Akinpelu Babatola
Guest Writer

The COVID 19 pandemic put most of the world on lockdown down for most of 2020. It is evident that while the pandemic affected us all, business owners were hit twice by the pandemic. Not only were they unable to operate for most the year, but they were also forced to adopt new technology trends to keep their business’ hopes alive.

So what does this mean for the New Year?

With talks about different vaccines on the way, is COVID 19 still a significant player in making business decisions? Or is it something worth ignoring?

As a business owner looking to stay in business in 2021, factoring in COVID 19 into your decision-making processes could be the best decision, you could ever make.

Why?

 Here are a few reasons.

The virus is still here: With the UK entering another lockdown and other countries projected to follow suit, it is obvious that COVID 19 isn’t done with us yet.  Therefore, while lockdowns might have been eased all over the world, all safety protocols regarding COVID should still be followed by individuals and businesses alike.

New competitors are entering the market: COVID forced the business world to go digital. For businesses that failed to adjust, this meant making a loss or completely crashing out of the market.

Interestingly, going digital did open up the market. It served as an avenue for new entrepreneurs and startups to join the competition. This is cause for concern for already existing businesses and should be treated with utmost attention and care.

Revenge shopping will commence: As economies are opening back up and allowing businesses to operate, it is time for consumers to go shopping. It is projected that going forward, more shopping will be done online rather than in-person. Nevertheless, it is expected that offline shoppers will go crazy with their purchases for a little while, well into 2021. This projected trend is known as revenge shopping. People are being pushed by the long lockdown period to stock up on products that they didn’t have access to before.

Online shopping will become the new norm: While many businesses operated physical stores over online stores before the pandemic, it is projected that consumer behaviour will change to favour online shopping over physical shopping even long after the pandemic is gone.

Not only are online shops more convenient and stress-free, but they also reduce the risks of viral infections and transmissions. This allows for easy compliance with COVID’s rules and regulations as the virus is still not done with the world. To better adjust, businesses must consider this when making decisions.

2021 will be a transition year. The world will have no choice to accept a lot of things as the new norm. For business owners, the effects of the COVID pandemic will be lasting.

It is up to you to decide if you want to transition with the world and stay in business or not.

References

https://www.mckinsey.com/featured-insights/leadership/the-next-normal-arrives-trends-that-will-define-2021-and-beyond

https://www.mckinsey.com/business-functions/risk/our-insights/covid-19-implications-for-business#

https://theconversation.com/coronavirus-how-the-pandemic-could-play-out-in-2021-151444

https://www.aarp.org/health/conditions-treatments/info-2020/coronavirus-2021.html