Covid-19 has left us all in a fix. It has created an imbalance which will be difficult for all of us to stabilise. It has been the one which has driven us to adopt a “new normal” in our everyday lives.
As the cases rise along with the towering death rate, we won’t really be seeing a clear sky anytime soon. It has turned our lives upside down and the business world too is being shook by it.
The parties, meet ups and social gatherings which would lighten up eating houses have suddenly been replaced by a long silence while many restaurants and dine-ins face huge losses. As the six-month lockdown has brought everything to a standstill it has hit cafes, hotels and eateries the most. As customers have stopped visiting these places, hotels are facing financial losses also they have a worker shortage as most workers have left for their hometown due to financial crisis.
Most of the restaurants’ staff have bid a temporary goodbye and plan to come back only when a vaccine is launched and the situation is under control. Even though many states like Maharashtra have allowed the opening of hotels and restaurants from October, precautions will still have to strongly be followed in order to maintain a healthy environment. This would need many hands and many eateries have a shortage of staff due to which the business can be hampered.
Though many food delivery applications like Zomato and Swiggy are currently doing the runs by offering food from many eateries at home but still this has not been able to fill the gap which has been created by Covid-19. Around 40% of eateries are dependent on these food delivery applications as they are the saviours whom they can rely upon to deliver food to the customers at home.
The aisles of the big grocery stores where one could find all the items starting from A to Z are empty and are dependent on applications like “Groffers.” They have also come up with their own delivery applications which are trending at a high rate. However, a rise in the sales of hygiene products like sanitizers, soaps, detergents etc. has definitely been seen in every app. But according to economists most local grocery stores have apparently not faced a loss, rather they have immensely gained a lot of profit and flourished to a great extent.
Many new start-ups are facing huge losses as growing businesses take a U-turn. People are not only lacking man power but they are also lacking customers. Unemployment is jolting upwards steadily and the current scenario has made it worse, with the new amendments and rules made by the government many employees are now vulnerable and can easily lose their jobs.
Recently a designer took to the streets to keep his livelihood safe by selling food items. The main purpose behind this was to save his family as his financial condition along with his business was deteriorating
Many new businesses which have emerged in the beginning of the year are facing huge losses, as they have been unable to make any progress and many of them have even shutdown. Around 70% of the businesses have stated that their cash flow has reduced drastically. Many firms and start-ups have lost new projects which were housing a bunch of opportunities and consumer’s demand for luxurious items has greatly gone down. According to statistics, the effects of corona will be felt even in the upcoming years as people will not look forward in investing their money in expensive products like vehicles or even houses.
The ones who have been most impacted during these tumultuous times are small businesses which sell handicraft products or Indian Clothes, stores which sell handicraft items or products made in India . These are the stores which hold a strong emotional value along with being some of the oldest stores which once upon a time were super popular. Even though we have become accustomed to shopping from online websites and buying items from the mall, these little shops will always have a special place in our heart and we never really will be leaving them behind. You find them in every city and we know that some of the products we get in those respective stores won’t be available in other shops. Even though we are advocating for products made in India under The Make in India campaign which we see being propounded now and then on social media, we are unable to make the ends meet as the economic scenario keeps on getting worse due to Covid-19.
Covid-19 has made a huge bump in the growing economy and who knows how long it will take for the world to recover and get back on track?