The COVID-19 pandemic has significantly changed consumer behaviours and needs. Several Caribbean firms have strategically repositioned themselves to successfully access new opportunities that have arisen as a result of these evolving trends.  Review the various strategies your company can use to identify your opportunity.

SOURCE: Carib Export

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Brands need to focus on hyper-localisation by connecting with consumers where they are, as Covid-19 has dramatically changed consumer behavior and altered the path-to-purchase, according to Facebook and Boston Consulting Group.

SOURCE: The Drum

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Although the COVID-19 crisis has now hit many UK businesses, the first to feel the impact were those with global supply chains. Companies depending on items manufactured and sent from China suffered when the initial outbreaks began occurring in the de-facto factory of the world. A number of UK manufacturers, for example, had to halt production after specialist parts they were expecting to come from China did not arrive – showing just how fragile a global supply chain can be.

SOURCE: Supply Chain Digital

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Financial Vanguard investigations have revealed that key corporate institutions are now restructuring their business models to create more resilient operations, less vulnerable to any form of restriction to formal office settings and workstations. They are headed towards institutionalizing work-from-home or virtual office, while seamlessly interfacing with customers and creating more value at less cost.

SOURCE: All Africa

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The coronavirus pandemic has placed considerable strain on small and medium sized food producers. Many have responded with ‘inspiring, creative and innovative’ solutions. REFRAME takes us on a tour of how SMEs in the North Sea region have adjusted their business models.

SOURCE: Food Navigator

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Deutsche Post DHL has reported that it has seen an increasing number of customers and clients diversifying their supply chain networks during the global pandemic. Oscar de Bok, a management board member at Deutsche Post DHL, said: “There is an increased tendency to organise different sources of supply to reduce dependency on one country or one production site in a strategic way.”

SOURCE: Supply Chain Digital

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With the COVID-19 crisis highlighting their vulnerability to external shocks, food and beverage companies are set to increasingly diversify their supply chains and locate production closer to their markets.

SOURCE: Food Navigator – Food Navigator

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The Covid-19 pandemic has brought about an unprecedent business environment, with many countries having imposed total travel bans in an attempt to contain the spread of the virus. For Kenya’s national carrier, Kenya Airways, this means many airlines remain grounded, a situation they did not anticipate. Against this, Group MD and CEO Allan Kilavuka highlighted that the demand for cargo vessels across the world is high, however the main freighters operate mostly in Europe and America creating a shortage of cargo aircraft in Africa.

SOURCE: The Start Newspaper Kenya

Image credit: The Start Newspaper Kenya

There’s a proverb that goes: “The best time to plant a tree is 20 years ago. The next best time is right now.” The naturally vulnerable Small to Medium Enterprise (SME) and entrepreneur sector would have done well to build their resilience prior to COVID-19. But if they didn’t, as with so many, right now is the time to plant the seeds for short, medium and long-term resilience.

SOURCE: World Economic Forum

Image credit: REUTERS/Eva Plevie

The pandemic has accelerated the need to ensure that people around the globe have the necessary technology skills and access to do their jobs. Even as China shows signs of recovery and the number of new daily infections worldwide appears to have stabilized, the US has seen an unprecedented number of people file for unemployment, and 57% of Americans surveyed recently report feeling worried about losing their jobs.

The current picture is bleak — and many parts of the world still haven’t felt the pandemic’s full impact. However, recovery will come, so what should individuals be doing to make sure they can come back to the workforce stronger?

SOURCE: World Economic Forum

Image credit: DarkWorkX on Unsplash