Throughout history, crisis has been essential for growth and development in human societies. Whether it be pandemics, wars or financial crisis, all have incentivized change and innovation. This is not different in the current situation, COVID-19 has forced entrepreneurs and companies to quickly adapt to the present challenge.
Businesses play an essential part in helping society get through an economic crisis, that is why even though the world has come to a halting point, sales can’t stop. The global pandemic has restricted people’s movements to keep people from getting sick, and this greatly interrupted various businesses. But still, the fact that consumers are unable to visit shops doesn’t mean there is a drop in demand. That is where the internet came into play, companies that showed resourcefulness, were quick to start selling their products online.
Businesses should use digital tools so that they can create solutions to be able to solve the problems they are facing, so that they can have a chance to survive this crisis and even thrive in the long term.
This pandemic has quickly accelerated the process of digital transformation across most business sectors. The internet became essential because companies where able to reach their consumers online, thus maintaining sales.
These changes will shape sellers in the long run, as they have become more innovative and the way they offer their products and services have adapted to the new circumstances. An example of a prosperous company is Laithwaite’s Wine that despite the lockdown, saw a big rise in sales of Prosecco – up 117% year-on-year during April – and a 300% rise in new customers year-on-year in March and April. This is all thanks to their user-friendly online selling platform.
Companies that move quickly will have a huge advantage over their competitors in the current situation and also in post-pandemic economy. Whoever builds the most reliable and speedy website is likely to gain loyal customers, that will be with them long after this is over.
This is because customers are getting used to new forms of business, like online ordering and home delivery. Their shopping habits and attitudes have adapted to the new normality.
It’s very certain that the post-pandemic life will be different, the changes occurring during the crisis will have a lasting impact on society. As the world slowly is going back to what is was before, some changes brought by COVID will stay for good, like consumer behaviour and companies presence online.
The ability to build new system from the ground up and use digital tools, like websites and social media would help small businesses and entrepreneurs to rise and be put in more advantageous positions in economic recovery post-COVID-19.
This enormous opportunity would be present for everyone across a lot of different markets. The digital change must become a necessary thing for entrepreneurs if they want to survive this ongoing crisis and any future possible one.
It’s important to note that in times of crisis, challenges can be turned into opportunities as long as there is optimism and determination.