CORONAVIRUS AND THE BUSINESS WORLD
After being first detected in Wuhan City of China in late 2019, Coronavirus pandemic (COVID-19) has spread all around the world in a short period of time. Coronavirus pandemic caused the death of many people and European countries such as United Kingdom, Italy and Spain have been among the countries which have been shaken by the virus. USA as one of the biggest economies in the world has been negatively affected by the pandemic as well.
While the first wave is left behind in the COVID-19 crisis, the extent of the economic damage is under analysis now. There are two important dimensions that analysts are trying to address about economic growth for 2020. The first is about how deep the contraction was experienced in the first half of the year with both quarantine practices and isolation measures.The second is whether there will be a second wave in the rest of the year.
To fight the challenges posed by the pandemic, the companies have started to take strict measures to protect both their employees and customers. COVID-19 has also changed the business and trade sector significantly. According to the experts, nothing will be the same in the aftermath of the pandemic. In this regard, the companies have taken measures to fight the pandemic-related problems. With the increase in the number of cases, some of the companies formed crisis teams. The measures taken were not limited to employees. Some companies have also announced support packages for their customers as well.
The Health Sector Has Been Transformed
After the Coronavirus outbreak, businesses related with health sector have been subjected to a major transformation. Digital health and home care services, which have been advancing in small steps all over the world for some time have become much more important for meeting the health needs of those with chronic diseases and those who do not want to leave their homes during the pandemic. The demand for products that strengthen immune system such as supplements and vitamins has increased. There has also been an explosion in the demand of personal protective equipment (i.e. masks, gloves, and safety goggles), sanitary products (i.e. sanitizers and disinfectants) and cleaning agents (i.e. soaps and detergents).
E-Commerce and Sanitary Sectors Have Been More Active Than Ever
Amid the Coronavirus epidemic, many businesses have faced a real crisis. However, some sectors such as food retail, e-commerce and cleaning products have considerably increased their business activities. In fact, the demand for hygienic packaging used in food and cleaning materials has increased by 45 percent.
Face-to-face interactions have decreased during the pandemic in favor of Social Distancing while people have increasingly worked from their homes in line with the new norm. In short, it can be said that the pandemic has caused major changes in the business world in terms of both our work habits and our consumption.
Amid the Coronavirus crisis, Hemstad offers the most effective solutions for the success of your companies in global markets.