With the many inspiring stories of self-sacrifice, it is natural to contemplate your place in the crisis and to search for the greater meaning in your work. Many brands have struggled with this, having to make tough choices each day because of COVID-19. These business decisions would have been unfathomable just a couple of months ago.
It’s clear that for companies across all industries, these challenging times are even more complicated by unpredictability. Each day of the pandemic brings dramatic changes in customer sentiment and behaviour, supply chain accessibility, staff retention plans, business response strategies, and future forecasts. Industry reports and predictions from two weeks ago are already stale.
In our temporary isolation, all types of companies – especially retail – are focusing their business plans on immediacy and fluidity, and moving nearly all of their consumer connections online. Organisations are consciously and aggressively changing how they work to engage an anxious population, while operating in a business environment that requires planning on a near-daily basis. Amid all this whiplash, companies must stay abreast of change and rapidly adapt to stay relevant.
Many businesses are struggling, though a few sectors are seeing heightened activity during the pandemic – such as groceries, electronics (e.g. computers), home goods (e.g., desks), home and garden, sporting goods (e.g., home gym equipment), and beauty. Many of these reported surges, however, are expected to be temporary.