Pandemic Changes Business Relationships with Customers Forever

Pandemic Changes Business Relationships with Customers Forever

There is no doubt that Covid-19 has rocked the economy. The World Economic Outlook from the International Monetary Fund (IMF) predicts that the cumulative loss to world GDP from 2020 to 2021 will be around US $ 9 trillion. Greater than the combined economic value of Germany and Japan. The crisis not only disrupts the global market, but also affects people's lives, needs, priorities and spending behavior. In harsh economic conditions, consumers are becoming more sensitive to where and how they spend their money - for business, this creates a whole new set of challenges. Consumer centricity, is a term that has been in use since the 1960s, but has never been more relevant than in today's business landscape. In such an extreme environment, customers want more than the best offer or the lowest price; they are looking for a reliable business, confidence, and trust in the brands they choose to do business with. The ultimate goal for a consumer-focused business is customer loyalty. So how c…