Reinventing Your Business Model in the 'New Normal'

The impact of the Coronavirus pandemic has changed the business landscape for good as new regulations have been put in place to ensure social distancing and public health measures are enforced in order to prevent the spread of the virus. As millions of people worldwide have already been infected and many died, businesses big and small have to make certain adjustments so that they won't end up shutting down or going bankrupt. They just have to reinvent their business model and how they deal with customers in a totally different way. With that in mind, here are business ideas that they may have to consider doing in the so-called "new normal."

We are now living in a time where Internet access is more critical than ever before. The widespread use of smartphones has made it possible to go online with a few swipes on it. Any traditional brick-and-mortar store should leverage the existing online infrastructure by expanding its presence on social media and other platforms so it will possible to service customers at their own convenience.

Virtual storefronts have become more important than ever before as e-commerce adoption has increased in recent years. Small businesses can leverage different kinds of online platforms so they can serve more customers that can't visit their physical business locations. Moreover, delivery services have filled in the gap so that all products can be delivered in the comfort of every customer's home. Businesses have even started to utilize deal sites by offering special offers, deals, and promotions.

Businesses should project a more customer-friendly persona by communicating directly with as many people as possible through creative social media posts, live stream events, and real-time online engagement. They can also leverage the power of influencers to peddle their products and services to a certain subset of their target market.

Another novel technology that can be adopted by fashion brands is augmented reality where customers get the opportunity to get to try the product virtually before they decide to buy it. As people practice social distancing and self-isolation, online payment and checkout are more important than ever before. With that shifting need, many stores are now adopting it as people want to skip lining up to pay. Cashless transactions are gaining more businesses on board through payment apps and QR codes.

Reinventing your business model is one way to keep up with the new challenges in a changing business landscape. Things are no longer the same so it is up to you how you take advantage of new technologies and services to grow and sustain your business in the long run.