Covid-19 has changed the face of the world. Nothing will ever be the same. Business cannot be done, as usual. Schools and workplaces have adopted video conferencing solutions to conduct their business. Massive shifts have taken place in every aspect of our lives.
Australia has close to 30,000 active covid-19 cases. Lockdown measures have started to ease now, but still, business is not back to normal. Companies that have adapted to the new normal are finding the feet, but others are struggling. They will be out of business if they do not adopt the new practices. As it is said, change is inevitable, those who do not keep up the pace will be left-back.
These are some of the aspects that you or your business has to stay updated in
Consumer buying behavior has transformed during the lockdown. With the shops being shut, consumers had no choice but to turn to online delivery portals. This state of affairs has increased the sales of online shopping websites.
As cities are under lockdown, non-essential commodities and businesses are facing closure. Customers are avoiding public places. Shopping for only the essentials is becoming the new normal. Brands are forced to adapt and be flexible to meet evolving needs.
More of what the customers ‘need’ than what they ‘want’ is given priority. Sanitizers, soap, masks, and face shields are produced in large quantities by companies.
Customers who are wary of being infected and are adopting safe practices prefer online shopping, as the rate of infection is lower in the case of online deliveries. This phenomenon has resulted in a drop in brick and mortar shopping profits and an increase in e-commerce business.
Work from Home
As business hubs have shut down, people are forced to work from home. Tools like video conferencing solutions are helping businesses to cut down the communication barrier. Business is resuming but in a different way. Live entertainment has turned to video calls for rescue. The recent live online BTS concert is testimony to the fact that the future is in technologically driven spaces.
Work from home does have certain benefits for the company, as it is cutting down costs. The overhead expenses for running an office are cut-down along with travel costs. Some companies pay for the cost incurred at home, but generally, the company costs for employees have been reduced.
Schools and colleges are conducting classes online. This situation puts pressure on the mentors and teachers to be technologically well-trained. They have to stay updated with the current trends and practices to remain relevant to the students.
Internet, Digital streaming, and OTT platforms
The homebound millennials, gen Xers and Gen Z’s are shifting to OTT platforms from cinema halls. Netflix and Amazon have seen a surge in their viewership over the lockdown. Even movies that were expecting a theatrical release are releasing on these platforms. They are easily accessible, convenient, affordable, and are rapidly becoming a necessity.
Everyone is trying their best to cope with the changes that a pandemic has inflicted upon society. Businesses and consumers are struggling to find the most profitable way to sell and buy goods and services. Human beings are resilient, and they will eventually find the optimal way to adapt. But in the meantime, your business will have to meet the customers changing demands to stay in the market. You can succeed by looking for alternative, innovative ways to grab customer attention and sustain it.