Saturday, May 21, 2022
  • About Us
  • Contact Us
  • Middle East
The Opportunist
  • Home
  • Startup News
  • Opinion
  • Stories
  • About Us
  • Contact Us
No Result
View All Result
The Opportunist
  • Home
  • Startup News
  • Opinion
  • Stories
  • About Us
  • Contact Us
No Result
View All Result
The Opportunist

How Covid19 will impact these 5 industries

TheOpportunist by TheOpportunist
June 28, 2020
in Opinion
3 min read
0

Market

3
SHARES
244
VIEWS

Starbucks announced shutting down 200 stores in Canada over next 2 years. Aldo obtained bankruptcy protection in Canada and USA. Victoria Secret and Bath Body Works announced closing stores across Canada. And many other old businesses have already shut doors.

These are all big global players in their segment with huge cash reserves. They have been unable to withstand 3 months of closure with zero revenue and fixed expenses. Imagine the plight of small players who run their business on very limited cash flow.

Related posts

Halloween businesses during COVID-19 pandemic

Halloween businesses during COVID-19 pandemic

October 31, 2020
2020 U.S. Elections and its Implications for Canadian Entrepreneurs

2020 U.S. Elections and its Implications for Canadian Entrepreneurs

October 26, 2020

With the Government’s phase wise opening of the economy and on a brink of second wave of the pandemic, there has never been so much uncertainty in the economy. Businesses have no visibility on the revenue and customer footfall and if ever they are going to resume to the same level of sales prior to this pandemic.

Below are some of the ways businesses are expected to change the way they operate:

  1. Retail Stores will shift to BOPIS Model

With people trying to avoid going out unnecessarily and limit their exposure, they have made the shift towards online shopping. Brands will be forced to increase their digital presence to attract the consumers. More brands will shift towards the BOPIS Model. Buy Online Pick In Store. The trend has already seen a spike across grocery stores, apparel etc. and will continue to gain momentum in retail across industries. Augmented reality by companies like ZEEKIT will further help people to try products online by seeing themselves in any clothing item online.

  1. F&B brands will shift towards operating cloud kitchens

Paying high street rentals doesn’t make sense anymore for people now either picking food from takeaways or ordering online. Restaurants now have higher reliance on business through apps like SkipTheDishes, UberEats and Doordash. More restaurants would now take up places at cheaper rentals to run cloud kitchen and save money to infuse it in digital marketing to run only delivery business.

  1. Real Estate Market will shrink

With retailers operating through BOPIS model, and F&B outlets moving towards ‘dark kitchen’, the demand for commercial real estate will shrink. Additionally, as employers get comfortable with employees working from home, the need for bigger office spaces will also be given a rethought. The market for co-working spaces will also shrink and eventually get expensive as they will have to re-model their layout to ensure physical distancing.

  1. Services businesses will move towards doorstep services

All services-based businesses like salon and spa professionals, dry cleaners, clinical services etc. will see a huge turnaround in the way they function. These businesses would rather invest in reaching to their clients at their doorstep than paying a fixed rental each month. They have even started services at consumers’ doorstep to make it more convenient and safer. This will allow for more personalized services, prompt and expensive services.

  1. Event Management will shift online

Most of us have already seen the change. Classes, client meetings, townhalls and even doctors’ appointments being held online. The event management companies will have to carve out new and innovative platforms to conduct events online and engage audiences. Event Management is very closely associated with hospitality industry; both have seen a major setback due to current situation.

This unprecedented and unique situation has forced all companies to get back to the drawing board and re-think their strategy of doing business. Not only will this see a turnaround in the way current businesses function but also lead to opportunity for newer industries and business models.

+1
Share3TweetShareSend
Previous Post

5 Email Productivity Tricks Every Professional Should Follow

Next Post

Learn how Dennis Geelen founded his own consulting company after 20 years of corporate experience

Next Post
Learn how Dennis Geelen founded his own consulting company after 20 years of corporate experience

Learn how Dennis Geelen founded his own consulting company after 20 years of corporate experience

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

RECOMMENDED NEWS

Canadian family with dairy allergy develops ice cream alternative from bananas

Canadian family with dairy allergy develops ice cream alternative from bananas

1 year ago
Halloween businesses during COVID-19 pandemic

Halloween businesses during COVID-19 pandemic

2 years ago
How to ensure right hire for your Company

How to ensure right hire for your Company

2 years ago
2020 U.S. Elections and its Implications for Canadian Entrepreneurs

2020 U.S. Elections and its Implications for Canadian Entrepreneurs

2 years ago

FOLLOW US

  • 55 Fans
  • 25 Followers

BROWSE BY CATEGORIES

  • Experiences
  • Opinion
  • Startup News
  • Stories
  • Strategy
  • Uncategorized

BROWSE BY TOPICS

blockchain Book Launch budget Business Business Model Canada Canada Business Charity Company Construction Consulting content Digital Marketing Economy Education Business Employment Entrepreneurs Entrepreneurship Food food wastage Hard Work Hiring hydro Immigration Innovation Investing Legal Mentorship ontario Persistence Proof of Concept Retail Skincare SMEBusiness Social Enterprise Social Media Startup Strategy tax Technology vancouver

POPULAR NEWS

  • Learn how Dennis Geelen founded his own consulting company after 20 years of corporate experience

    Learn how Dennis Geelen founded his own consulting company after 20 years of corporate experience

    0 shares
    Share 0 Tweet 0
  • How this 26-year-old CEO is redefining blockchain technology in media

    0 shares
    Share 0 Tweet 0
  • Persistence is the only way to initiate & run businesses – This Company waited for 3 years to get its first client

    107 shares
    Share 107 Tweet 0
  • How this 20-year-old developed a solution for her own skin problems to later build a business out of it

    0 shares
    Share 0 Tweet 0
  • How ‘Cooks Who Feed’ plans to serve meals to over 1 million people in 1 year

    84 shares
    Share 84 Tweet 0
The Opportunist

We are dedicated towards highlighting the businesses, entrepreneurs and startups that have made an impact towards Canadian economy with their products, services or even by sheer determination to succeed.

Follow us on social media:

  • About Us
  • Contact Us
  • Middle East

Copyright © 2020 | The Opportunist.

No Result
View All Result
  • Home
  • Startup News
  • Opinion
  • Experiences
  • Stories
  • About Us
  • Contact Us

Copyright © 2020 | The Opportunist.

Login to your account below

Forgotten Password?

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Please wait...

Subscribe to our newsletter

Want to be notified when our article is published? Enter your email address and name below to be the first to know.
SIGN UP FOR NEWSLETTER NOW
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.