It felt like yesterday where someone could be close enough to step on other people's toes during the typical rush hours. Wearing a mask was optional then, so the rest of us were to deal with the coughing and the sneezing from people stood by our side while praying to God that we would not catch his or her cold. That was the good old days before the coronavirus has brought us the "new normal". These days, this term got mentioned as often as people were saying "Hello". The priority to save lives has unavoidably halted the continuity of livelihood. The IMF has forecasted the worst economic downturn since the great recession in 2008. The fall of global growth was to hit -3% before climbing up to 5.8% in 2021. Within the first month of the greatest lockdown, the world has never ceased to witness the daily struggling of everybody.
There is no secret behind closed doors
The priority to save lives has unavoidably halted the continuity of livelihood. The IMF has forecasted the worst economic downturn since the great recession in 2008. The fall of global growth was to hit -3% before climbing up to 5.8% in 2021. Within the first month of the greatest lockdown, the world has never ceased to witness the daily struggling of everybody. No going out didn't mean zero shopping. Still, the migration from offline to online has hurt the majority of sellers, whose businesses depended on their physical property. Consumers were spending differently under this new circumstance. They were discreet and cautious around these particular two factors; safety, and value for money. Many sellers had creatively adjusted their products and services to keep their operation afloat. Here are some of the best crisis management and practice from the business survivors that deserved an applauded.
What is the qualification that all best-selling products have in common? They promised to solve the problems of the buyers. Since our problem has arisen from the invisible virus, the best way to fight against this invisible threat before the vaccines arrive, are distancing and keeping clean. Let's look at how the businesses have adapted themselves to gain consumers' trust during the pandemic. Some product may go overboard to demonstrate the safety look and feel; however, this is the time that there is no such thing as an overrated safety measure.
Economic instability from the pandemic has certainly brought fear, and this fear has automatically discouraged people from spending. As life doesn't go on as lavishing as before, budget cut is a sensible thing to do. Takes food for an example; not everyone had the skill of a master chef, so many consumers tended to opt for something quick and easy to fill their stomach. Although food delivery was one of the most popular options, sometimes it was simpler to throw something in the pan or pop a package in the oven. The local cut, or worst process food like; ham, sausage, or a TV dinner, have taken the place of imported Australian beef. Eating out meant paying extra for the atmosphere, which is unachievable by sitting under the candlelight in most homes. There is no incentive to spend more here.
Thanks to the internet that kept people on the grid, connected. The rise of Netflix, online game, slack, and zoom was quite an indicator of how intensive we depended on virtual services. Of course, not everything can be bought, sold, stored online. Still, there are less and less commercial items that are not presenting themselves on the internet. There was even a moment, where we thought virtual goggle would replace travelling and everything that required moving further than our front doors. Even the most difficult demographic, like "baby boomers", were dropping their guards of "I'm too old for this technology" and going online. The keyword here is user-friendly. If your company never care about how your wireframe works and where a click on your virtual menu would take your customer, this is the time to start caring.
We can sum the promotion during the COVID-19, simply in one sentence, "everyone is on sale". An aggressive advertisement of "Buy 1 get 1" or even "Buy 1 get 3" has ranged from food to real estate. During the isolation, besides the campaign that promoted health and safety tips, many friendly and uplifting hashtags had sprinkled every campaign;
Although the fear has subsided, the habits stay. The gloom of economic downturn and the fear of the new spike of new confirmed cases of COVID-19 have shaken the confidence level at every corner of the world. Two months under the lockdown was long enough to affect the behaviour shift of the market. Effective risk and crisis management is considered a long-term strategy for companies. Risk culture is vital for an organisation to comply with a highly volatile market and an unprecedented emerging threat like this one.