COVID-19 Impacts Businesses Worldwide: How Long Will it Take for Businesses to Rebound?
Case Code: BSTR604
Case Length: 17 Pages
Pub Date: 2020
Teaching Note: Available
Themes: Business Crisis Management, COVID-19 Impact on Global Business, Management of the Supply Chain, Risk Assessment of Business
Abstract Case Intro 1 Case Intro 2 Excerpts
COVID-19 Impact on Business Globally
The COVID-19 outbreak was first and foremost a human tragedy, affecting hundreds of thousands of people. But it was also having a growing impact on the global economy and businesses. Around the world, its impact was being felt not just by a few sectors but across all stakeholders of the economy. For example, the venture capital activity in the Indian ecosystem witnessed a slowdown as social distancing and self-isolation were hampering investor meetings. Similarly, a negative impact was evident across both the white-collar and the blue-collar sectors across the world. .. ..
Responses & Strategies by Businesses
Business leaders and CEOs across the globe were coming to terms with the reality that businesses would be anything but normal over the coming months as the impact of the COVID-19 pandemic continued to escalate. The Young Presidents' Organization's (YPO) survey released in late March 2020 found that “business leaders across the board (95%) said they’re taking new measures to curb the impact of the virus. That includes communicating more regularly with employees (68%), adopting new health and safety procedures (67%), cancelling major events (64%) and halting business travel (53%)." ..
While Direct-to-Consumer and B2B organizations were scrambling to meet the immediate and emergency needs of the company, the COVID-19 pandemic activated a new wave of commerce innovation. New buying behaviours were forming that were expected to remain after the crisis had passed – and this presented opportunities for many businesses. Those companies that viewed digital commerce as a secondary channel, needed to reprioritize their business with a digital commerce focus. For example, retailers were rallying to provide contactless delivery and curb-side pick-up services for consumers. The COVID-19 pandemic was rapidly accelerating the digital commerce pivot globally...
Exhibit I: % of Goods Outsourced from China by Retailers
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