Lets see the case of few industries.
Rental cars ran out of roads:
Already they were facing huge competition from ride sharing companies and bike taxis. Rental car business is halted like all other businesses. After the lock down was withdrawn, Chinese taxi company “Didi” has introduced transparent plastic divide between the passenger and driver. They have set up service stations for sterilizing cars, monitoring the temperature of drivers and distributing free facial masks to the customers. Public transports will feel the heat for next few months. They will be giving more importance for hygiene and sanitation of buses.
From early 2019, Indian car manufacturers are exploring the possibility to set up digital showrooms. A conventional dealership costs at least Rs.30+ crores because of the rising real estate cost. Tata motors had a plan of opening 2000 digital showrooms in another two years. MG motors had setup its first digital car-less showroom in Bengaluru during October 2019. This can become normal in another one or two years. Micro showrooms will become popular.
Automobile industry was struggling in early 2020. If the loans are available easily, its the boom time for Two wheeler businesses. Fear of catching Corona virus through public transport “might” increase the demand.
Greater adaptability and acceptability of e-commerce as a sales channel. This will gain new traction. Value-fashion retail will gain momentum. Discount mindset will grip the consumer’s minds.
Neighbourhood grocery store…
We have been hearing “kirana shops cant survive” because of the entry of organised corporate retailers for the last 10+ years. But during this crisis times, kirana stores, roadside sellers and direct vegetable sellers were the saviors. Customer has got fresh veggies at low cost. From now on, direct vegetable and grocery delivery business might see a boom. There is a new out of box thinking as for as selling vegetables in the market. A pack Mixed Vegetable kits for Rs.100, 200 and we could see huge acceptance level for this concept now and this may become a new normal again and attract more customers.
For Food Industry:
We could see thousands of people adding recipes in social media cakes, ice creams, vadas, etc etc. Last generation’s good old cooking habits may catch up soon. People discover that they can survive without ordering out or going to restaurants and they may opt to cook at home now. Its not going to be the permanent factor but for the next few months this will be a major issue. Restaurants have to formulate strategies now.
Theatres may struggle. But drive in theatres will return to normal very soon. Drive in theatre concept may attract investment hereafter. Netflix, Disney Hotstar, Prime like OTT platforms have become very popular during this lockdown and will become alternate medium to TV advertising. Most of the contents would have been consumed already by the subscribers and OTT platforms are formulating strategies to add more new content.
Quick adaptation of work from home is the new normal. Every business, whether big or small, have to show professional. Professionalism and strategic approach” is going to be new normal even to startups. Many Businesses rely on migrant workers. For getting them back to work, businesses have to give better facilities and pay to them.
For education sector:
“Learn from home modules” are getting popular if schools remain shut for long time and who knows, this can be another selling point for this academic year. Concept of home schooling may increasingly attract the attention. Whatsapp, telegram ,google meet, zoom like platforms will become the platforms for remote teaching. Tutors have to design the session with clear instructions for better learning outcomes.
Concept of work from home and learn from home has increased the data consumption. Ailing telecom may revive again.
Projects will take longer. Construction schedules will not be the same as they used to be. Shortage of manpower will become normal for the next few months. Companies might start introducing new technology to overcome these issues.
Even hacking and ransomware attacks might increase and we have to be prepared to protect our systems from such malware attacks. Everyone needs money. Online hackers may be highly active now. So take backups of all your important work files.
Global to local again.
Companies will adopt alternate sources for reducing the dependency on China. Businesses now increasingly depending on local products as supply from beyond country borders is suspended.
So many businesses are for sale now and few are going to be bankrupt. We can no longer conduct business the same way as we did in the past. But, its not the time to panic. Its time to change our perception. Its time for alternate thinking. Its time to be creative.