How the Coronavirus Pandemic Will Impact Business From Here On Out
Author: Haley Walker, PR & Creative Manager
1. Unfortunately, things are not going to just shift back to normal – it is likely businesses that have relied on foot traffic have converted their business to almost completely online.
So, what does this mean? This means businesses are going to stay online when this is all over! If you do not have a digital presence, this would be a smart investment.
2. According to the Pew Research Center, Generation Z has officially outnumbered millennials. Gen Z is known to be an extremely tech-savvy and socially conscious generation who is very specific about the businesses they support.
What does this have to do with the pandemic? Well, it’s likely that as a business during this pandemic, Gen Z may become your new target market. Gen Z is shopping online, supporting local businesses, and is more inclusive than ever. As a result, it may be time to update your marketing strategy.
3. Going cashless. Many businesses have been going cashless for years with credit cards, Apple Pay, virtual gift cards and more. However, after the pandemic, people are going to be way less likely to pick-up a dirty dollar bill again. Your business may need to evolve your POS system or even hop on digital payment methods like the Starbucks app, for example. If you’re in the restaurant biz, the combination of employees touching cash and serving food may become a BIG issue for customers. It’s time to be more conscious about sanitation.
4. Hiring. We are fully aware that the coronavirus led to a significant decrease in revenue for many companies and in turn, having to lay off employees. However, once the economy begins to recover, Gen Z will begin to enter the workforce. As an employer, you may want to dip into the Gen Z pool of knowledge on technology, advertising, social media, and much more.
P.S. Don’t forget to take time to reflect – what did your businesses lack during the pandemic? What did it need? How can my business survive in unprecedented times?