The pandemic affected economies all over the world. Businesses were forced into a standstill while citizens sheltered in place. Both big and small companies alike experienced a hit to their bottom line. The repercussions due to the pandemic are still developing to this day. In a surprising turn of events, there have also been positive developments in the business landscape after the pandemic.
New businesses emerged who tailored themselves to serve customers in the time of a pandemic. With the help of creative minds and an eye for innovation, existing businesses could pivot their business models to better cater to consumers. In a time of great financial difficulty, it’s hard to comprehend how some companies could not just survive but thrive.
The capability for a business to adapt to change quickly has become essential. The new normal is currently ever-changing due to evolving lockdown and health protocols. Staying on top of new and creative business solutions can help ensure we get through these touch times intact.
Pivoting Businesses
One of the most creative ways businesses can pivot to serve their customers better has been with restaurants. Traditional restaurants with physical locations started ditching the rent costs and moved to use food trucks instead.
Food trucks allowed them the flexibility to change locations and serve markets where they were more in demand. Drastically decreased overhead costs also allowed them to have longer operating hours and hire additional staff if needed. Restaurants weren’t the only businesses to go mobile during the pandemic.
Salons, barbershops, coffee shops, and even pet care started to cater to their customers on wheels. Utilizing the same suppliers and equipment while pursuing a new business model allowed them the wiggle room needed to figure out the new logistics that came with going mobile.
Going Digital
Some businesses that couldn’t pivot as drastically as restaurants did pursue digital solutions. Digital transformation has been on its way for several years. It’s not a new thing. The pandemic, however, has undoubtedly expedited most businesses’ timelines for doing so. Big corporations and mom n pop shops alike have developed e-commerce platforms and new ways of digitalization.
As we stayed indoors for the better part of a year, online shopping became the primary purchase avenue. Small businesses started offering customers a way to order from them online, and more prominent corporations even developed their own apps to be more accessible.
The advertising landscape also almost wholly shifted to online advertising. Everyone was at home, and most of us were spending that time in front of electronic devices, both for work and entertainment purposes. That’s a record-breaking number of eyes on multiple online platforms. Social media also became a lifeline for people to feel connected with their friends and family.
As businesses pursued better online exposure, using local SEO for small businesses also became popular, which served to help enterprises to navigate the online landscape. Bigger corporations came up with robust digital advertising campaigns designed to bring more traffic to their e-commerce avenues.
New Products and Services
Similar to how businesses pivoted the way they served customers, newcomers to the landscape also served to fill the gaps traditional companies that couldn’t adapt left behind. Virtual sessions held entirely via zoom for fitness, musical instruments, business workshops, and even therapy became extremely popular. It exemplified a healthy mix of pivoting to still cater to your market and adapting technology to improve overall service.
Most new products or services that emerged during this time follow this principle. Personal grocery shoppers and delivery services were some of the most in-demand services during the pandemic. Existing grocery chains also scrambled to offer this service to compete with independent apps. Both our work and entertainment software also saw new offerings, work from home software that allowed companies to manage employees remotely became heavily utilized.
People who were fortunate enough to maintain their sources of income during the pandemic and after it developed new lifestyles. Consumer behaviors for what to save for and what to spend on became extremely hard to predict. More and more people shelled out cash to alleviate their cabin fever and better their mental health. The pandemic highlighted extremes, essential goods, and services, plus entertainment options as customer hot spots.
Companies who can understand market trends and pursue innovation accordingly can manage the new normal post-pandemic successfully. In situations where the spectrum of factors that contribute to business success is so vast, your willingness to take calculated risks and adapt is what will help you stand out.
As we see our new normal develop further, we’ll see how reduced lockdown protocols cause businesses to incorporate multiple business avenues and a mix of traditional and modern principles that should garner exciting results.