Getting Ready for Post-Coronavirus Business Landscape
According to many public and health officials, one among the best vectors of coronavirus are often folding money exchanged in million hands. In response to the present, people are now urged to avoid cash and to use their cards so as to limit the exposure to the virus.
The pandemic of coronavirus has made the world see the swiftest and rapid changes ever witnessed. it's brought the planet to a replacement order, reshaping everything. there's just one news article now telling us about the world’s economy coming to screeching halt, people afraid and quarantined, border control in situ and major businesses facing massive disruptions. But as the other Cygnus atratus event, this crisis also will end someday by bringing into a reality a replacement landscape and a replacement order. It’s a worrying question for businesses that what that landscape would appear as if and the way their future is going to be reshaped when the ashes settle.
Many of the changes are getting to be short term like social distancing, border control, curtailed travel, work from home, specialize in workplace hygiene but the results that stick with us will emerge once this public health crisis is over. this text will shed some light on how COVID-19 will reshape the very dynamics of business during a post-pandemic world.
Reshaped supply chains
One of the huge hits that pandemic of coronavirus goes to put would get on globalized supply chains. thanks to globalization efforts, many companies have their product manufactured in one place and assembled and sold on other. With this outbreak, most of the manufacturing that was happening in China has been disrupted making big companies like Apple and Intel realize how big a bottleneck over-reliance on China is to their global supply chains. Now, in the post-corona world, China’s rule as ground zero of producing might end. Companies might revaluate the danger related to central reliance on lengthy global supply chains and diversify it by bringing production locally, resulting in the emergence of the latest countries as manufacturing hubs. they'll now also choose a vertical combination of the supply chains to form sure their suppliers also are local.
Another trend that's getting to change is simply in time inventory practice. Up till now companies were doing lean management and keeping as small inventory as possible. With the advancement in forecasting technology, companies could predict their product demand quite before time and hence acquiring inventory accordingly, made possible by the fluid movement of products across countries and regions. But with the breakout of coronavirus, half the planet has been under lockdown and corporations are now scrambling to stay their shelves stocked. After this crisis ends, we'd possibly see companies returning to the normal practice of keeping high inventories and reserves at hand.
The upswing in D2C & Online business
Despite online shopping getting popularity, consumers have always been wary of buying online but this pandemic has forced them to shop for even stuff like food, groceries, medicines, etc which they're reluctant to shop for online. The lockdown and social distancing imposed on us by this pandemic might push people to undertake to shop for stuff online which could create a serious upswing for the online retail market. However, this surge in demand might overwhelm the e-tails current resources, forcing them to vary their strategies associated with fulfilling order and delivery.
Similarly, Direct to Consumer (D2C) business arrangements can also get more popularity. In these times, when the availability chains of major companies are disrupted, the agile startup is performing better than oil tanker-sized competitors. D2C is during a better position to satisfy customer’s needs as they believe only themselves for managing every aspect of the availability chain themselves, from manufacturing to distribution, marketing, and fulfillment.
These D2C brands in almost every sector, in most of the FMCG space. Millennials have shown these sorts of brands quite an acceptance as they're more in-tuned with digital marketing, online purchasing and social media ads but older consumers are wary of such experience. But now, because the pandemic has put bars on everyone, young and old, people are urged to approach these D2C brands to satisfy their needs. this is often getting to provides a much-needed push to D2C brands, and that they may even see better days in the after-crisis scenario.
Adoption of Digital Payment and Online Banking
According to many public and health officials, one among the best vectors of coronavirus are often folding money exchanged in million hands. In response to the present, people are now urged to avoid cash and to use their cards so as to limit the exposure to the virus. The measures are taken so as to limit cash usage have and can cause the adoption of contactless payment and digital wallets which much of the market was reluctant to before. Similarly, the pandemic of coronavirus has also shifted traffic from physical branches of the bank to online banking apps resulting in a spike in digital banking activity. These new trends can bring many new opportunities for eCommerce and fintech businesses.
Remote work arrangement may stay forever
As the pandemic is getting its grip tighter on the planet, more and more companies are showing effort to form sure their staff doesn't come to the office and rather work from home. Up till now, work from home despite its merits has always been showing little interest by managers due to challenges related to ensuring productivity and performance but now companies are sure to roll out mandatory work from home policies to make sure safety of their employee and everyone this is often happening so fast. As employees are becoming longer reception, they could develop new skills. Workplaces are now re-engineered, removing any low priority work.
You can also read about how to keep your startup alive in the pandemic of coronavirus.