Lewis has created a virtual shop of their store in time for Christmas.
2. Direct-to-consumer brands is Increasing
Many companies supply chains have been interrupted due to increasing challenges in the manufacturing sector alongside transportation links. Companies that source their parts or goods from across the otherside of the world have had to modify their supply sources. Florists are looking to source directly from the UK rather than rely on growers on the continent.
3. New ways of Working
Working from home is nbot a new thing, and was already on the rise over the last 5 years. Nov the Covid pandemic has heralded a new way of working for staff, online team meetings, smaller offices and in some cases offices have been closed as companies can now work in an agile way with the right technology.
4. Going Local
Consumers habits are changing with an increase of 40% sales for local businesses, greengrocers and convenienence stores. People aren’t travelling as far and buying their groceries from local stores aswell as supporting their local hair salon.