The world turned upside down when the pandemic hit, and many places across the world were forced to make amends in their business or face bankruptcy. Nearly overnight, everything turned digital with minimal physical interaction. But as we’ve overcome the restrictions, business is going back to normal, where online businesses are losing the steady income they’ve enjoyed during the pandemic.
Let’s look at what bloggers, online content creators, and digital marketers have to face in the post pandemic world.
Changes during the pandemic
As an online entrepreneur myself, I’ve had difficulty building up and scaling my first online website, Times International, amongst millions of other websites competing to dominate search engines. Low-profit margins and long working hours meant that I had to persistently optimize every content, infographic, case study, or guide to the best of my ability.
However, with the mandatory restrictions in 2020, there was a gradual change in the way I ran my online business. Despite the daily struggles caused by mandatory curfew and lack of physical contact, my online business was flourishing. As people flocked to the internet more and more, the surge in organic traffic, sign-ups, and ebook sales went up. There were many diverse and weird ways to make money online, so online entrepreneurs like myself took advantage of the situation.
While this was all great, I knew it wouldn’t last for too long.
When the world was going back to normal
As the curfew in most cities got lifted thanks to a steady distribution of vaccines and recoveries, online consumerism was enjoying its last peak performance. Consumers were eager to get back to stores and ditch technology.
Eventually, in 2022 I also experienced a sharp stagnation in my business’ traffic. I knew that I had to fortify my income by resolving to a new marketing strategy, which would focus on brand building instead of mass marketing. This meant that I had to target niche-specific keywords with lower search volumes that would be relevant to the topics that I would normally cover. There was no chance to upkeep the same level of euphoric success by following the old strategies of targeting basically “everyone.”
One of the main reasons for this was the fact that competitors in my niche were catching up. The second reason was witnessing the fact that as the pandemic was drawing to a close, everyone knew that the good old days of running everything online would not last forever.
What are the outcomes of the post-pandemic period for online businesses?
As companies emerge from a protracted crisis mode, business leaders have been stabilizing their organizations and are looking ahead to plan for a post-pandemic world.
Curfew is over. Lockdown is a thing of the past for most nations. And with the world finding new challenges and problems, it is as if the media had almost completely forgotten about the world we used to live in about a year ago. (This is, of course, debatable and different in many countries, but I’m referring to Western experiences.)
According to CNBC, many small businesses are optimistic but have their savings drained. However, those businesses that digitalized their way of conducting customers and returning to physical procedures are in a better position. Drainage of savings and personal emergency funds are at the biggest risk of reaching insolvency.
Despite the past turmoil, the world will keep a balance between the digital and physical economies, where presence in both will remain crucial.
Ways to Cope with Changes
There have been many lengthy articles about different ways to recover from the pandemic meltdown that had inflated the global economy to a critical point. In these scenarios, small businesses suffer the most due to their small capital and investments in stock.
So let’s look at several ways in which a small business that went digital throughout the pandemic is able to uphold its stagnation and even continued growth.
Recovering supply chain issues
The pandemic had condemned the logistics of the physical world. Large and small volumes of orders for raw materials, accessories, and spare parts have made the production processes of goods difficult. This is where adapting and continued reliance on third-party logistics such as an external eCommerce and dropshipping company can help with continued deliveries.
Hiring new employees
Finding and retaining qualified employees is yet another challenging issue for small businesses at the moment. Of those currently hiring in the United States, 87% are finding it difficult to recruit qualified candidates for open positions, and 97% said it is hurting their bottom line, according to a Goldman Sachs survey.
Small businesses, which can’t always compete with big companies when it comes to wages, are resourceful in working to attract and retain talent. That includes adding such things as financial benefits that make it even more alluring to work in small ventures.
Investing in the long term
We must face some hard-learned truth. The rapid rise of stocks due to low-interest rates is now over, meaning that businesses can no longer take out massive loans and bet it all on the stock market in hopes of quick profit.
It’s on the long hail now. Patience and perseverance is the word of the day. Or more like the word of the decade. Because loans are harder to come by, many companies have to slow down their expansionist strategies and settle for long-term commitments lest they lose their savings.
Now that things are going back to normal, the majority of online companies are still enjoying a boost from the pandemic period. But this effect will continue to stagnate for many years to come as prices rise due to inflation, high-interest rates, and post-pandemic downturns.
The future outlook is optimistic, though. As the world was forced to make transitions to digitalize, many small companies were forced to diversify their income streams. With physical and virtual options at hand, many small businesses now have an opportunity cost over cutting costs and saving time.