Impact of Covid19 on traditional business.

Covid 19 has disrupted the balance of the world, the last few months have seen an unexpected downfall in most of the businesses around the globe. This is what we see when we focus on only the negative aspect of it but we have to look deep to figure out the positive changes in different business sectors as well.

According to the surveys, traditional businesses are majorly affected because of the fall in travel and tourism. Due to the fear of virus and a large number of deaths across world, citizens were asked to follow the guidelines of social distancing and stop travel. Therefore leading to the negative growth in the small businesses such as street vendors of traditional goods, small clothing and manufacturing firms, food stallers, retailers, wholesailers, transporters etc.

Some of the major negative impacts of Covid19

1. The daily wage workers, farmers, sellers were hit badly due to this whole lockdown situation in the world.
2. Studies shows that around 72% of indian businesses dealt with reduced cash flows in the last few months.
3. The unemployment rate has gone up because of which there is a rise in poverty and suicide rates among the people living in backward areas.

4. So many small scale traditional businesses have been shut down due to the fall in income and increase in loss and debt.

5. Though there were different schemes and donations made by the government and the concerned people of the country, still a lot of people died due to starvation and fall in wages.

Let’s look into some Positive impacts as well.

1. Though some of the traditional businesses have completely vanished but some are working really hard to fit themselves into the 'New Normal' situation.
2. People in different regions of India has started coming up with new and innovative ideas to fight through their problems.
3. There are so many new startups that are building up and they will be providing employment facilities in the future as well.
4. Few of the old traditional firms which were earlier dealing from a local area has now come up digitally on Amazon, Flipkart or other such sites to expand their market reach.

Tourism is the biggest industry that can help to build up the traditional businesses as they were earlier. Though most of the impacts seen due to Covid19 in small scale business and traditional businesses are not all in favor of the country and its citizens. But according to the research and analysis this is what we have to live with now, it might be possible that these industries show a boom in the long run. As the government is slowly dropping the previously imposed restrictions, travel and tourism industry will possibly show a hike, leading to positive growth in traditional businesses.

Let’s hope to fight this pandemic together and support small scale and traditional businesses as much as possible because that in turn will help the economy of the country to sustain.