Maria Guadalupe is a professor of economics at INSEAD and the academic director of the INSEAD Randomized Control Trials Lab. Professor Guadalupe is a research fellow at the Centre for European Policy Research (CEPR) and the IZA Institute of Labor Economics.
|The COVID-19 pandemic has permanently changed how companies should think about business strategy. Agree||“The recent social restrictions and confinements have made customers more used to technology and to interacting with the world through digital means: This will affect their demand from firms, and the level of service they expect will be benchmarked against the likes of Amazon and Netflix, who provide superb customer service—quick and adapted to the customer. Firms that do not provide this level of service will rapidly be shunned for a competitor. And it will be easier for companies outside the industry but with strong digital platforms to enter adjacent businesses. This was already happening prior to COVID-19 (Apple in payment systems, Google in the car business), but the pandemic has made more customers “elastic” to switching, which will put pressure on companies in all sectors.”|