As the COVID-19 crisis progresses, companies are rushing to find the best way forward. While the ultimate length and depth of the disruptions are, as yet, unknown, detailed scenario planning can help companies to deal with the uncertainties.
While the worst of the health crisis may be over soon, the long-term impacts remain unknown. Industries will be affected differently, but we already know that, in many areas, the change in people’s behavior might become permanent. For example, in retail, decreased consumer purchasing power might shift demand to lower-priced and private label products, while consumers are also likely to focus more on local products and as well as on food boosting immunity. Companies need to prepare for these changes, understand the impact on their business and evaluate which business practices may need to be modified, renewed or even phased out.