written for Corporate Citizen magazine, June 2021 issue
Before talking of trends, I wish to highlight four things that would have gone through a long term (if not permanent) reset, consequent to the COVID 19 outbreak.
The basket reset – what will consumers buy
Homebody reset – where will consumption happen
Rationale reset – why will a consumer buy what she will buy
Affordability reset – how much will a consumer spend
Based on consumption pattern reset as stated above, several trends seem to be emerging in businesses. Most prominent of them being the following six.
Protect people – health & hygiene equipment, accessories, practices are going to be very important in our thoughts and action.
Preserve financial stability – companies to preserve cash, take measured capex calls, take business decisions that are responsible and profitable.
Technology a game changer – Taking advantage of emerging technologies has been a game changer in most businesses. Importance of technology in sourcing, producing, distributing and communicating will be more significant now than ever before.
Technology a game changer – Taking advantage of emerging technologies has been a game changer in most businesses. Importance of technology in sourcing, producing, distributing and communicating will be more significant now than ever before.
Strengthen globalisation – I sincerely hope globalisation gets its due impetus. This is a time for more collaboration and dependence. No one can go it alone.
Strong leadership – this is a time to reimagine and reinvent. Strength & creativity in leadership to make a huge difference.
Now as the country is going through a devastating second wave, and that several countries having gone through couple of waves, COVID 19 does not look to be an event but first of a series. COVID may as well be ‘a herd of stampeding elephants’, as Tom Friedman puts it succinctly. Therefore, businesses will have to deal with muted pricing power over a long period of time. Agriculture to remain the silver lining, rural, tier 3/4 towns to aid bounce back.
