Changing The Way You Do Business: How Covid-19 Has Reshaped Companies

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When the pandemic hit, many businesses had to go into crisis mode to try and save their company. With consumers’ needs changing almost overnight and supply chains becoming broken, business owners had to sit down with their teams and make some tough decisions.

One of the most immediate changes was in staffing. Many of us were asked to stay at home, and this meant workers simply couldn’t come into the office anymore. However, the digital era meant that many employees were able to keep their jobs and continue to work from their homes. The success of this has resulted in many companies realising that remote working is now more possible than ever. Which could help employees to improve their work-life balance and also may lead to less office space being needed, this, in turn, could reduce the outgoings of a business. A team that can work efficiently at home may save you money in the long run. You’ll also be able to access talent from across the world and have confidence in your remote working system.

Many businesses had to close their doors and start making a shift to e-commerce. While this has been happening for several years, the start of the pandemic forced many companies to ramp up their online sales or take their services completely digital. While there were a few teething problems for some, the increase in e-commerce activity during the first few months of quarantine was huge. Restaurants have diversified and used their buying power with suppliers to bring the consumer products that they couldn’t get hold of in supermarkets—teaming up with couriers to deliver recipe boxes or supplies to customers homes. This has opened up a new revenue stream to many cafes and eateries, which is bound to stay when they can reopen.

For high street clothing brands, there has also been a considerable increase in online sales, and some companies have even decided that they won’t reopen their doors. The cost of running a warehouse and packing facility for e-commerce sales, alongside the cost of running a shop on the high street seems uneconomical when the consumer has got used to buying everything online. It is possible that even when the stay at home orders are lifted, the consumer won’t be in a rush to get back to our high streets. Until there is a specific vaccine for COVID-19 businesses will probably see far fewer people coming through their doors and online activity staying high, if not getting higher.

Priorities and spending habits of the consumer have definitely changed over the last few months, and in the future, there will be a return to normal life. However, the consumer has undoubtedly discovered that they can rely on the digital world to make their lives more efficient and to save them trips that they don’t necessarily need to be taking. This will give people more time with their loved ones and after the pandemic, time with the people we love is going to be more precious than ever.

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