We’re now slowly beginning to come out of the pandemic that had us stuck in the four walls of our home for almost a year. As we transition into the new normal, we see how the business landscape evolves to cater to the market’s demands. Even as these difficult times have caused countless businesses to close their doors, there have also been instances of growth.
Companies that were able to pivot their business models and pursue other avenues for revenue continue to not only survive but thrive. The changes brought upon us by the pandemic look like they are here to stay. The concepts of how we used to do business in the past are no longer the standard.
Digital and technological initiatives look like they’re here for the long run. Digital transformation, e-commerce, and technological pursuits are by no means new concepts in business. However, some industries were ahead of the curve and had organizational structures already in place to smoothly execute the transition.
Adaptability is essential to further growth. Those who don’t change and fail to evolve often get left behind. Innovative solutions became increasingly influential in industries such as fast-moving consumer goods, food, and retail fashion. On the other hand, the service industry continues to navigate the pandemic and is still finding new ways for its workforce to adapt. Different sectors handled the pandemic in unique ways. Let’s look closely at how some industries have managed not to survive the pandemic but grow.
As a part of essential goods and services, was the food industry was allowed particular emergency operating provisions to continue serving consumers. During this time, they were able to develop creative solutions to streamline operations and increase productivity. Grocery chains served as lifelines to the majority of people. Essential goods were flying off the shelves, and customers were lining up outside their doors. However, they also had the heavy responsibility of maintaining health and safety protocols, which pushed them to pursue e-commerce to reduce on-site customers.
Third-party applications became extremely popular as they offered you the service of letting a personal shopper buy your groceries and deliver them straight to your door. The applications also allowed for accessible communication between the shopper and buyer in the case of availability and replacements. It didn’t take long for grocery stores to come out with in-house services that offered the same thing.
Restaurants also had creative ways of pivoting their businesses. To reduce overhead costs, some companies chose to go mobile and transition into food trucks instead. Mobility allowed them to reduce rent costs while increasing their target market. Mobility allowed them the luxury of changing locations in accordance to where demand was high, like from previously busy business districts to suburban areas where more people were located.
Though the real estate market took a considerable hit during the pandemic in the times after, it sees a noticeable increase. As most people continue to work from home and require dual-purpose spaces, people are looking to transition into bigger living spaces. The pandemic also left a fortunate sector of the population with an increase in savings as spending opportunities were limited during lockdown orders.
They are now looking to invest these funds wisely, and their forever homes might just be it. The real estate market, which previously relied on in-person walkthroughs, transitioned to virtual tours and online consultations. While it still isn’t ideal, the industry continues to evolve to meet demands.
Transportation services are also seeing changes, especially as we begin to open up again. Highly populated public spaces continue to be a source of stress and anxiety for most of the population. Public transportation remains the least preferred mode of transport when forced to leave our homes. Ride-sharing services continue to dominate for the people who don’t currently own private vehicles.
Health and safety protocols limit the number of passengers allowed per ride to ensure driver and passenger safety. The sale of new and used cars also increases as families and individuals look for safer ways to travel. Due to this, dealerships and automotive franchise opportunities have gained popularity. These businesses have also adopted technology as a way to serve consumers better. Online ordering and booking systems have been put into place to reach customers better.
Technology continues to be a recurring factor in the success of these industries making out of the pandemic. Not all sectors can integrate technology as mentioned above, but ignoring the positive effect on these businesses is missing an invaluable opportunity for growth.