It has been more than a year since the emergence of covid-19. It first was detected in China and spread like a forest fire in 188 countries. Coronavirus outbreak is a sharp reminder that we cannot prevent the dangerous virus from emerging and spreading but, should be prepared for any unseen uncertainty and adjust business according to the dynamic environment. The pandemic has dramatically affected the preferences of the consumers, the stock market observed a big shift, everything came to a standstill at a point of time, it left many jobless. As on one hand coronavirus acted as a thread for many but on the other hand, it acted as a golden opportunity.
As per the latest survey, more than 5,800 small businesses spotted an adverse effect and is expected to have an impact for a long period.
After the lockdown businesses had to face three biggest hindrances they were the absence of demand, labor and to ensure a steady supply of raw materials to keep their production lines rolling.
A slowdown was witnessed in the venture capital activities as investors meetings were hampered due to social distancing. Woefully many micro and small industries had to place a board of either temporarily closed or let out written on them.
The rapid outbreak of the virus forced businesses to adopt digital marketing as the methods of traditional marketing became useless. Having an online presence acted as an opportunity for businesses as there were more people online than vehicles on roads. People consumed anything that was online more as a result the revenue of the business increased. In the wake of the pandemic, new opportunities and business models are emerging.
For instance, Asian Paints and Berger Paints launched germ-killing paints, which got a good response. Many companies introduced sanitizers, disinfectant sprays, etc as their demand was high, and to have a market stand.
Remember Baba Ka Dhaba? Of course! Who can forget it?
The stagnant shop gained fame overnight. The elderly couple were adversely affected by the Novel Coronavirus, because of the power of social media everyone flocked to this roadside stall. All those who were not able to make it up sent donations to the couple. At presently the owner opened a new food joint in Delhi. For them, COVID-19 acted as a treasure of opportunity.
By the launch of “Atmanirbhar Bharat” along with banning of various Chinese products, it gave a window of opportunity to small and medium scale businesses to expand their business and increase sales. Chinese goods were one of the main competitions of medium and small scale enterprises. China used dumping techniques, which adversely affected the manufacturing sector, particularly micro and small enterprises.
Small businesses are financially fragile therefore it is a problem for them to come back on the track, but it is not impossible. The vaccine is a Ray of hope for all. Indian drug companies are major manufacturers of vaccines. Without India, there won’t be enough vaccines. This would, in turn, increase the GDP of the country, and make India economically stable. We expect to live a normal life soon.
- By Vanshika Tandon