Covid-19 has not only had an impact on the health of people at large, the economic damage that it has rendered and will continue to render may be more damaging than the disease itself. COVID-19 has certainly impacted the Indian economy to a great extent & Startup ecosystem, the world is fighting a health pandemic as well as an economic pandemic.
Digital & Internet Economy:
During a pandemic, people have started using digital medium for work commitments, education, and entertainment. Online platforms for work meetings have seen a massive rise in popularity. The lockdown has restricted events that require a massive gathering of people like sports, music festivals, theatre, movies etc. resulting in these sectors taking a hit. Due to lockdown, this sector has really seen a boom time like never before.
FMCG & Retail:
During lockdown, food-based retail chains and essential commodity suppliers emerged as winners. These companies are reshaping their growth strategies with a focus on delivering value to consumers in existing categories, launching new products in the food and health categories, improving access to direct distribution in the rural market, door-to-door, etc. which will help them achieve growth. As a result, companies have to try to expand their product portfolio and reduce dependency on seasonal offerings & demand for social distance has forced consumer behaviour to shift from outdoor eating to home-cooked or ready-to-eat food. In addition, the deadly virus has led to an increasing need for quality products to build immunity.
The fastest growing consumer goods companies in India (FMCG) have implemented a range of household cleaning, disinfectants and personal hygiene products in anticipation of a surge in demand for such goods amid the COVID-19 crisis. .
In addition, the increased demand for disinfectants, drugs and medicines due to the pandemic has allowed the organizations manufacturing chemicals necessary to manufacture these. It is therefore expected that there will be a high demand for organizations dealing with chemicals.
Covid-19 have also impacted startup ecosystem for Internet of Things (IoT) Market by Components (Software Solutions, Platforms, Services), Vertical (BFSI, Healthcare, Manufacturing, Retail, Transportation)
Covid 19 also impacted Healthcare sectors & also facing hardships owing to the lockdown and all non-emergency treatments taking a back seat. Demand for certain medical devices such as oximeters, personal protective equipment (PPE) costumes and masks has increased as these basic devices are necessary for patients suffering from mild symptoms of self-treatment and isolation to use their products. change. . New brands are introducing essential supplies such as hand sanitizers and disinfectants.
The world saw something unexpected like never before. The COVID-19 crisis eventually led to the emergence of new FMCG products, a change in consumer behaviour and a shift in the market focus on health and hygiene. To get business and the economy on track, companies continue to take the pandemic as an opportunity.
Impact on Startup ecosystem post covid-19
In the times where people need to stay indoors by maintaining social distance, the challenges startups face. The world post the coronavirus pandemic, where research for cures is on the peak, companies like Google and Zoom are coming through for entrepreneurs and startups, allowing them to leverage their tech solutions.
How the startups are more vulnerable
Few preventive measures taken by governments worldwide to control the pandemic, SME (Small medium enterprise), startups, and entrepreneurs have come out to be one the most vulnerable groups affected by these measures. Whether it’s the preventive measures or the general chaos, COVID-19 has caused extreme disruption socially and economically.
Decline in productivity
These are undoubtedly unprecedentedly difficult times, but the cumulative impact of loss staff productivity over weeks and months may be very difficult for businesses, employees who avail of their employee benefits such as healthcare and burdening start-ups, or lost productivity of employees, getting through the other end of this pandemic will mean surviving a number unprecedented challenges.
Closing down the premises
The pandemic increases the chances that more workplaces will close or become virtual worldwide and will provide their employees with all the necessary equipment and help them use digital platforms to make sure they are safe, healthy and purpose-built for these challenges. sometimes.
Closing or limiting existing operations has a significant impact on the performance of start-ups and other organizations. This is another reason for concern.
Government supports to create ease in the time of economic instability
As the coronavirus epidemic takes over the world, entrepreneurs, organizations and start-ups expect the government to offer some safeguards and financial tools to empower them and survive the shock. In many cases, governments have supported local businesses with several significant initiatives & are making it convenient for startups to take loans.
Private organizations join hands to lift the startups amid the global crisis
Where some governments are serving the business community and providing financial and tax relief. The new organizations are offering a package that allows their customers to purchase gift certificates and create their own to support small businesses. These companies immediately receive money to help them during crisis.
However, during COVID-19 panic chaos, technologies and digital platforms have exacerbated as the ultimate saviours of the global commercial community and economy.
Social isolation has imposed conscious or unconscious constraints on employees’ productivity. This makes it easier to analyze more tangible issues such as supply chain dysfunction and turbulent demand, and it will be exciting to see entrepreneurs and start-ups practice digitization during the post-coronavirus pandemic.
To know more about
#Choosing a Favorable market Post Covid 19
#Possible Changes in business Modules Post Covid-19
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