Staying safe during these tough times should be our priority, no matter what, health comes first. But what are the consequences that different businesses are suffering from, and will suffer because of the lockdown being extended. What can be the chances of businesses returning to their original profit state after the lockdown is lifted, which sectors would take more time and which would take comparatively less time, let us take a quick look at it.
Covid 19 is a term people aren’t going to forget for a long time and businesses are trying to figure out what next, but nobody is really sure. All are assumptions made according to what the situation is. What happens after the lockdown, how businesses & people go through changes is something everyone is curious to witness.
The businesses which are suffering the most and which could take possibly a long time to bounce back after the lockdown is lifted are the businesses related to travel and tourism, food, restaurants, hotels, malls and so on.
The reality here is these businesses are closely related to the behaviour, mindset and lifestyle of people.
We all know that we are in a crisis situation and people who avail the facilities of these services and products are not so easily going to trust the fact that things would be fine even after the lockdown. Even the research and survey studies have suggusted that the effect if COVID19 will take a toll on a lot of indutries.
Let us take an example of tourism, now after whatever situation has occurred, people are going to be scared to travel a lot and they would prefer to stay in their own town, city or country. They would be scared to move out and travel for a considerably long time.
Ecommerce businesses on the other hand who provide their products online to people have an extraordinarily high chance of bouncing back quickly, online products are already in a huge demand as people don’t have to get out of their houses, before and even after the lockdown extension online shopping websites like Myntra have kept an option of wishlisting the products online that consumers would like to buy after the lockdown is over.
Now this is such a good strategy that would make this online website even more popular as people are wishlisting their favorite products in their free time and they would possibly buy those after the lockdown is over.
Businesses and stores who provide food and daily essentials and medical products are already in a huge demand, though their reach is limited to a number of people due to the lockdown restrictions, there is a huge probability that they are going to bounce back the very next day the lockdown gets over.
Businesses related to warehousing, storage, transport and delivery are facing a downfall because of the lockdown extension, this is the sector which may face a huge load to get back as the demand would be really high once the lockdown gets lifted. They have to keep their services strong enough to generate the supply that is required for the huge demand.
It’s time your business revamps its operations by shifting everything online for success in the long term, even after the lockdown is lifted. If you are confused about it, just contact us, so that we can help you grow your business online and generate revenue in this crisis situation.