COVID-19 crisis has resulted in a fundamental disruption of the health and economical conditions across the nations. During the lockdown, the businesses operations were at standstill, we at FATbit were gathering market insights and comprehending consumer behavior. We are projecting the gathered information in an industry report of how businesses can navigate to profitability during and after the pandemic. Now when different countries are slowly moving towards normalcy, businesses have to rethink their strategies to adopt changing consumer behavior.
While some sectors are struggling to emerge from the adverse side effects of the lockdown, there are others like Grocery, Retail, Rental, logistics, etc. that are revising their operating model to become winners. An evidently conclusive decision that businesses have made is that they have to be innovative and define strategies for digital growth.
Business Leaders after the initial turn of events from the pandemic have anticipated a radical shift in the profits and business operations. According to the trends during this pandemic, the changes will not be homogenous across different sectors. The only way to come upon the surface as a winner is to focus on the local response. Here we have mentioned some strategies that market leaders are adopting to retrieve their business’s current standing in the post-pandemic world.
Reintroduce – When Season 2 of any series is released after a long break, the director gives a recap of the whole series in the first few minutes, right? Similarly, customers need a loyalty recap of the business and their products. The need is to communicate directly with the customers and based on the needs/wants devise strategies accordingly.
Renegotiate – Before the D day, the wedding rehearsal is an important part. Similarly, Businesses have to rehearse to emerge more reliable and resilient than before. Leaders have to renegotiate their strategies based on current market scenarios.
Repurpose – Like mentioned earlier, trends that were picking up pace before the pandemic are likely to accelerate even after the pandemic. Businesses have to understand their best capabilities and strategize to derive opportunities from them. One thing that will change is before pandemic businesses were expanding to become a global leader, after the pandemic, globalization is more likely to contract.
Racing Ahead – Businesses that race back to their old way of operating will not be able to derive business. Those will succeed who will adopt the right techniques to capture the current consumer behavior, market essence, and capture growth from customer ties.
Those entrepreneurs who are planning to start a digital venture have to understand that some sectors have witnessed exponential growth due to Covid-19. According to the consumer’s behavior and needs, these sectors are more likely to become profitable even after the pandemic is over.
Health and Fitness Applications – Due to lock down and the scare of contagiousness, people are hesitant to visit the health care facilities or fitness centers. Thus businesses have sprung to the opportunity to find digital mediums for customers. Wearable devices, calories counting applications, and online doctor consultation have become popular during the pandemic.
Online Retail – Similarly, customers are showing resistance to visit the brick and mortar store due to the pandemic, people are purchasing their daily necessities from the online marketplaces. Retail Entrepreneurs need to rethink their product offerings and niche according to consumer preferences.
Online Grocery and Food Ordering – According to Coresight Research U.S. Online Grocery Survey 2020, the online grocery industry is seeing an upward trend from last year as it grew 22% in 2019, propelled by high demand during the COVID-19, online grocery will surge 40% in 2020. The predicted growth of online grocery in 2020 has doubled in the first four months of the pandemic. The measures food ordering businesses are taking to ensure an optimum level of safety and cleanliness has also resulted in a growth of food ordering.
E-learning Sector – Schools and educational institutes have been closed down since the wake of the virus. Parents and teachers are concerned about the half-finished curriculum, which has resulted in the rise of Elearning businesses. Even before COVID-19, there was already high growth and adoption in education technology, with global tech investments reaching US$18.66 billion in 2019. The overall market for online education is projected to reach $350 Billion by 2025.
FATbit Technologies has actively participated in engineering Digital Solutions for startups and enterprises worldwide. Even now, when few businesses can not operate their offline stores, our digital solutions are helping clients navigate through the impact of COVID-19. We have digital Solutions for every business niche which will gain profitability during and after the pandemic. Our platforms help reduce the time to market and are suitable for different business requirements.
Entrepreneurs and business owners are still adapting to the volatility in consumer behavior to strategize their plan for the post-COVID Era. In this report, we have given information that will be beneficial for every business. Understand which category your business falls in and then change according to the trend.
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