Even in the desert there are plants and animals who are thriving, the reason is that they are able to adapt to the environment thus they were able to counter the challenges that they face around them. With businesses it is also like that, those who thrive and adopt to the circumstances has the most likely chance to survive.
Many businesses the survived during this covid19 pandemic are the ones who dared to adapt and make necessary changes to survive, and they did and not only did they survive but many flourished, but how? There are some of the common reasons why some businesses boomed during the pandemic.
Cheaper Transportation and Logistics
One key factor that contributed to that business boom is the advent of small-scale logistics companies the uses fast reliable transportation to deliver goods. With the rise in competition not only in capacity of delivery but also in the volume of delivery that they can perform in a given time, many of these firms made lower prices for their deliveries to attract more customers. Interstate freight services even joined the game of doing small scale deliveries using couriers in every hub to hasten logistics.
Increased Product Demand
With so many people who are staying at home and with some staying with family members in one place during the pandemic, product demand increased dramatically especially in the area of food and catering. Many people craved for foods that they once dreamt of eating, during the pandemic because of the opportunity of delivery, many people rushed to order foods that they want to eat at a rate that is so fast that it attracted people to apply for food delivery services because it also raised the demand for such.
Increase Services and Goods
Many who lost their jobs during the pandemic lever lost the hope that they will be able to come back to work one day, but many were never disheartened because they instead resorted to small scale businesses that generated income for them and their families and with these small-scale businesses are the increase in the availability of goods and services during the pandemic. Some resorted to animal farming which opened up a new market for backyard raised livestock and poultry in their respective neighbourhoods and communities.
Utility of Full Purchasing Power
Many people withdrew their bank savings because of the fear of having no food to eat when everything falls apart, but apparently it never did happen. People were still able to buy essential goods in groceries. Because of those who withdrew their savings they used it to buy essential things for their daily use thus using the full utility of their money helping businesses thrive and grow during the pandemic.
With the waves of change engulfing every aspect of human life it is of no surprise that in business there are a lot of great changes that happened due to the pandemic, not to say that the pandemic is good but that it offered an opportunity for some businesses to flourish.