Forecasting the impact on Businesses post Covid-19
The World of today isn’t what it was two years ago, COVID-19 has surely done a number on almost all businesses of the world. With the intensity of the pandemic waning, it seems as if industries are entering a period of boom.
Marketing research too needs to take into account new parameters while forecasting for numerous products and services in the present time. With a significant change in purchasing patterns of consumers during the pandemic, where some have switched brands while others have substituted products. The economics of today’s market is diverse to say the least. Forecasts now need to readjust to the factors and variables as we ease into things once again.
As a case study lets take the one industry which was most affected i.e Restaurants. Restaurants are seeing a steady rise in customers, as a result many restaurant owners are investing in reopening by staffing up, maintaining inventory and marketing. But with the limitations and number of customers restricted and social distancing still being practiced restaurants will face overstaffing and some amount of resource dissipation is bound to occur. Now comes innovation; bring in offers, discounts and attractive incentives and here come rolling customers and the cycle of economics continues.
In Marketing Research, Demand Forecasting has to now take into account these prevailing factors and variables like post covid trends, customer attitudes and Brand adaptability as inputs into demand modeling. Many established economic models have seen adaptability and the pandemic has surely given us more dynamic approaches to acquire insights.
We at Thinkalize Global have allotted time and resources to conduct market analysis which benefit our clients in adjusting to the post pandemic world of today. We enable businesses across the globe ease themselves into the changing markets of their respective zones, aiding enterprises get back on track in the most effective manner possible. What matters most for us isn’t the insights we can gather or the forecasts we make, but rather the efficient manner in which Thinkalize Global applies to real life and current scenarios.