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Adopting Technology, Shifting Sales Online, and Strengthening Brand Equity will Enable Companies to Survive in the Post-COVID-19 Scenario
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Like other economies, India has been rendered vulnerable by the COVID-19 crisis. Wholesale and retail trade, transportation and storage, finance and insurance sectors, ICT services, and food and nutrition, have all been affected.However, it is not that everyone and everything is capsizing. Some sectors in India have made gains, and exciting opportunities are emerging while careful risk mitigation strategies are helping others chart a new course for the future.Based on dynamic, real-time updates, Frost & Sullivan research indicates that COVID-19 could play out in two ways. The first scenario of severe pandemic will be marked by downturns in consumer demand, industrial production, and GDP growth. In this scenario, the outbreak will be mostly contained by the end of May, with the economy showing signs of industry and economic rebound from Q2 2020-21, and showing full recovery by Q1 2021-22.If the pandemic is not contained to a large extent by the end of May 2020, the second scenario of global emergency would ensue, marked by the uncontrolled spread of the pandemic with economies limping back to recovery from Q3 2020-21, with a full recovery only after Q4 2021-22.The duration and severity of COVID-19’s impact on economies and sectors will undoubtedly vary. However, companies would do well to set in motion a ‘look ahead, anticipate, and adjust’ roadmap. In the near term, companies should explore supply chain diversification and leverage on new opportunities arising from changing customer demands. In the long term, product and service portfolio diversification will be critical to ensure greater resilience. Externally, strengthening brand equity and shifting sales channels online will be strategically important. Internally, adopting technologies that support workplace and operational continuity will enable companies to hit the ground running following the COVID-19 crisis.
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