The Impact of Covid-19 on the Service sector, "A Consumer Perspective".

Introduction

Things will never be the same again. Let’s be clear about it. Covid-19 will change the way the world works; just like the Great Depression, dot-com bubble, and the 2008 financial crash did in the past. The question on everyone’s mind is, ‘Will things go back to normal?’ Many have been pondering, like many have, what fundamental changes will take place in how people, businesses, and economies function. The next 12 months will be difficult. Many businesses will struggle, some may even die. But as with economic adversities of the past, new industries will emerge bringing with it renewed hope of recovery. Eventually, things will go back to normal. Just that we’ll have to change the definition of normal. Welcome to the NEW NORMAL.

The coronavirus is a family of viruses that can cause a range of illnesses in humans including the common cold and more severe forms like SARS and MERS which are life-threatening. The virus is named after its shape which takes the form of a crown with protrusions around it and hence is known as coronavirus. The recent outbreak of coronavirus is believed to have occurred in a market for illegal wildlife in the central Chinese city of Wuhan. Chinese health authorities and the WHO are investigating the outbreak of the recent coronavirus.There has been a Global tension that a continuous Lockdown, disruption in supply chain disruption, and also a sharp reduction in tourism could weaken the economy or what we call “Recession”.

Covid-19 Impact on Service Sector:

The service sector is expected to 1st reach back to normalcy. The most affected sectors are Hospitality, Travel & Tourism, Logistics, Cinema but there is the service sector which is growing like the software industry. It may be noted that in India the service sector contributes 54% of the Country’s GDP which is a very significant share. The biggest factor which has affected industry or any industry is a matter of the combination of two things is a sense of fear that pandemic has brought with it how people can move about, people can transport, people can receive anything or send anything across and well the second impact is the economic shutdown which has been created by the continuous lockdown. Mainly most of the difficulty was during the 1st phase of the lockdown where every industry came to a halt which leads to break in every sector. 

There are many industries which are the worst hit as we can say Travel and tourism are mostly affected. Though the airlines have been currently opened, as a consumer or a traveler who thinks 10 times while stepping out of the house, still it faces many challenges. To improve the Industry have to reinvent the business, need to reimagine, and restructure the entire industry. Mainly they have to reboot themselves & technology will be playing the most significant role in it.

It was sure that demand was going to come back in the market people would need products and services to be made available, which means one would have to fundamentally innovate & innovation can happen in a way in which consumers receive a product keeping in mind safety, health & hygiene. The way the services have been done has to be changed which will lead to a new invention. Many good things also came out of the Pandemic like India being such a vast country have never imagined like people will be this much cautious about their Health & Hygiene, Social Distancing. The concept which is to have happened in the coming 10 years was happening now.

Impact on Consumers:

The seismic changes reshaping customer enterprises have quickened and will have an enduring effect in transit individuals shop and what they purchase. For the time being, the worldwide spread of COVID-19 has prompted 33% of consumers encountering a type of lockdown, and huge flexibly and request unpredictability. Purchaser staples organizations are battling to stay aware of interest from alarm purchasing, yet unimportant stores are shutting either intentionally or because of regulation estimates that have disturbed flexibly chains, creation, and utilization. Advanced channels are backing up as satisfaction and renewal for spiking requests test existing abilities.

Around the world, the lockdown has become a new life or the New normal, the amount of people working remotely, and the amount of time people spent on leisure has reached standards. Something which was never thought. This means that the Technology, Media & telecom sector has been in huge demand. Like suddenly the television consumption has risen significantly since the lockdown. People are adopting the streaming video Services. Schools & Colleges are closed, there has been an adoption of the virtual classroom via different video conferencing apps like Zoom, Google Meet, etc. Video conferencing apps are being downloaded in record numbers shifting physical activities online. News is a key driver for content because due to the absence of sport and Live events, other genres, such as movies. Yeah, this also leads to a significant increase in the gaming world. This also leads to huge network traffic as consumers started to adopt the NEW NORMAL.

Conclusion

Concluding we could say that this is not the last pandemic that the world would face which affected the working the world, keeping that in mind in future the things will be slowly coming to their speed. Government have to be very conscious about this Pandemic and support the Industry as well as consumer & could think out a strategy for the opening of country in proper mode.

With the rise of the conscious consumer, and the intent to make environmental and ethical purchasing decisions, retailers need to build sustainability into the core of their businesses, and look for new ways to grow. The Retailer have to improve their shopping efficiency both online and offline, because the world is rapidly shifting to online. Different sectors have a good opportunity to reset and rebuild their business. How can they help consumers to get through the now and next of the Pandemic will influence their success ahead. WELCOME TO THE NEW NORMAL

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[1] Coronavirus vs Hantavirus: Symptoms, precautions and cure, Msn (March 25, 2020) https://www.msn.com/en-in/news/other/coronavirus-vs-hantavirus-symptoms-precautions-and-cure/ar-BB11FBfb

[2] ET Explains: Everything you need to know about coronavirus, Economictimes.Indiatimes

https://economictimes.indiatimes.com/news/et-explains/all-you-need-to-know-about-the-deadly-novel-coronavirus/articleshow/73542980.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst

BY 

SANKAR PANDEY

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