COVID-19: How Businesses Can Move Forward After the Crisis

The COVID-19 pandemic has caused a global crisis, and the human and economic costs have been exponential. During this trying time, businesses are trying their best to stay afloat – and those that are performing best are those that have been quick to adapt, or that already operated on a multi-sided platform business model.

At this moment, the final effects of the pandemic are unknown. However, what is known is that consumers are acting very differently in reaction to the crisis. People are buying different products and services, making choices according to a very different set of priorities and values. Businesses that understand the new and shifting paradigm, adjusting their strategy accordingly, will be the most likely to survive in the post-coronavirus climate.

Nilesh Waghela worked as a small business consultant and independent business advisor for many years, providing expert advice to businesses during many different circumstances.

At present, it seems that coronavirus will pose a challenge to businesses and consumers for many months – and years – to come. Businesses must adapt and change to ride the wave and stay afloat. Having a solid business strategy will help businesses to continue to grow and profit when the crisis has come to an end.

Tips for Humanising the Digital Experience During Lockdown

Changes in Consumer Needs

The restrictions imposed by the government, as well as wholesale business closures, have resulted in many people suffering financially. Unemployment is on the rise, consumer confidence is at an all-time low, and household incomes around the world have been reduced. Consumers are more interested in essential items than luxury items, and price has become the most important deciding factor for the majority of the population.

A multi-sided platform business model can adapt to these challenges and changes, as companies with this model are able to promote pre-existing product lines or add a new offering that is more suited to the current climate. This type of business model also enables the business to connect with its customers, providing the best possible customer service in order to improve customer confidence and brand loyalty.

Coronavirus UK: The Economic Impact of the COVID-19 Pandemic on Retail

How to Humanise an Online Offering

A huge percentage of the population has been asked to stay at home, isolating from the outside world as much as possible. As a result, shopping habits have naturally shifted towards online purchases. Whilst people are feeling increasingly isolated and alone, businesses that are able to humanise their online shopping experience will succeed over those that do not offer a more ‘human touch’.