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There’s no doubt that it’s business owners who have been some of the worse hit by the impact of COVID-19. While many within the business industry have struggled as a result of this new virus that’s swept across the globe and sparked a worldwide pandemic, that doesn’t mean that there aren’t routes that business can embrace to see success in a post-pandemic world.
The reality of COVID-19 is that the business industry has never seen such a large scale, negative event of such a wide-reaching magnitude. The concern is that even after the lockdown ends, COVID-19 will still continue to be a factor for many weeks, months, or even years to come, until a vaccine is found and the virus can be eradicated.
Social distancing has been the saving grace for this pandemic and has undoubtedly saved many lives. However, social distancing has come at a huge cost to many businesses, after the majority of companies have been forced to close their doors. New light is however, at the end of the tunnel with businesses beginning to reopen. Of course, the concern is, for many within the business industry, how can businesses fight back again COVID-19 and ensure their continued success?
Adapting to changing customer needs
Post COVID-19, businesses need to focus on how customer needs and customer priorities have begun to change, and learn to understand how strategies and processes can be adapted to meet these changing needs.
A key concern for many businesses is customer spending and how customers will want to spend after a large number of people, especially as new research has shown that around 38% of people plan on spending less post-pandemic. Another 23% of people plan on using coupons and discount codes to reduce the cost of their spending post-pandemic. What this data highlights is the need for businesses to reassess their costs and work in a way that is affordable for customers or risk losing clients as a result.
How people make purchases is changing
Another factor that businesses have had to think about is changes in customer purchasing behaviours, such as customers wanting to be able to buy more online, rather than in-store as a result of social distancing. These changes in how consumers are shopping has meant that there has been an increase in the number of businesses that have been functioning remotely, with many businesses doing extremely well as a result. For instance, Netlinkz reported that it had not been negatively impacted by the virus due to staff working remotely where possible during the lockdown in China. The key to success here is adaptation to how businesses are run.
Customer will place priority on hygiene
Following the global pandemic, hygiene has become a key factor for many people, which means that going forward businesses will need to place greater emphasis on good hygiene practices. This will be especially important during the months that follow the lockdown, however this new found focus on hygiene may continue for a long time, meaning that every business must have a strict hygiene strategy in place, to help keep customers safe.
While the business industry has been hit hard by the pandemic, it is possible for businesses to fight back and continue to see success.