Without a doubt, the COVID-19 outbreak has caused much pain and worry for businesses as many nations have begun to implement lockdowns and Movement Control Orders. Brick and mortar SMEs are particularly vulnerable to the economic downturn as consumers are now limiting the time they spend shopping and congregating.
Even in China, where many stores have begun reopening due to reportedly fewer cases of COVID-19, shopping malls and stores are reporting far lower than average customer traffic. Despite a partial return to normalcy, consumers are still being cautious and are avoiding locations where there could potentially be a crowd.
However, it is not all doom and gloom. While the global economic is indeed an unfortunate reality. There are some businesses that not only managed to survive the COVID-19 outbreak, but also thrive in it.
The F&B industry for example is actually doing quite well. Even though some countries have implemented a lockdown, people still need to eat. Thus many restaurants have remained open. While many countries disallow consumers to dine-in. These restaurants have been allowed to operate in collaboration with food delivery services to continue providing their services.
All around the world, food delivery services and restaurants are scrambling to meet the spike in demand. Both are on a hiring spree to get more cooks and deliverymen, while also implementing contactless payments to limit the spread of the coronavirus.
These sectors of the food industry aren’t the only ones that are reporting business growth.
Brick and mortar gyms are now offering online classes and workouts. Companies like Nike are waiving frees for its monthly online subscription service, which includes workouts, training tips, nutritional guidance and more during COVID-19, ensure fans can stay physically active while under quarantine.
Logistics companies such as Amazon are desperately hiring more workers to meet a massive rise in demand for their services; opening 100,000 full-time and part-time positions in its fulfilment centres and delivery network as e-commerce demand spikes.
Businesses that are thriving during this time are taking a second look at how they’re positioning themselves in the market and how their current operations can be improved upon to ensure the safety of their employees, customers, and anyone else who may come in contact with their product or service.
In times of great uncertainty, people’s routines and purchasing habits go out the window, which opens up the opportunity for businesses who can pivot operations and invest in new technologies to adapt to the changing climate.
Now, more than ever, it’s important for companies to understand the environment we’re living in and adapt to it. These are the companies that will not only survive during the pandemic but get ahead of their competition.