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What will business look like after COVID-19? Industry experts share insights with you…

What will business look like after COVID-19? Industry experts share insights with you…

COVID-19 is both a global health crisis — and an economic one. Businesses were either forced to close or forced to quickly make serious changes in order to maintain customer and employee health. But as restrictions begin to lift, what will businesses look like? Industry experts and economic analysts are beginning to share insight into what business will look like after the pandemic…here we share those observations and thoughts with you…

Retail stores will look much different.

With social distancing in place, physical stores, like many of yours now, already look much different. But, analysts at Centric Software suggest that retail stores will take on more of a showroom function. The bulk of sales will remain online while stores serve as locations to see the product in person, discuss with your friendly team members if necessary. Analysts suggest more online stores will encourage customers to try items at home with changing return policies.

Contactless businesses will boom.

Even as the economy in some areas slowly reopens as positive cases dwindle, the threat of the virus hasn’t diminished. Fortune suggests that COVID-19 will spark a contactless economy, where e-commerce as well as other distanced businesses such as telemedicine will grow. As the analysts note, segments like e-commerce were already growing pre-pandemic, but the global health crisis accelerates that growth.

Digital innovation will become increasingly important.

Technology has already proven to be a differentiator among businesses, but Centric Software suggests the importance will only grow post-pandemic. Different technology, such as using virtual reality to try-before-you-buy become increasingly attractive in an age of social distancing, while others can help businesses get their products out faster.

Businesses models may be radically different.

The financial crisis will drive more businesses to strategise and make major changes in order to stay relevant, Fortune suggests. A simple tweak is not enough and many may need to make major overhauls to how your everyday business operates. That, in turn, could also play a role in where consumers spend their money.

Local businesses will see a major spike as restrictions are lifted.

Once shoppers are allowed to leave their homes, some businesses will likely see a spike in customer spending, suggests Centric Software. For some, COVID-19 has forced lower spending while they’ve still been able to earn an income working from home.

Overview: Think “laterally” re what you can do NOW to ensure you maximise the consumer spend when they recommence to retail shop and re-enter your retail space.

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