The Coronavirus pandemic has been a mixed bag of opportunities for industries. While for some industries, the pandemic has dealt a severe blow; for others, it has boosted growth. The tourism industry stares at a loss of nearly $1 trillion, the auto industry lost out on nearly $100 billion of profits, the retail industry registered a -5.7% sales growth, high volatility in stock markets depressed banks’ valuation across the globe and most banking stocks saw a price slump, and nearly 55% students from the low-income group in the US will see their graduation delayed.
However, many sectors, such as ecommerce, surged ahead on the growth path. Online shopping received a fillip due to global lockdowns and social distancing norms when the lockdowns were eventually lifted. In June 2020, it was projected that the global ecommerce market would clock $2,405.3 billion in 2020 up from $1,808.5 billion in 2019. Similarly, the digital healthcare sector received an impetus with more people using telemedicine to consult healthcare providers. In India, for instance, there was a significant rise in the number of people (46%) using digital healthcare in 2020 as against the 11% in 2019.
Rethink strategies to tide over the challenges
Either way, the Coronavirus has forced businesses to reassess business priorities that can enable them to accelerate the growth rate. They are reinventing operating models that align with the requirements of the new normal—greater adaptability, agile response, and productivity. They are also looking for ways to tide over the challenges—both operational and financial—so they can better address the changing needs of their employees and customers.
It is safe to say that some sectors will take longer than a few others to recover completely. For such sectors, it is crucial to assess and reassess the uncertainty to allow taking corrective measures and accelerate recovery. This will entail reimagining digital strategies to communicate better and enhance the user experience, which in turn will help capture new business opportunities and customers. This is no mean an objective, as organizations are still devising operational strategies for the long- and short-terms.
As the revenues have plummeted, leaders will need to adopt strategies that minimize risk and improve resilience in the face of future uncertainties. Some of the key areas of consideration that organizations may focus on are:
- Adopt a digital-first approach.
- Continue with the remote work arrangements.
- Consider a direct-to-consumer approach, if not already in place.
- Include sustainable growth in the business strategy.
- Build for the future.
When organisations are able to review as to how they adapted, and use those learnings to reimagine their operations, they will be in the best position to adjust to the new normal.
The article has been written by Neetu Katyal, Content and Marketing Consultant
She can be reached on LinkedIn.