The Covid-19 Pandemic has wreaked havoc on the current economy and job market. This we all know from reading the countless articles and hearing about it endlessly on the news. Bars and clubs have been forced to stay closed for an unforeseen period of time, hotels and tourist attractions are no longer bringing in the crowds the way they used to. The changes we have all had to make to the way we live and work has significantly impacted many businesses. While pretty much all companies regardless of their fields of work are struggling to cope with the changes and the losses, some are rolling with the punches more smoothly than others. Responding to the challenges the unforeseen pandemic has brought has no doubt been a battle for all businesses. However, there are some ways companies have found the ability to cope, and how you can learn from them.
One method by which companies have been coping with the pandemic is by moving goods and services online. For example, many online stores, restaurants and even grocery stores have started ramping up delivery services. When the Circuit Breaker took place in Singapore at the beginning of April, many relied on delivery services such as FoodPanda or GrabFood to purchase their meals for the day. Even online grocery shopping gained popularity with people wanting to avoid crowds and long queues. With consumers stocking up on essentials, large supermarket chains such as Giant and Fairprice followed suit by increasing the number of delivery slots available in order to meet the high demand for them. Even smaller sized mini mart chains have begun delivery services to keep up with this demand. Online store Lazada also saw an increase in grocery purchases, along with digital appliances, and have since had to increase their delivery capacity as well. With gyms having been forced to close during the circuit breaker and now only having limited capacity, some gyms have also taken online to start workshops, or one-on-one online classes with a personal trainer. Many have also recognised the rise in popularity of home-based workouts and have produced workout tutorial videos or even livestreams catered specifically to this. With the changes in the way consumers purchase their day-to-day goods, companies have had to make changes accordingly in order to keep up. With this in mind, it is important for one to observe and research on the changes that have taken place, and predict both consumer problems and needs based on these changes.
Re-Thinking Business Models
Another method by which companies are coping with the changes in lifestyles caused by the pandemic is by re-purposing their businesses and services. For many companies, the goods and services offered by them are no longer in demand due to the pandemic. In order to combat this, many have taken to revamping their businesses and what they offer in order to cater to the current wants and needs of consumers. An example of this would be Changi Airport Group subsidiary Changi Recommends, which recently launched a grocery delivery service called Get It. As demands for usual services such as tourist attraction tickets and travel services have no doubt taken a sharp decrease, Changi Airport Group has thus turned its attention to adjusting their business in order to stay relevant amongst consumers. As nightclubs and bars are not allowed to reopen until further notice, many business owners have been forced to either close up entirely, or find new ways to re-purpose their business. An example of this would be popular lounge Capital Zouk, which has since been transformed from a popular nightlife spot into a pop-up restaurant. The restaurant has received overwhelmingly positive feedback so far, and has since been almost fully booked on most weekends. Now more than ever, businesses are pushed towards being innovative in ways they are renovate their business model in a way that is not only appealing, but updated according to the current social and economic climate. Finding a way to repurpose one’s business in a manner that still makes it functional and relevant is incredibly important in light of the current pandemic, and businesses need to keep up with this.
AYP Group has taken pride in staying up to date and solving problems for our clients and partners. With experienced and knowledgeable human resource consultants, we are able to provide you with detailed and accurate information and advice based on real life experiences and research. Our various services such as Professional Employer Organisation (PEO), Payroll Outsourcing Management (POM) and of course our JuzTalent Software are well updated and advanced. With companies now more than ever relying more on technology and having to keep updated on the ever-changing wants and needs of consumers, our various services and software are well-equipped and ready to help your business, no matter the weather.
The Covid-19 Pandemic has caused a “Sink or Swim” situation for businesses, as many of which are now forced to either adapt to changes, or shut their doors completely if they fail to do so. Companies now have to cope with the pandemic by analysing the changes that society as a whole has had to make, and catering to consumers according to these. Companies and businesses now have to roll with the punches and think on their feet in order to stay relevant and useful in spite of all the changes consumers have had to make to their everyday lives. However, there is an unexpected silver lining to this. Not only can this help a business stay updated and afloat during this dire time, it can also help one form new, unique ideas which can help a business better connect with consumers, perhaps even long after the pandemic is over.