Be Better Prepared for Post Covid-19

Covid-19 is a disruption, which will completely change our normal living, our professional working life and our socializing behaviour. The Post Covid era will have new regulations and we all have new habits based on better hygiene conditions and strictly regulated travels keeping in mind social distancing. Vaccine or herd immunity may give some relief, but human life is going to be disrupting for at least 1-2 years. Travel & large gathering restrictions will remain for a longer time and remote working & e-business will be a new way of living and working, challenging traditional business & lifestyle norms.

The present visible impact of Covid will not just remain the same. Few unprecedented aftershocks are still unfolding and we all should be ready for that. Lockdown & Social distancing may have a permanent physiological effect on some, Mass unemployment may affect economy and bankruptcies may rise, the geopolitical border will be closed by creating new laws and it may lead to xenophobia. Wherever norms were relaxed and lockdown uplifted to reopen, a new wave of the rise in transmission of cases lead to again lockdown, confirmed that going back to pre-Covid normal will not be easy.

Covid is going to bring change in human behaviours too. Many people will feel more isolated due to social distancing, families will face relationship issues and mental sickness will rise, which will rise in demand for clinical behaviour therapists. Pets will be more acceptable companions. There will be more focus on hygiene and cleanliness, which may result in new contactless delivery protocols and personal health records, will become mandatory for all services. The Tourism & Hospitality industry is already badly hit and impact will continue for a longer time. Organizations will save costs on Office Infrastructure by promoting Work from Home, whereas the new concept of Home Office will emerge with the advanced set-up of Video-Audio set-up from homes for better connectivity. The remote environment will not only increase data breaches & cyber-attacks but various other contract conflicts lead to legal battles among many organizations. An unprecedented level of unemployment will lead to a rise in re-skilling in entirely new domains. Businesses will also adopt virtual reality-based shopping and move towards delivery mode. Specialized delivery supply chain solutions will come up, which may use automation and drone solutions. The fashion industry will get hit and digital personality & presence will become prominent. Businesses related to events, festivals and gathering will keep declining and health records may become a mandatory system to attend any event.

The change in dynamics will lead to ripple effects in the value chain. Few Companies will have less demand, few will have a recession and some might even go out of business. It is important for all businesses to redefine their strategy, which will depend on their individual cash position, competitive position and their industry domain. Some will be able to defend this phase, improve competitive position by finding new growth; others may reinvent and create a new position, or abandon the market. This is time to see growth opportunities, develop products & services as per the new business model and develop a strategy to outperform competitors. Reinvent business value in e-commerce, using a digital platform to connect Customer and switching from defensive mode to offensive with a decisive mover will win.