Business Trends in the Covid 19 Pandemic

The Covid-19 pandemic drove many businesses into financial difficulties and even some businesses into bankruptcy. On the other hand, there are also some business that have flourished in these tough times. Those who flourished have one thing in common – they are sensitive to changes and quick to adapt to new technologies. Here are some business trends and customer behaviours that we noticed during the pandemic:

1.       Online Platforms: The Saviour of Small Businesses

Many businesses, notably F&B establishments, have reported an increase in sales during this pandemic. Once the partial lockdown was announce, maany businesses turn to online platforms to such as Tokopedia, Shopee, Gojek, Grab, Instagram, Whatsapp (you name it!) serve their customers. Since customers can purchase products without stepping out of their homes, things that used to matter like your store location, cease to matter as much anymore. 

2.       New Retail Concepts

Many retail and entertainment destinations that were launched in Jakarta area during the pandemic are built around lifestyle and outdoor experience. Developers and retailers curate these spaces as a destination, not just a cookie cutter place where you run errands. Besides the changes in behavior caused by the Covid19 pandemic, this change is also attributed to millennial’s larger appetite for experiences as compared to goods. Developers and retailers respond to this hunger for experience by building experience based spaces.

Pantjoran PIK is one the most interesting new retail concept that was born during the Covid-19 pandemic

3.       Health and Sustainability

This pandemic have also pushed people to care more about their personal health and hygiene; people start being more health conscious and pay more attention to things like washing their hands regularly, exercising, eating healthy, etc. With more people staying at home, more people also pay attention to quality of life and many even turn to more “home-based” hobbies such as gardening and (urban) farming.

The Future of Coworking

We have seen many companies turn to coworking spaces and virtual offices during this pandemic. This is driven by their desire to provide a more flexible workspace for their teams and the significant cost savings they enjoy by moving to a coworking space. By moving to a coworking space, companies can shift the burden and responsibilities of managing and maintaining their offices to the coworking space operators; this gives their team more time to focus on their businesses and not have to get distracted by this.

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As featured on: The Jakarta Post, Daily Social, Detik, Tech in Asia, and more.