How to Leverage COVID-19 Pandemic for Business Growth
People’s ingenuity has always shone brightly during difficult times. Challenges have often resulted in major successful solutions, and the current pandemic is no exception.
The pandemic has helped advance technology in the healthcare system. In Nigeria, the National Agency for Science and Engineering Infrastructure (NASENI) announced the manufacture of ventilators and disinfectant sprayers, and similar efforts have been demonstrated all over the world.
The restriction on movement has had a dramatic impact on how businesses operate. Existing companies are gradually changing their strategies to adapt to the restriction of movement. In the same way, start-ups are emerging with innovative ideas.
Consumer Pull
As a result of the COVID-19 pandemic, governments around the globe introduced movement restrictions to minimize the spread of the disease. This restriction on movement affected consumer behaviour.
We saw the prices of essential commodities skyrocketing. Due to heightened demands, the prices of nose masks, hand gloves and hand sanitizers increased drastically.
Technology Pull
Organizations and governments have resorted to telecommuting because of the social distancing order across the globe. Likewise, e-commerce companies and online entertainment outlets are the main beneficiaries of restriction on movement.
How can you leverage the pandemic for business growth?
As the lockdown is gradually lifted, many people expect online and offline services to be integrated, and they are likely to be more comfortable using new technologies.
The post-pandemic future is likely to be different. Current signs of entrepreneurial initiative and goodwill are however giving us cause for optimism.
The pandemic has brought to light the digital economy’s potential. To maximize the opportunities presented by the pandemic, existing businesses would need to optimize their products and services and how they offer these services.
Whether you are an established company or a start-up, it’s important that you look for new and innovative ways to meet your customers. Businesses are going online, take advantage of this growing trend to get your business to the heights.
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