The post covid world will appreciate Digital and Technology in every aspect of running and expanding business in India and abroad. I will try to simplify and put forward my research on the possible future of Indian Inc. and businesses across the globe.
Customer buying behavior
Customer’s needs have changed. They may look for different solutions and products.
● From looking for wine and cheese to enjoy; now they will be looking for toilet paper, pasta, and rice to survive at home
● From meetings, fairs, events, and conferences they have moved to video conferences, mail, messaging, etc.
● Will customers be willing to pay the same price for the same solution?
● Can you switch to a more flexible payment system?
It means your marketing strategy has to change. Try to analyze how you can adapt your business model to the new needs of your customers.
How Businesses may function Post Covid?
1 Contactless Interface and Interaction
With the increase in people wanting to limit what they touch; Post COVID-19 we will see the reduction in usage of the touchscreen. More contactless payment, voice, and machine vision interfaces will be used to limit the amount of physical contact.
2 Strengthened Digital Infrastructure
COVID-19 has thought all of us, how to live life with resources available. E-meet, virtual consultation, and classes are the new normal. So it is necessary to strengthen your digital infrastructure at the earliest to meet this growing demand and behavior change.
3 Better Monitoring Using IoT and Big Data
There would be better apps for effectively monitoring future pandemics by using internet of things technology and big data. GPS data could be used to track where exposed people have been and with who they have interacted.
4 Small Shops will go online
This paradigm shift has already started and we expect this to boom after COVID-19. Small businesses will switch online to stay competitive. We can expect a better improvement in the logistics and delivery systems to accommodate surges in demand.
5 Reliance on Robots
Robots aren't susceptible to viruses hence can be used during such crises. Businesses will rely on robots for delivery or to keep a factory running.
6 Steep-rise in Digital Events
After COVID-19, event organizers will figure out ways of how the digital aspects can complement in-person events.
7 Disaster Insurance Policy
You might never know, there would be rise of companies dealing with insurance coverage for such crises such as business closures or trip cancellations, manage expenses, etc.
Here are some strategies businesses must adopt to overcome situations Post-Corona
- Protect Cash Flow
- Focus on Core Competencies
- Win Competitors Customers
- Keep Your Current Customers Happy
- Avoid Cost Cutting on Marketing
- Create a Crisis Management Policy
Conclusion: Rather than having a sigh of relief and returning to normal routines, efforts should be made to improve businesses for the future. Implementing strategic and preventive measures and analyzing ways to improve business operations and productivity can surely ensure that businesses thrive in the post covid era.