Business after the COVID-19 pandemic

The new reality makes us combine efforts and resources for effective work in various business sectors. Information is lacking: market players cannot be guided by confusing forecasts, and measures taken by the government are unpredictable. In this regard, companies are encouraged to launch programs aimed at effective cooperation. Expanding external communications with suppliers and customers (including through online events and social networks) will provide up-to-date information on the state of the market. The development of a crisis-response plan and a backup strategy for the company, as well as new services and products tailored to the emerging needs of the market and customers, will help to strengthen positions and generate income during the next wave of the crisis.

Customer transformation

The lifestyle of the average consumer is expected to change dramatically as well. The vector for the development of collective consumption – the sharing economy – will turn 180 degrees. In connection with the hygienic habits acquired during the pandemic and the heightened psychological need for safety, consumers will be inclined to decide not to rent for a while, but to buy something as individual property. At the same time, people will be concerned about the formation of a financial safety cushion. Together, this will lead to a shift in consumer demand towards convenience and practicality, an increase in the demand for used goods, and a decrease in the number of impulse purchases.

Going online

Unification in digitalization will acquire a global scale. Companies will need to pay significant attention to developing web products and working with clients in the virtual space. Mobile applications will replace full-fledged PC versions in the B2C segment. Chatbots will receive global development and will be able to solve up to 95% of all requests received by support services. The most significant investments will still have to be left not for expanding the service, but for ensuring digital security.

The ability to work without retail space will become a separate trend. So, the contactless delivery of goods, including previously delivered ones, will retain its importance. The identification of the buyer will be carried out online through a mobile application or by SMS.

Marketing will move to the Internet. Marketers will think over the idea and create content, and clients will be found by machine algorithms. The process of collecting data about the needs of potential customers will also fall on virtual intelligence. Street advertising will become less and less, but sales of products promoted by influencers on online platforms will grow. The demand for robotics will exceed all expectations. Machines get smarter and often do work faster and better than people. However, this trend will be restrained by the low level of wages in the world market.

IT technologies will also help preserve health. Soon, mobile clinics and laboratories, telemedicine, and patient consultation via the Internet will be in high demand.

Goodbye, office!

Remote management made it possible to reduce office maintenance costs and abandon business travel in favor of online meetings. Western schools are increasingly talking about the arrival of the gig economy (the economy of short-term contracts and freelancers). Its volume is estimated at 83% of the employed population by 2050.

According to preliminary surveys, after the pandemic, about 25% of employees will be transferred to permanent remote work, which will radically change the segment that is focused on serving the business. For example, the demand for business flights will soon decrease, and low-cost carriers will oust classic airlines from the market. Also, in the future, the described processes will lead to a reduction in the cost of some types of services for clients, as well as to a decrease in the cost of commercial real estate.

It seems that after the release from quarantine, companies will move to a distributed business model in which employees move to home offices. Of course, the workplace of such an employee must be substantially re-equipped.

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