The Next Normal is Here. Now Business Network Technology Can Help Companies Adapt and Prepare for Future Impacts
Since the Covid-19 outbreak we all live in a world no one could have imagined. Many have called it “the new normal.”
The consequences for people, businesses, and the economy are noticeable for each and every one of us.
Unlike other crises caused by weather, wars, or governments, the impacts here are truly global in nature occurring at an unprecedented scale in every country.
The disruptions caused by the virus are especially noticeable in industries that live off contact with customers such as restaurants, sports activities, entertainment, travel, and events. But people and markets have quickly adapted - certain industries have seen dramatic increases in demand, while others have suffered.
Food retail, DIY products, home fitness equipment, technology, ecommerce, and streaming services were amongst those that have thrived during the outbreak and the change in consumer behavior.
Companies that have been able to turn their businesses from classic brick-and-mortar to online shops and ecommerce channels have also managed well during the crisis. They have been able to pick up their consumer demand and move it into their online business models, using the need for people to stay at home while developing new delivery models and adapt new payment methods such as PayPal and pay-by-phone along with other no-contact services.
The fact is, no one could have predicted these outcomes.
Shifts in Demand, Supply, and Consumer Behavior
There have been shifts in demand, shifts in supply, and dramatic changes in consumer behavior, many of which will remain permanent.
The interesting business question is “How could business network technology have helped companies respond to these market impacts (demand shifts and channel changes) – in ways that help them survive or even thrive in the “next normal” economy? How can it help them be better prepared for such impacts in the future?