Manufacturers, business owners, employees, and customers have all had to rapidly switch their habits and practices in favor of the wide-spread Covid-19 pandemic. Supply and demand has took a turn. In these times of urgency, the demand for certain things has gone up and the supply has forced to follow. Although by now, most business leaders have come to terms with the crisis, they are still left with unstable plans and are forced to keep their practices flexible. The truth is, everyone is challenged with the question of, “What comes next?”.
When things begin to reopen, public-health and economic realities will soon reveal the new consumer habits in this next, new, normal. But that concept is not yet finished being shaped. And still, many companies are still struggling to stay afloat and wondering what to do. Some businesses are now planning years ahead while others are thinking about how they will handle tomorrow. The present time of the business industry is filled with uncertainty, not just the future.
Many of these retail leaders believe the Covid-19 crisis would have a lasting impact on their customers’ needs for the next five years at least. However, not may of these leaders believe they were well equipped to handle the pandemic. Innovation has become the new business plan.