How COVID-19 is Changing Business in the Long-Term

While small businesses around the United States are focused on how COVID-19 is changing the way they do business right now, it is equally important that they understand the long-term effects of the current pandemic.

According to Forrester, a U.S.-based market research company, there are certain pandemic-induced trends that will forever change the business landscape. And while most businesses are feeling the short-term impacts of these trends, they also should prepare for what they will mean down the road. 

What follows are some of what Forrester refers to as “macro shifts” in business and technology. These shifts are the ones that are likely to remain long after the current COVID-19 crisis has passed.

1. Hybrid experiences. There is no question that convenience is important to consumers right now. Online shopping is at an all-time high, but many consumers would prefer to shop in-store if they felt comfortable. Years from now, the most successful brands will likely be the ones that provide their customers exactly what they want when they want it. In other words, a hybrid experience.
2. Data sharing. Digital engagement is critical during the pandemic. While it is a necessity right now, it is likely that in the long-term, consumers who were once reticent to share personal data will be less opposed to doing just that. This is especially true since these consumers are learning every day how sharing their personal information can positively influence their entertainment, financial and shopping experiences.
3. The future of work. The thought of shifting a company’s entire workforce to a remote model seemed impossible six months ago. What was once seen as a luxurious perk for the few – and a productivity killer at that – is now the norm. In the coming years, offices will likely be empty. Those that remain occupied will be unrecognizable.
4. Crisis management. Resiliency will be the gold standard when it comes to running a business. Up until 2020, crisis management was always discussed but no one dreamed of the crisis businesses would experience because of COVID-19.  Investments in risk management will be essential so that businesses can evaluate and respond to risk in real time. Let’s face it, few – if any – companies that were prepared for the seismic changes that 2020 brought. Going forward, business owners will spend significantly more time and money evaluating potential risks and making sure that they have the tools to mitigate those risks.

COVID-19 has changed the way almost every single company in America does business. While the short-term implications are significant, the long-term ones are going to change the landscape forever.