The world is going through a crisis in the form of Covid-19 and it has affected livelihoods and economies of almost every country. For many, this has been a never before seen experience and has been catastrophic both financially and personally. In the first few weeks of Covid-19 there was chaos with people being forced to work from home, stock markets falling, grocery supplies running out of stock, many people losing their jobs and most important of all, increasing deaths due to Covid-19. Many of us who have seen crises in the past, like the dot com debacle and the financial crisis of 2008,came to realize that this crisis is nothing like ever experienced before. However, as with any crisis or pandemic, humanity has always found a way to overcome it and we will fight to overcome this Covid-19 pandemic also. There will be a ‘new normal’ as life will perhaps neverbe the same as it was before Covid-19.
What does the post Covid-19 look like for businesses?
In the past, businesses have always reacted to crisis situations by cutting costs and this is no different a situation. Most businesses are also realizing that working from home is after all not such a bad option and this might probably be one of the ‘new normal’ that many businesses might embrace. There have been some businesses that have been severely impacted by this crisis such as Travel and Hospitality and many brick and mortar establishments especially in the Retail sector.
This has also opened up many opportunities for others, for e.g. the home delivery segment. For many people who never thought of the idea of food or other essential supplies being delivered to their home, are now finding this option rather helpful. This means that businesses are now forced to rethink their strategies of doing business. Even small time vendors are seeing an opportunity in this segment.
When it comes to cost cutting the first thing that businesses do is cut Marketing costs. With the new opportunities opening up like the home delivery, businesses must realize that Technology and Digital Marketing can play a huge role in the post Covid-19 era. This is a great time for brick and mortar establishments to go digital and the e-commerce way.
If anything the Internet world actually provides the business world a kind of confidence like never before. This is precisely what the Internet did when it was first invented. It put many companies that could not adapt out of business and at the same time opened up many opportunities for others who saw the change and who could adapt.
An example of how a business could adapt is a relatively new restaurant in New York called “Rezdôra” which is a high end restaurant. When the Covid-19 crisis affected life in New York, they saw an opportunity and reskilled their waiters for packaging food and organizing online orders which they did not do normally. I am sure this is one of the many such instances across the globe where businesses are already seeing opportunities for change.
Digital Marketing is going to play a significant role in reshaping the world post Covid-19 and businesses which recognize this opportunity are going to find survival much easier than the rest.