Survival of the best: how businesses adapted to Covid-19

how businesses adapted to Covid-19

Surviving the severity caused by COVID-19 in the market made companies realize the necessity of changing business strategies.

Every industry in the world suffered from effects of the coronavirus pandemic, and only a few were able to survive and adapt to the new economic environment. By employing the right strategies, businesses managed to keep up with the pace of change.

Small businesses can survive Covid-19

Every small business can survive the pandemic with the right strategies. These can help startups cope with the ongoing change and adapt to the dynamic business environment.

Prioritizing the health of the customers

It is one of the most important strategies adopted by many businesses. That’s because, in light of the pandemic, prioritizing the health of customers and employees became the main focus. According to Global Consumer Insights Pulse Survey, a quarter of the consumers are concerned about their health and safety.

Therefore, making customers and employees realize that the business is concerned about their health too will help build customer loyalty and a sense of belonging. This ethical model helped several businesses stand strong in times of hardships during the pandemic.

Operating digitally

The whole world was forced to shut down because of Covid. That brought on the difficult task of business adaptation. How could people shop when they couldn’t even reach the stores physically? The business response: digitally.

Many businesses, all over the world, shifted their operations to digital platforms. As per a report released by UNCTAD, the global e-commerce market rose by 26.7 trillion US$ during the pandemic. Those who couldn’t shift their operations suffered huge losses and even shutdowns.

Offering healthcare products and services

Businesses adapting to the pandemic had to go through several difficulties, and one of them was sustaining themselves. People were forced to buy only the essentials because of economic and accessibility reasons. As per a research conducted by McKinsey Customer Experience Practice, the overall consumer expenditure reduced by nearly 50%.

Businesses had to thus include offering healthcare essentials in their business models to, at least, cover the costs. For instance, many cosmetics brands started including sanitization-related products in their services. The apparel business, too, introduced face masks for people’s wardrobes.

Giving due attention to customer feedback

People around the world were desperately in need of essential goods and services, and the businesses that delivered on these customer demands successfully managed to stay afloat.

Customer satisfaction became a game changer as people were facing issues with the new digital mode of shopping. It was very important for businesses to be prepared to solve these issues.

Taking safety measures

Making customers feel safe became the most challenging task for companies. It was crucial to provide a guarantee for safety and security to the customers to encourage them to rely on businesses for products and services. Therefore, many companies took steps towards encouraging their employees to get vaccinated as well as to take regular Covid tests to ensure that customers could use their services without the fear of contracting the virus. This was important for the safety of their employees too.

SHARE THIS STORY

Share on facebook
Share on twitter
Share on linkedin
Share on email
Taniya Chamoli
I'm on a journey of learning and unlearning while hoping to travel the world, listen and write thousands of stories and adore millions of animals.

RELATED POSTS

How Facebook Has Failed to Administer Its Own Policies

How Facebook Has Failed to Administer Its Own Policies

Social media giant Facebook finds itself making headlines now and then. The recent one is related to Facebook spending the equivalent of 319 years labeling or removing false and misleading content posted in the U.S. during last year. According to internal documents accessed by the Wall Street Journal, the employees at the social media company have raised concerns about the spread of harmful and misleading information on its platforms.

Bitcoin Mining So Energy Intensive

Why Is Bitcoin Mining So Energy Intensive?

The popularity of Bitcoin has given way to concerns surrounding its ecological impact. As of writing this article, Bitcoin is trading at US$45,106. The global impact of Bitcoin has been so tremendous that El Salvador adopted it as legal tender and Ukraine legalized Bitcoin exchanges.

What is Deep Tech and Why is it Important

What is Deep Tech and Why is it Important?

Deep technology is the latest addition to the startup universe and to the world of innovative problem-solving. The term “Deep Tech” was coined by Swati Chaturvedi, the founder of the digital investment platform PropelX. It refers to startup companies based on substantive scientific or technological innovation.

Twitter to Pay Heavy Price for Misleading Investors

Twitter to Pay Heavy Price for Misleading Investors

Twitter has been grabbing headlines for the past few months. First, it was 140 free non-fungible tokens (NFTs) as a giveaway. Now, it is the shareholder lawsuit against the social media giant. On Monday, Twitter Inc said that it would pay US$809.5 million to settle a shareholder class-action lawsuit which alleged that the company misled investors about its user base growth and user engagement.

Evergrande’s Implosion

What Led to Real Estate Giant Evergrande’s Implosion

China’s second-largest property developer, Evergrande, is undergoing a severe liquidity crisis. The company’s shares are down 85% since January 2021, and they are US$300 billion in debt. In a bourse filing on September 14, 2021, Evergrande warned people of a possible liquidity crisis.

Google’s Global Antitrust Battle

Google’s Global Antitrust Battle

Over the last couple of years, tech giant Google has been getting caught up in antitrust lawsuits across the world. From 2017 to 2019, the tech company has been fined US$9.4 billion in Europe alone. In 2021, Google has been hit with a US$177 million fine in South Korea and is undergoing an investigation by the Competition Commission of India (CCI).