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Covid-19 and its impact on businesses

Posted On: 2020-07-12 13:57:33 (Time Zone: IST)

Covid-19 has completely changed consumer patterns and lifestyles across the world. The changes are expected to last long impacting way people live, food consumption pattern, way business is done and priorities of people. The businesses have to adapt themselves with new strategies to this changing situation.

Food business: The food business landscape has completely changed with more people cooking food at their home due to lockdown and work from home for most people across the world. The dining experience of people have changed post Covid-19 is not an exaggeration. People have been sharing their experience of cooking at home through videos and recipes using various social media platforms. Sales of biscuits, cookies soared with people stocking everything to indulge on during the strict lockdown. Several countries were allowing only functioning of shops selling essential items like vegetables, fruits and groceries. The delivery unicorns like Zomato, Swiggy, Dunzo and homegrown ones started doorstep delivery of essential food items through home delivery option. Governments also used this lockdown to provide employment for unemployed through selling vegetables and fruits through vehicles at the doorstep of people. This is one section of the business that benefited through higher sales due to stocking up of stuff by people.

Restaurant business: The restaurants / cloud kitchens are supplying food directly to the consumers through delivery companies like zomato, swiggy, dunzo etc. The governments across the world have put various restrictions including timings of restaurant, restricting the number of customers allowed in restaurants at a time following precautions like social distancing, frequent sanitization, wearing masks etc. In some countries, the government has put restrictions allowing the restaurants to deliver food at doorstep of the customers and no dining was allowed at the restaurant. Several restaurants were impacted due to migration of labour to their hometowns as well. Several restaurants have opened with restrictions and slowly clawing back on business front.

Consumer Durables: The consumer durable business came to a standstill with governments not permitting malls and stores with AC to operate. The government also banned delivery of goods other than essentials by eCommerce giants like Amazon, Flipkart and others. People were put to hardship in the peak of summer with no means to buy new consumer durables on service / repair their existing ones. Stores are allowed to operate now with minimum staff and several other restrictions.

Garments: The garments business also suffered big time during the lockdown, as the governments were focused on shutting down crowded places to avoid the spread of the virus outbreak. Most of the garments stores were located either in big swanky malls or large standalone stores which were closed due to strict government orders. These businesses have also restarted, but haven't been able to scale up their business rapidly due to restrictions in movement of people.

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