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When most people think about the impact of the COVID-19 pandemic on economics, they think of it as being purely destructive. While there can be no doubt that the COVID-19 pandemic has created economic uncertainty in many sectors, leading to a loss of production and high unemployment rates in many areas, it cannot be ignored that the pandemic has also led to new opportunities for certain businesses. Understanding those opportunities may be critical to the overall recovery of the global economy, as those industries that have experienced gains determine how to leverage them in a way that makes them continue after the pandemic is over and other industries look to those that have made gains and try to determine whether they can adopt some of those successful measures for their own businesses.
One opportunity that the pandemic has created is for businesses that are traditionally local businesses to move their business online. Niche businesses, such as those that sell jewelry, arts, crafts, and other knickknacks had an appeal to consumers that transcended online shopping; going to the store was an experience on its own. Business owners have had to translate that experience into the online environment. They have done this not by trying to compete with the big box sellers and Amazon, but my bringing the store to the internet. Livestreams of sales and other innovative uses of social media have allowed them to incorporate the personality of their store into their sales approach. This retains the local feel, but also allows them to expand to customers who would have otherwise been outside of their traditional local customer base.
Focusing on improved customer-service was also important. Many smaller businesses had not concentrated on their online or phone customer service skills because they impacted such a small percentage of their businesses. With people unable to safely resolve disputes or even ask questions in person, it became critical to be able to provide that information online or by phone quickly, and businesses that were able to adapt to those changing circumstances, by, for example, instituting livechats or adding additional customer support personnel, were able to establish themselves as reliable at the beginning of the pandemic.
