Post Pandemic Changes for Business
Many traditional aspects of business and commerce have been highly upended by the coronavirus pandemic. Workers around the country are working from home instead of the office, a lot of precaution and practices have quickly been upgraded at most businesses and many more things are changing the business landscape globally.
A “new normal” has developed, not only in social life but also for business of all sizes across nearly all industries, with changes likely to endure even after COVID-19 is a thing of the past. They are what we known as post pandemic changes for business. Here are 3 main business trends that is likely to last far longer than the coronavirus pandemic itself.
Cashless and contactless commerce
Businesses that are still interacting face-to-face with consumers, which includes restaurants and stores, are implementing changes to reduce close contact between workers and customers. One big way is to go cashless and only accept credit cards or digital payments such as QR Pay or E-payments. Fast-food chain Chick-fil-A, for example, has made some of its stores cash-free and advised customers to use its app for ordering instead. Independent restaurants across the nation have also shifted to cashless for safety purposes. Several stores have added contact-free pickup and delivery service, for example, in SouthEast Asia country such as Malaysia and Singapore Grabfood as well, and it’s likely this level of convenience and safety will remain popular for quite some time.
With so many people working and spending time at home, it should come as no surprise that companies of all sizes are hiring additional delivery workers. Retailers, restaurants, grocery stores and more are hiring local delivery drivers to make shopping safe and simple. Industries that you may not expect to move to delivery are going that direction too, including grocery shopping and supply chain shopping. All of this adds up to a future with more delivery options and the likelihood that most new consumer-facing businesses will offer a delivery option.
For years, consumers have purchased goods from retailers online, including big brands like Amazon and Walmart and small shops that sell through platforms like Lazada and Shopee. This e-commerce trend has intensified during the coronavirus pandemic due to many traditional “non-essential” stores being closed and people being less comfortable to go out to buy items. As more consumers adjust to the convenience of e-commerce or invest in subscription services like Amazon Prime, many people may not want to go back to crowded stores. The growing e-commerce trend also includes local shops moving sales online in order to compensate for lost in-person sales and to reach non-local customers.
To sum up, in the post-COVID-19 era, globalization will continue. While the trend won’t change, some rules and practices may be adjusted. We should be open to such adjustments but continue to oppose economic nationalism and trade protectionism. The consumer behaviour will surely experience a drastic changes which will results in the changes in the direction of the retails business itself.