Back in February 2020, when Covid 19 started infecting people and wreaking havoc across the globe, this marked the beginning of how life was going to change for all of us.
No longer could we continue living with some of the freedoms we had become accustomed to, small things we took for granted like travelling, socializing, even eating out at our favourite restaurant all became forbidden during the various on and off again lockdowns.
And while we watched people lose their lives and their mental health to this terrible pandemic, we also began to see that many people suffered great financial losses in their businesses, and companies of all sizes, many that had previously stood the test of time.
And then some businesses survived the first Covid wave only to succumb to the second or third waves.
Business Winners and Losers:
And so it goes without saying that with every major disaster, disruption, pandemic there are always undoubtedly winners and losers.
Let’s start off with the many business types that have lost out from this Covid pandemic, they include;
- Food services and restaurants
- Retail (too many to list)
- Travel (Pullmantur Cruceros a JV with Royal Caribbean))
- Entertainment (Cirque du Soleil)
- Car rental
- An airline carrier or two (Virgin Australia)
- Many fitness providers (New York Sports Clubs)
- Traditional job recruitment agencies
- Shopping Centre Holdings
- Some department stores
- Sporting goods
- Stationary Chains
And many, many more.
On the flip side, some businesses found themselves in the right place at the right time and actually grew stronger in this time, some of these include;
- Home delivery food services (Uber Eats, DoorDash)
- Online retailing (Amazon)
- Workspace Solutions (Xero)
- Online Communications (Zoom)
- Ready Cooked meals (Hello Fresh)
- Hand & Sanitising products (Toilet paper)?
- Online liquor stores
- Online Entertainment (Netflix)
- Online cosmetics (Loreal)
- Music streaming services (Spotify)
- Online gaming (Sony)
- Some primary producers
- Tech developers
- Data and IT Specialists
- Digital Marketers
- Covid cleaning companies
- Most pharmaceutical companies.
And many more.
Did anybody notice that most of the business categories that have done well, and continue to do well are of an online nature, or businesses that create services for the online space?
It makes perfect sense when you consider the restrictions this pandemic has placed on everybody, that we are now doing more than ever at distance using ecommerce websites and other online experiences, and it’s not just young people using these types of services anymore.
More of the same to follow
Sorry to be the bearer of bad news folks, but this pandemic is not going away anytime soon. Even when vaccination rates are up, there will be a new strain of Covid just as we have seen with the Delta strain. This simply means that while some things may return back to normal, it most probably will only be for a short time until vaccination catches up to the new strain again, and on it goes.
So my question to you is, what have you done or are you going to do for your business to survive and thrive moving forward?
You need to THINK outside the square:
While some were fortunate to be in a needed sector, many were still able to turn Challenges into Opportunities
Some business owners decided that they would be proactive, to reinvent themselves and the way they did business. Indeed, in some cases they created new brands, products, services, and CASH FLOW positive revenue streams getting payments upfront, that ensured their survival, but also where their business had experienced exponential growth. Most businesses attribute this growth to their choice of best web design company in Sydney that helped them sail through these tough times.
Some ecommerce Proof:
As stated already, ecommerce websites have exploded with many businesses jumping online as a way to reach and service their clients.
Latest data shows a 25% global ecommerce growth in 2020, with eMarketer reporting the US figure estimated at 33.6%, with spending that reached a total of $799.18 BILLION.
This number is forecast to reach $908.73 BILLION in 2021, in the US alone.
- What part of your business can you digitise, move online, sell directly to consumers or your customers via an ecommerce website, providing your services at a distance?
- What will you do to safeguard your business, insure against more covid outbreaks?
- Will you rise above the challenges, see the opportunities that exist, and then make the most of them?
Now is the time to cease the day.
If you are unsure where to begin, have an idea, or would simply like to get some free advice, drop me a line. Our Website development company in Liverpool can help you make the right decision for your business.