Businesses of all sizes will have to respond in the best way possible to these changes if they want to be on the positive side of the new normal.
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As always, there is no magic ball to accurately know the future. However, we do have statistics and risk analysis, the results of which reveal some changes that are here to stay in work organization forms and consumer habits. Thus, economic agents, institutions, companies of all sizes, governments and individuals will have to respond in the best possible way to these changes if they want to be on the positive side of the new normal .
These trends that we will see in the immediate future are:
1. Physical deglobalization and online integration
The integration and interdependence of the countries has no going backwards. However, this integration will take more and more digital tints. In other words, physical features of globalization will diminish, such as the limitation of the mobility of citizens between countries for work reasons, while online globalization deepens.
2. Online economy
Although we already knew that online purchases and their respective forms of electronic payment were the future of commerce, due to the pandemic, electronic commerce is advancing at exponential rates and this affects the entire productive and organizational chain regardless of the branch. For this reason, the strategy invariably has to invest and move towards electronic sales since when the emergency passes many of these new forms of online economic organization will have come to stay and will only deepen.
3. Return to Keynesianism
There is already an increase in the participation of governments in their economies due to the emergency that emerged from the health crisis. This happens to protect the essential consumption of the vulnerable population, jobs and companies that have been hit by the pandemic. This is expected to gradually decrease as COVID-19 is brought under control. However, this trend will last for a few years and companies will have to learn to live with this new role of governments until further notice.
4. Emphasis on health and safety
Most of the concerns of individuals related to COVID-19 involve health issues, for that reason organizations, whether public or private, must prioritize these issues when planning the transition to the new normal. This means, for example, giving exclusive schedules for high-risk groups, constant sanitation, home or car service, telecommuting, teleconsumption, etc.
Due to the magnitude of the pandemic, many companies have suffered, while others have emerged from the chaos. It will be necessary to be very attentive to trends since “marrying” with organization and sale schemes of a company or institution from the times of COVID-19 could result in its failure when it is controlled.
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6. From lead to sale, without physical contact
Several of the new patterns established to face the crisis will remain as new security requirements in everyday purchases, so creating a methodology to offer products or services with health security will be essential. The consumer journey will have to be redesigned for each industry. The customer experience scenario evolves week after week, so adapting and forgetting will not be an option; it will take constant improvement and adaptation.
7. Operating expenses, capital and investment plans
The cost structure of organizations will also need to be reviewed in detail and investment plans need to be rethought. The new normal will not be static at all.
Anyway, apparently the key word will be “resilience”; The organizations that invest in improving their adaptability, which is nothing more than the capacity of an organism to overcome crises, will be the ones that will come out the best, or even benefit from the current situation.