Impact of Covid-19 on US and Canadian businesses
Published on November 26 2020
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Vikasha Consulting
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Vikasha Consulting - An award-winning Toronto Web Design company located in North York Toronto. Canada based agency with more than 10 years of experience.
A mutation of sorts was expected when the initial phases of the Covid-19 impact on businesses unfolded. The consumer behaviour shift reflects the uncertainty of the times we are going through.
While the businesses struggle to revive, re-establish and adapt, here are a few business insights ot help you gain the momentum in these times.
- Economic situation-
Consumers will make sure it is safe to return to markets, both financially and medically before making a return to the traditional shopping experience. This calls for an exceptionally well handled social media and online presence followed by a smooth and uninterrupted online shopping platform.
Unless the financial benefits outweigh the medical risks, it is expected the consumer behaviour will be predominantly on the virtual side.
- Restructuring the supply chain-
The recovery period is uncertain at best and requires the de-structuring and restructuring of the existing supply chain patterns. Focusing on maintaining a central orchestration within the organisation- looking for easing into the market with future plans rather than disruption. A sharp recovery period could follow the current economic slump, the recovery plans should be orchestrated keeping all current and future prospects in mind.
- Keeping up with agility-
Moving from crisis mode to recovery needs to have a calculated and time sensitive strategical approach. Again, easing into the market should be key. Following the organisation strategies with agile responses will definitely be the key for moving forward.
- Workforce and motivation-
Making a move into workspaces will take time and motivation. Driving the workforce to perform well will need collaborative and productive environment.
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