The dramatic spread of COVID 19 has led to the disruption of livelihoods, societies, and industries internationally. Most corporations throughout the world seek to come up with methods that may minimize the disruptions within the economy while reducing the spread of the pandemic. Some of the changes may be long term and short term as the universe rebuilds and adapt to a new norm.
Changes in Company Operations
Foremost, Telenor, telecommunication giant, has adapted a remote digital framework as it has become the mainstream choice and enables staff to learn the etiquette of video team calls. Moreover, this may be viewed as a long term mechanism as it can be incorporated in the future as it may also help in syncing with other members of the disseminated team (Gupta et al., 2020). The restaurant sector has also transformed as most of them opt to do full-time delivery through applications. Most restaurants engage the delivery drivers from outside the premises to prevent the risk of spreading the virus. This may be viewed as a long term project as most consumers may adopt it. Companies such as Walmart and Dollar General have pronounced specific hours of shopping for older citizens. This is to caution them from the high risks of contracting serious complications arising from the pandemic.
Changes in Consumer Behaviour
While social isolation turns into the new norm due to the COVID-19 epidemic, customer practices are acclimatizing to the novel surroundings and situations in real-time. Foremost, clients are warier of what is purchased to reduce waste of food and purchase more justifiable alternatives. This is likely to be sustained after the pandemic as the pandemic period serves as a learning process. Secondly, consumers are intensely decreasing most unrestricted expenditure that has severe concerns for most industries, such as eateries, decorations, tourism and entertainment. According to Accenture (2020), 61% of the United States population plan to carry on viewing more bulletin after the epidemic, while 55% want to give more precedence to family time. Another aspect is that consumers’ urgencies are concentrated on essential items comprised of hygiene, spring-cleaning, and staples produce. This may be viewed as happening on a short term basis.
The COVID-19 endemic has altered the global operations as individuals are living differently, and in many ways, deliberating differently. Retailers are altering the modes of operations while consumers globally are seeking items and brands through diverse techniques.
Accenture. (2020, April 28). COVID-19: Fast-changing Consumer Behavior. Retrieved from https://www.accenture.com/us-en/insights/consumer-goods-services/coronavirus-consumer-behavior-research
Gupta, S., Nguyen, T. D., Rojas, F. L., Raman, S., Lee, B., Bento, A., … & Wing, C. (2020). Tracking public and private response to the covid-19 epidemic: Evidence from state and local government actions (No. w27027). National Bureau of Economic Research.