We all know and have felt the collective struggle during the initial days of the pandemic. However, we’ve also seen trends and shifts happening, especially in the business industry. Many of these trends are still happening and evolving. Let’s take a look at what a business needs to survive a difficult market, and which businesses were able to succeed.
What Business Need to Survive
Both the entrepreneur leading the business and the business itself need a certain set of values to thrive despite the inclement market. Here are a few examples.
Adaptability and Flexibility
The pandemic brought significant changes to everyone’s life- and business. Being able to adapt to these changes is the only way to survive. Most businesses turned to digital services to continue their operations, while some have shifted their working format to allow for remote-working. Ultimately, regardless of the situation or global event, being adaptable and flexible will help entrepreneurs significantly.
Communication and Transparency
One of the latest trends when it comes to customer satisfaction is the overt attempt at transparency. Customers don’t like it when establishments try to cover up their mistakes or even keep secrets regarding their operations. Businesses who are honest and communicate how they achieve matters like hygiene and building safety to their clients are now seen as appealing. Especially during these times, transparency issues over safety are a prominent topic.
Tools and technology that can help even small businesses achieve more than what they normally can are now accessible. With how popular the internet is nowadays, it has become the default method many small businesses can connect to their customers. During this pandemic, digital migration and adaptation have spiked up, proving that resourcefulness is the key to thrive regardless of the situation.
Industries that Thrived
Now let’s take a look at businesses and industries that thrived throughout this difficult season.
Food Service Industry
Even if people are inside their house and have their own kitchen, not everyone has the time to prepare meals. The convenience of food delivery makes it very appealing, resulting in the success of the food service industry. Initially, they were severely affected as government mandates forced them to temporarily close down or reduce their operations to a minimal level.
But with the adoption of delivery and courier services, food service establishments were able to take back their losses and solidify their position in the market. Nowadays, it’s not too uncommon to order out, and eating out has once again become a rarity.
Video Game Industry
An industry that has seen an interesting boom in the video game market. While the video game industry has always been on an upwards trajectory, the pandemic has shot it to popularity. People now have time to play and finish the video games that they like.
Many video game companies are hard-pressed in offering technical support and optimizing their games as the demand suddenly ballooned to a remarkable level. Despite the pandemic slowly waning and more people are going out, the statistics of the video game market reflect its staying capabilities.
Cleaning Service Industry
This one came as no surprise as medical experts all recommend maintaining cleanliness and hygiene as paramount in keeping your area safe. Most businesses and even households require professional-level cleaning, resulting in a boom in the cleaning services and franchising industry.
What was once a rather niche industry was catapulted into the mainstream, with major establishments constantly requiring deep cleaning at a schedule rated. Even after this whole ordeal, it’s likely that the emphasis on cleanliness and hygiene will remain and the popularity of this type of industry will not wane.
E-Commerce, Delivery, and Courier Services
When lockdowns all over the world had people staying at home, consumer needs still had to be met. Consumer behavior drastically changed during this time, as evidenced by more and more people opting to buy goods online. E-commerce platforms were quick to pick up on this opportunity, and other general merchandise stores followed suit as well. From small kitchen items to large appliances, even entertainment goods, and DIY construction needs, everyone started ordering items online to be delivered to their doorstep.
Some of the reasons for this shift are perhaps due to everyone being concerned about social distancing and hygiene, or the fact that malls and other public spaces had to close down. Whatever reasons consumers have, there is no denying that e-commerce, logistics, and delivery businesses are experiencing high demand and thriving.
Resilience and resourcefulness paired with the clever business decision of addressing pressing needs have been the formula for success in recent times. And as long as the times keep changing, it’s the winning formula for years to come.