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

RELATED POSTS

Exploring the Benefits, Risks and Ethical Concerns

AI in the Porn Industry: Exploring the Benefits, Risks and Ethical Concerns

According to research conducted by the Bedbible research center, as of 2023, the global porn industry makes US$100 billion a year. Pornography is so popular that around 25% of all internet searches made today are related to it. One reason behind its popularity is its ability to adapt to changing technologies, from releasing teledildonics (Bluetooth-enabled sex toys) to opening up sex clubs in the metaverse.

Why Male Birth Control Is So Hard to Create

Here’s Why Male Birth Control Is So Hard to Create

Despite significant strides in gender equality, the onus of preventing pregnancy disproportionately falls on women. As such, women have long relied on various birth control technologies, including contraceptive pills, intrauterine devices (IUDs) and vaginal gels to minimize the chances of unwanted pregnancies.

What Is the Sunk-Cost Fallacy and How to Avoid It

What Is the Sunk-Cost Fallacy and How to Avoid It

Sunk cost fallacy refers to a situation where an irrecoverable expense (“sunk cost”) has been made and is used as a justification to continue that endeavor, no matter how futile it may be. Almost all of us have made irrecoverable expenses in our day-to-day lives, like buying tickets to a film or a concert.

How News Affects the Stock Market

How News Affects the Stock Market

In January this year, the U.S.-based Hindenburg Research released a report accusing the Indian conglomerate Adani Group of stock manipulation and accounting fraud. The report received widespread media coverage, causing Adani’s stock prices to plummet. The founder and chairman of the Adani Group, Gautam Adani, lost US$34 million of his net worth in just a week after the report was released.

Indian Inventions You Probably Never Knew About

Indian Inventions You Probably Never Knew About

As home to one of the oldest civilizations in the world, India has contributed tremendously to the technological development of the world. Some of the most important inventions that originated in ancient India are the concept of the number “zero”, the game of chess and even the first known accounts of plastic surgery.

The Top 5 Biggest Flops of Shockvertising

The Top 5 Biggest Flops of Shockvertising

Shockvertising (shock+ advertising) is a tactic where an advertiser uses taboo subjects or provocative themes to incite a strong public reaction. This tactic has been known to be quite successful in raising awareness and encouraging behavioral change surrounding acquired immunodeficiency syndrome (AIDS) and human immunodeficiency virus (HIV).