If only there was a gauntlet to end the COVID-19 pandemic with the snap of a finger, but as harsh it may sound to read, it exists only in the Marvel universe. It is believed by historians that there will come an event in course of time which will lay the foundation for change and the Pandemic is one such event which has shook the whole foundation of everything that exists, but It is in such hardships that people with great imagination and innovativeness will lead the way.
As Gartner report suggested, consumers are looking for a safe and secure environment. Brands and agencies across the board are now working to change their strategies to deliver confidence of safety and trust with their products and offerings. Unlike pre COVID, where a customer used to explore anything and everything new that comes in the market, post COVID, they will reach out to those brands which have instilled confidence and trust during the pandemic time. According to Wharton university, a world in which the global economy has bounced back , fear and doubt, behavioral changes, lowering trust between people will still act as social scars
China after lockdown for almost 90 days and fighting Covid-19 since Dec’19 has re-opened, but what is happening in China post Covid-19 will form a benchmark for other countries:
- Digitization: 55% consumers have shifted to buy groceries online; leading Real estate firms are using “Virtual showrooms”. Traditionally physical dominant sectors were forced to go digital: e.g.: OTT services and firm distribution.
- Re-evaluating market dependency: China till date has the highest number of manufacturing plants of essential commodities, mobiles etc, with the wide scale spread of Covid-19 and the border tension with India, many countries have decided to move their production plants from China to other countries. Example: Japan has moved US$2.2B worth of manufacturers out of China, same is with US and Australia.
- Widening Performance Gap: People who cannot embrace remote working tend to face a downturn app. 2.3mn people have claimed unemployment. Those who can afford remote working are using the digital world to enhance their skills to improve their portfolio.
- Selectiveness in Spending: With rising unemployment and uncertainty of the market, users have become selective and knowledgeable in identifying what is essential and what is luxury. Essentials items and those which help increase family time are winning the Covid-19 war.
- Gates opened for the Private sector: To have an accelerated growth, countries are looking out for those investors whose pockets go deep.e.g.: Health code by Alibaba, ISRO opened put space programs for private investors.
- Altered Workforce: Remote work is the new normal. Some are thrilled about the increase in productivity and flexibility of staying home, some have come up with the ideas of working from the beach and working from mountain trekking. Something to look forward to.
- Increase in Demand: Increase in online sales is not new but the speed with which the online adaptation has increased has led to metamorphosis of demand and supply.
The 4R’s to look forward to:
Resolve: Address the immediate challenge arised due to Covid-19 in the institution.
Resilience: Address the cash challenges, issues caused by Shutdowns and economic knock-on effects
Return: Keeping in mind, the Virus is evolving and growing, Create a plan with the focus of scaling a brand reputation and then the business.
Re-Imagination & Reform: Imagine the new normal and take steps accordingly. Focus on 4 strategic areas: Business model, revenue recovery, rebuild operations, adoption of digital.
As Thanos said, “The universe is finite, resources are finite, things now need to be checked”