5 Key Areas to Contemplate Post COVID-19 Crisis
The COVID-19 pandemic has ushered in a ‘new normal’ – a shift to remote working, increased demand for basic goods and services, a new found concern for individual health, and so on.
In this scenario, companies around the globe are trying hard to adapt and reinvent themselves to maintain business-continuity. But, what does the future hold for them in a post-pandemic world? Will the picture be all bleak or will it turn rosy?
This article explores 5 important considerations that businesses can implement in order to be on top of the game after the end of COVID situation.
- Accept the Change in Consumer Behavior
A recent McKinsey survey reveals that more than 75% of US consumers have shifted their shopping behavior during the crisis. Consumer priorities and their spending habits are changing with the times and this will continue even after the pandemic is over.
Hence, businesses must have the foresightedness to create new and modified products to meet customer expectations. Service-oriented companies, like those in the hospitality sector, must focus on social distancing and sanitization measures, even after the crisis, to retain their customers.
- Boost Operations via Digital Technologies
A visible change that the pandemic brought about is the accelerated use of digital technologies. This trend will continue after COVID-19 recovery; so, digitize your business operations using Industry 4.0 technologies like AI, IoT, Big Data, etc.
Going digital has its advantages like predicting shifts in consumer-demand patterns, managing assets effectively and enhancing customer experience. This will eventually add value to your business.
- Develop Workforce Resilience
Creating agile business and operating models centered around workforce resilience can help organizations to take critical decisions and bounce back under similar circumstances in the future.
Make your employees feel financially and emotionally secure and for this, encourage remote working approaches like Work From Home (WFH); this will improve their productivity and dedication. Also, allow them to upskill themselves for individual and organizational growth.
- Seek New Revenue Channels
As mentioned earlier, consumer tastes have rapidly changed, and this has adversely affected the business prospects of many enterprises. Traditional sales channels are becoming obsolete; hence, find new revenue opportunities; mainly through digital solutions.
For example, eCommerce portals can be beneficial for brick-and-mortar clothing stores. On-demand grocery apps can increase sales in supermarkets. Post-COVID, these channels will continue to drive revenue and win customers.
- Understand Market Trends
Last, but not the least, a proper monitoring and analysis of market trends is essential. In future, customer preferences may vary, and so will competitor strategies.
So, get customer feedback on a regular basis, utilize data analytics to understand market insights and channelize your efforts to improve customer value proposition.
The execution of this game plan can start now; so by the time COVID-19 passes, you’ll have built a revamped business ecosystem. And by partnering with a reliable technology vendor, you can ensure that your products have a competitive edge in the post-COVID market.