COVID-19 has created a huge impact on a global scale that led to an unprecedented worldwide economic disruption.
As there is a continuous shift in consumer behavior, the impact of COVID-19 to consumer product companies will continue to vary. Certain products have a significantly high demand that took off due to the panic-buying behavior of consumers. While demand skyrocketed for some products, some products went down low, wherein they are faced with little to no demand at all. In the case of food service companies who are supplying company cafeterias and restaurants, where they would need to repurpose production and shift to where demand is surging.
With the current situation, manufacturers need to constantly assess and measure the shift of consumer behavior. It is important to put into mind the workforce constraints, address supply chain disruptions, and production capacity issues to ensure business continuity in uncertain times. The next few weeks, months, and years will be critical for businesses as they make a move in adjusting their plans and strategies. Any forecasts of business models done in the past might not work in the current situation. Business owners are finding ways to make sure that despite the uncertainty, there is a way to stabilize their operations and have profitable growth.