Covid – a mere respiratory infection almost jolted the entire world. The reality is that millions of people lost their lives, businesses shut down, the global economy collapsed, and even after two years, recovery is still at an all-time slow rate. Commercial activities, including manufacturing and service sectors, got the worst hit in the wake of the pandemic. The virus outbreak closed doors for many companies around the world. On the contrary, many smaller-scale companies flourished at this time. Now, keeping in mind this sudden change in customer behavior and growing demand for essential services, many small businesses were prompt to adjust their services and logistics to sail through this difficult time. On the other hand, many big organizations had to experience the brunt of the pandemic.
Here is a small analysis of small retailers most and least affected by the pandemic in India. Healthcare, education, and FMCG are a few sectors that made smart and swift changes that led to better business despite the pandemic hurdles. Restaurants, coffee shops, hotels, and aviation are experiencing the worst due to covid.
Digitalization of payment: After the historical demonetization, India acknowledged the importance of cashless transactions. With the pandemic hitting hard, e-wallets and online payments are becoming popular. More and more small and retail companies switched to application-based payments that are contactless and cashless. Smallest grocery stores, pharmacists, and even street vendors moved towards digital payment options. Pandemic opened the avenues for online application services that cater to simple payment options and banking transactions.
Online Healthcare services: Many smaller private healthcare sectors struggle due to the corporate monopoly. However, the scenario changed during the pandemic. You can reach the doctors via email, video call, or simply chatting services. Even pharmacists are now offering online applications to provide prescription and door delivery of medications. Clinical home test services (covid and non-covid related) gained prominence. These are services that became the topmost business during this pandemic.
Retail Garment and Tailors: Face covering gears and masks gained demand during the pandemic. The smaller industries and companies that provide polyester and cotton-based garments, turned the high demand into an opportunity. Manufacturing and delivering of face masks, bandanas, PPE (Personal Protective Equipment) kits, and gloves are just a few to mention that gained popularity.
Bio-chemical surge: Sanitization kits, disinfectants, and ULV foggers who only got business to specific sectors of the economy soon became high in demand. Most hospitals, hospitality industries, the private sector, and large public spaces reached the disinfectant and sanitizer manufacturers and suppliers for bulk orders.
Groceries and provisions suppliers: With the online payment option increasing, more small retailers introduced contactless payment and door delivery services. You can place the order over the phone, through apps or websites to receive the services within no time.
The pandemic led to the digitalization of services. It even helped in increasing the technological prowess of the nation. Where on one hand the large businesses and corporate sectors struggled to generate revenue; some of the smart small retailers made the most of it by adapting to the demands.