By: Christina Nguyen
The pandemic has dramatically altered the way we live our lives, most notably our working lives. For many of us, these changes have been positive while others have experienced mild to severe drawbacks. Even as much of the (developed) world resumes an altered version of normalcy, many of the pandemic’s changes will linger.
The Pandemic Is A Portal article by Arundhati Roy says “Historically, pandemics have forced humans to break with the past and imagine their world anew. This one is no different. It is a portal, a gateway between one world and the next.”
Here are some ways the business world looks different from the days where COVID wasn’t even a word. We anticipate most of these changes are here to stay, at least for a while ‒
Working from home will remain the norm for many companies.
As early as summer 2020, several companies declared that their employees were working from home permanently or for at least the rest of the year. This change snowballed into even more changes besides extra hits to the snooze button. From a larger perspective, employees spent fewer hours in traffic, which led to smaller carbon footprints and fewer traffic jams.
Working from home also drove people towards single-family housing as this allowed for more room and privacy to work from home, as living with several neighbors (or even family members) often wasn’t conducive to lengthy Zoom meetings. Demand for single-family housing increased at higher rates than before, leading to increased rent rates.
Companies will be more digitally innovative.
Communication and video streaming platforms like Zoom and Netflix, respectively, were pretty much lifesavers during the strictest quarantine days, giving us opportunities for some non-risky face time with our fellow human beings or much-needed relaxation. Several companies took to digital events to keep their customers engaged, such as online mixers and streamed celebrity interviews. Restaurants depended on takeout apps like GrubHub and UberEats to safely deliver their meals. Companies all over the world depended on CRM systems to better understand how their customers were faring as well as how to better meet their needs. And, of course, e-commerce handled more orders. Unsurprisingly, 93% of buyers were relying on e-commerce more than ever.
Even as in-person shopping and events start becoming safer, customers still realize the value of digital engagement. Eighty-eight percent of customers expect brands to accelerate digital initiatives. Doing so will make your brand more accessible to customers who don’t have physical access to your products. This can assist your out-of-state shoppers as well as local customers who may be disabled, immunocompromised, or have other challenges to visiting in-person.
Less public transit and ridesharing, more private car use.
Sanitary concerns dropped ridesharing and public transit use and that wariness might stick around. Uber’s ridership dropped by 35%. Used car sales skyrocketed in 2020 while new car sales increased at the end of the year. If this continues, public transit may be in need of more funding to replace lost revenue from riders.
For businesses, this could mean you’ll need more parking options if you require in-person work. If you can’t pave more parking, you can provide incentives for employees to park a bit farther away.
An increase in skills from online learning.
You probably came across a few humble brags from your friends who learned how to bake, dance, code, write, or draw during the quarantine. Several online learning platforms offered free or reduced price classes so that people would have something productive to do while staying at home. As schools and businesses shut down all over the world, the most motivated of us were keen on emerging from the quarantine more educated and skilled than ever. Even as early as April 2020, there was a surge in the use of edtech.
Even though we should never discount the tragedies the pandemic caused, it’s nice to look on the positive side and acknowledge the positive lasting effects above. Working from home will undoubtedly make childcare and flexible schedules easier to balance with a busy career. Digital innovations will extend a brand’s reach and capability beyond their typical audience. Private transportation offers more freedom and flexibility to move around. And greater awareness of online learning can unlock a predilection or ability we never knew we had.
How are these changes affecting your business or just your life in general?
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About Stingray Advisory Group LLC: Stingray Advisory Group LLC is based in Grand Rapids, Michigan and is a proud member of Local First and the West Michigan Hispanic Chamber of Commerce. We help small businesses grow by providing guidance in financial planning, website development, marketing, and more.
Email us at info@stingrayadvisorygroup.com to schedule a consultation.
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