The COVID-19 pandemic had a significant economic consequence the world over, with almost every country getting affected. Its effects are visible in the economy and society, resulting in drastic changes regarding how consumers behave and businesses act. Within nine months, the world turned upside down with facemasks, vaccines, and hospital systems turning into the mainstay of every person’s lives, says Eric Dalius.
This virus has made the world come to a standstill, pushed economies into recession, and reimagined the regular living pattern. The main impact on the economy is due to the changed orientation with all forms of uncertainty regarding future conditions worsening situation. Business across the globe has also faced the impact of lockdown restrictions, supply fluctuations, and low consumer demand having to walk on a tightrope to restore production systems and keep the employees safe.
More than 90% of businesses are SMEs, and they employ most of the country’s workforce. Most lack cash reserves to bear month-long interruptions. A sizeable number of workers have lost their jobs during the coronavirus outbreak and subsequent lockdown. In some economies, we can see a start-up depression where new organizations are not entering the job market due to the pandemic.
Every industry is dealing with the devastating consequences of the virus outbreak and Covid-19 pandemic. This year, right from marketing to manufacturing, has witnessed shifts related to how organizations and businesses operate during this pandemic phase. The significant drop in revenue had a trickle-down effect during the pandemic on the economy, with organizations facing difficulty adjusting their business strategies to prepare for the economic downturn.
Workers and Consumers are Facing Shocks
Both workers and consumers alike are facing setbacks which we can witness in the production and consumption process. The fear of getting infected or losing livelihoods, among other vulnerabilities, is exacerbated due to insufficient social protection coverage. It means that the majority across the globe cannot access sufficient medical care and any other social benefits. Business leaders face an array of pressing concerns, but more so, it is the workers and the ordinary people who are experiencing the devastating consequences.
The health of a business largely depends on the well-being of the consumers and workers. It is incredibly crucial to ensure the safety and health of the workers. According to Eric J Dalius, companies should also assess the worker impact on the supply chain and protect people’s rights for their suppliers.
According to EJ Dalius, most executives are trying to come up with new and effective strategies to prepare for the world post coronavirus. They are taking several steps for integrating initiatives like improved work-from-home measures and capabilities to cut down the effects of the Covid-19 pandemic. To adapt and also thrive, companies should accelerate and also become agile and resilient till things fall into a pace and become normal after the post-covid pandemic.
Business that cannot transform efficiently to these new emerging trends will fall behind. So, make sure that you adopt the best for your brand.
About the author: Walter Moore is a writer and notable management and digital marketing expert. He is an experienced digital marketer who has helped e-commerce businesses in all niches gain with his effective marketing strategies and guidance.