Businesses with Prolonged Decision-making suffered the most in 2020
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With the world facing a pandemic, the outbreak of the coronavirus has immensely impacted numerous businesses. This situation made numerous businesses suffer. However, at the same time, it has taught them to navigate through the ‘new normal’. The crisis indeed has proved the desperate need of digitalisation in every business.
Shutting down of conventional shops became the gateway for industries to move into the digital space. Even essential businesses like grocery shopping, vegetables, medicals, and dairies had no option but to go online. The market movers were the ones who could not only revive their businesses but also capture new markets.
During these times, there was a strong demand from business to change how they cater to their customers. Proactive businesses were more than successful as they adopted the newer ways of business and tried to retain the empire they had built.
At the same time, there have also been instances where businesses that were not reactive to this change have suffered. For businesses like such, we would suggest to simply pull up your socks and adapt to the social distancing aka digital way of life.
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Sushant
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