Top 10 Industries That Need To Adapt Fast To Avoid Severe Damage Post Covid-19
by Mirdalini Sharma Digital MarketerBusinesses that balance protecting and running the company today with retooling the business for tomorrow will beat extinction and thrive after the pandemic. For an entire generation of business directors, the actions they take now and in the weeks ahead will define them and their firms. And while the effect of this crisis varies across businesses and regions, it’s no exaggeration to recognize that this time around, the burden of destiny is real. Businesses in some sectors are seeing revenues decrease, and some are confronting the prospect of a liquidity squeeze. Here, is the list of Top 10 industries that need to adapt fast to avoid severe Damage post-COVID-19:
1. Retail
In many cities
retail is already a distressed sector, with declining consumer demand and the
threat from discount models. They should optimize their online proposition to
make the offer as economic as possible. Limit buying of essential goods to
regulate demand and deliver the essentials to the maximum number of customers.
Identify which goods are uneconomic to offer through online shopping sites, and merely offer these where the economics
make sense.
2. Travel
Many
organizations are already well advanced in their digital journey. This must be
accelerated to enable the new normal, help companies to adapt to changed
consumer behavior, and rebuild trust. Integrated digital identity solutions are
important in realizing touch less travel. The organizations should draw on
multiple data points to efficiently assess a person’s risk profile, enabling
them to manage risks in real-time. This idea brings together a global
consortium of individuals, authorities and the travel industry to facilitate
protected and seamless journeys.
3. Tourism
Social
networking with Facebook and Instagram while focusing on good news stories that
the state has achieved during Covid-19 should be posted on every online tourism
website. Positive video messages by international tourists should be constantly
streamlined on the tourism website. Messages on how safe the destination is
could be added on Tourism’s Covid-19 webpage along with other guidelines. You
should provide visitors to have a chance of visiting tourist destinations
virtually from the comfort of the home.
4. Restaurants
The coronavirus
pandemic is forcing all consumers to adopt new habits surrounding dining at
restaurants and eating in general. After the pandemic has elapsed, consumers
expect to be much less dependent on takeout than they are now. You should
provide consumers the ability to track and ensure that the food was within
established temperature and storage parameters that will help restaurants
ensure top quality even post COVID-19. Restaurants should partake in online
consumer awareness exercises to inform diners about the precautions they are
taking to ensure that their restaurants are safe.
5. Live Sports
Canceled stadium
events aside, esports’ digital scope has helped shield it from the devastating
impacts of the coronavirus pandemic, with the big rights holders in the sector
returning to their roots to stream live assistance for millions of fans
worldwide. The World Boxing Super Series (WBSS), meanwhile, has also looked to
the digital dimension to ease fans by simulating fictional matchups through EA
Sports’ Fight Night Champion title.
6. Real Estate
The real estate
fund manager digitally transforms one of its commercial buildings with
BuildingOS (BOS) – a cloud-based smart building platform created to eliminate
some of the challenges found in buildings. Now, by integrating various Internet
of Things solutions and systems, the real estate fund manager BOS centralizes
and digitizes all building-related information with big data in a way that can
achieve optimized building management operation goals. Through the BOS, clients
will be able to control existing equipment with automation and remote access,
improving efficiency.
7. Logistics
Most Businesses
and companies are created around delivery models, and post COIVD-19
uncertainties will bring a larger demand for this business as the dimensions of
distribution will expand. Boosted efforts to advertise self-sufficiency will
lead to growth between regions and territories. Hyper-Local expansion with a
stronger development of e-commerce players across multiple categories will play
a crucial role. The future of logistics will be covered with high technology
adoption and transportation additions would reduce cost and time.
8. Cinema
The pandemic
triggered online entertainment and how some businesses are finding ways to
engage in a different way with consumers and the new reality. Musicians are
going online and depend on streaming platforms as live shows are canceled.
Demand for all forms of media like TV programs, short-form video, music
streaming, and online gaming, particularly in geographies currently under
stay-home instructions, has risen. Digital transformation in cinema is
expecting more new turns in the foreseen future.
9. Hospitality
While people are
not traveling and many hotels are closed, hotels should stay connected with
past and future guests through online marketing solutions like
social and editorial content that entertains and adds value to maintain a solid
brand relationship. Ramp up marketing efforts focused on brand awareness and
fueling new guests into the booking funnel with inexpensive CPCs and CPMs to
reach people beginning to daydream about rebooking and planning vacations.
10. Luxury products
Some in the
luxury products sector believe the slowdown is just right for companies to
reinvent themselves. They can now use this pause in the business to digitize
their procedures and improve their systems and technology. This will allow them
to create operational efficiencies and provide personalized experiences to the
consumers. While most brands are still learning to use live streams to showcase
their Autumn/Winter 2020 runway shows, many digital pioneers have carved out
their own live stream focuses by primarily using the technology to reach a wide
variety of consumers with products.
Conclusion:
Covid-19 has
brought the world to its knees crushing the businesses and economies globally.
However, these challenges also provide an opportunity for new companies to
flourish based on a new digital reality entirely digital and contactless. The
world is thinking about executing ways to minimize the disruption caused to
humanity. This is the perfect time to emphasize on digital transformation by
realizing the requirements accelerating it.
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Created on May 13th 2020 08:06. Viewed 756 times.