Due to coronavirus and lockdown the customers were greatly impacted but the businesses related to masks,medical P.P.E. kits,sanitizers,gloves and medicines boomed and are still growing.So in this article I will be taking about all other business that were affected,that gained and new opportunities that came out due to coronavirus and lockdown for the customers and businesses.
So,I have been ordering the groceries and daily edible items online for the past 2 years, but during the coronavirus lockdown when customers like me ordered these items many of them were out of stock or unavailable, which shows how everyone due to this situation had shifted to digital platform which they were reluctant to shift due to some reason or the other.
The items which were earlier delivered at my flats gate were now kept at the entrance of my building.
Sometime when I had to go to a store like reliance fresh or big bazar or some other store there was a que every where which most of us are not used to and are irritated due the time we had to stand there for our chance to come.
When I used to go to the local stores near me there was always a preference given to the regular customers.
As an internet user earlier I did not have a broadband at my house and the internet plans from me and my wife’s phone were enough to cater to our daily needs but with this lockdown and everything happening online be it our office work, classes or meeting friends and family shifted to virtual and digital world. So when I called Airtel customer care for a new broadband connection they said it would be installed in the next 48hrs but to my surprise the broad band was installed the same day in less than 8 hours. Similar was the case for the AC and RO service. Firstly they called themselves asking if service was required where as before this we had to call them for the same and everyone followed a strict hygiene like wearing masks, using sanitizers, wearing gloves asking for payments digitally. The service quality and the time taken to attend these services reduced.
- E-commerce sites and online purchase industry will and have benefited a lot during this condition and in the future also people would prefer buying from them then the conventional way of visiting the store and buying after having a touch and feel of the product. People who did not prefer buying online now look for reviews of the products to buy products online so all people and sites who review these products would also gain from this in terms of followers.
- All the aggregator business or platform mode of business which provide different services would gain like Zomato, Urban Company, Uber , Ola and many more aggregators will gain not in the cities that they are present in but also they can try to build their customer base in new cities and locations.
- Telecom sector will also gain as people would prefer online or digital mode for most of their daily requirements which will require continuous and fast connectivity.
- Online payment, transfers and other financial services.
- OTT platforms have hade more subscribers due to lockdown and people are least willing to go to a multiplex.
Permanent changes in my expectations :
- Cleanliness, Hygiene and social distancing would be the first expectation that would be mandatory.
- Quick response and quality of service expectation has increased even if it takes time to complete the services.
- Expectation of presence of every business on the digital platform has increased.
- Expectation of everyone excepting payments digitally at all places.
Permanent changes in my lifestyle which will impact my consumption behavior and how will this change affect and generate opportunities for various business.
Eating habits and reduced visits to restaurant and fast food chains that are crowed like food courts in mall, other famous fast chains and other place . Online order and delivery services would have even more opportunities like food delivery business are also supplying groceries.
And even malls and multiplexes that are generally crowed will see a reduced footfall and thus reduced business for various stores, multiplexes and other shops in malls specially on weekends.
But this would be an opportunity for them to connect to online aggregators.
- Prefer buying most of the products and services online thus business operating only in brick and mortar form will suffer
This will create opportunity for more online retailers and improvement in supply chain delivery businesses and service providers.
- Travel and tourism will definitely reduce and increased hygiene factors would be expected, be it airports, hotels , public places, tourist spots, hospitality services and so on. This will increase the costs for maintaining these places but will increase business for companies who are expert in such services if these services are outsourced and will increase employment if these services are not outsourced.
Others who would benefit would be the review business like trip advisor and other reviewers of products and services.
Opportunities for VR technology devices and such service providers my increase.
- Public transport mainly buses and train will suffer and there would be increased use of personal transport and personal cabs this would be beneficial for the automobile sector as well as the aggregators like Ola, uber. Automobile sector would come up with economical options and may be electric vehicle ecosystem will be created much more sooner than expected. This will create opportunity for companies like zoom cars where they can place their cars at various places and anyone who wishes to use the vehicle can pay and use it whenever and where ever required but zoom cars would have to ensure the cleanliness of car after every use.
- Digital Banking services will improve overall and new innovations in banking services will be seen .