Adapting to the New Marketplace

During this chaotic economy, businesses are adopting creative strategies to stay afloat. We all optimistically hope that business will rebound by the summer of 2021. When and if the marketplace bounces back, the business environment will be changed. The consumer is a creature of habit, and the method of purchasing goods and services has changed during the pandemic.

Online purchasing has increased exponentially creating opportunities for retailers to sell goods via the internet causing the demise of many large retail chains to shrink and eventually go out of business.

Gyms have gone out of business due to membership cancellations. Exercise equipment companies like Peloton, Nordic Track, and Mirror are heavily promoting their home gym equipment that in some cases daily online classes. This is an example of blending a product with a service. Sales of home fitness equipment have skyrocketed. Peloton stationary bike currently will take 8 to 10 weeks to ship.

Business owners have to reevaluate their position in their markets and adapt to the changing economy.

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