Let us restart our halal businesses as the COVID-19 pandemic is slowing down in different parts of the world. Most of the businesses around the globe were shut down recently as a result of the coronavirus crisis. However, now is the time for us as businesses to understand the changing realities of our target markets and the way we market our products and services and devise practical strategies to restart our halal business from afresh.
The situation is changing now. Governments all over the world have selectively allowed businesses to reopen while following social distancing and other necessary measures to avoid a new wave of coronavirus infections. And, the halal businesses are no exception. Now the question is that, in the midst of this pandemic, how can we use its very momentum to establish a new level of business goals? How can we make the most of its hidden and emerging opportunities from the crisis?
What Is The State Of The Global Halal Economy?
So, what is the state of the global halal economy? The COVID-19 pandemic has fundamentally changed the dynamics of various sectors of the global halal economy. The last four to five months have been tough for many startups and small businesses operating in various sectors of the global Islamic economy.
Sectors such as modest fashion, halal cosmetics, halal tourism & hospitality industry have suffered the hardest. Similarly, offline retail and restaurants have also suffered. They may take a long time to fully recover. However, the crisis has opened up opportunities for online education/training, digital health, health, and hygiene products and e-commerce businesses. Businesses are now digitalizing fast.
What Could Be The New Normal For The Global halal Economy?
As the current crisis is an unprecedented one, the level of uncertainty we are facing will continue for some time and it might be too early to know what the new normal will finally be. Let’s see how the next few months shape up.
Globally, industries and businesses will change how they interact, sell, communicate and navigate their ecosystem—and founders and leaders need to take rapid and decisive decisions—to survive, and eventually thrive in a rapidly changing world. Every business needs to be prepared for different scenarios and be ready to reimagine their business, perhaps permanently.
Let`s Restart Our Halal Businesses
The crisis has opened up opportunities for many startups and established businesses in the global halal economy. One of our customers in Malaysia told us that they had already started their business operations last week. It is a good sign that the halal industry is restarting their business operations not only in Malaysia but in several other countries.
Unfortunately, we do not know yet whether the coronavirus problem will finally end or when we will be able to get its vaccine. Scientists and doctors have different opinions about this issue. However, one thing is clear to us. We have to be able to live with this pandemic at least for some more time. We have to adapt our businesses so that we can survive in the post-pandemic world.
How Is The Halal Industry Impacted By The COVID-19?
As a result of this on-going health crisis, some businesses will be severely affected. For example, the restaurant industry may take a long time to recover to the pre-COVID-19 levels. But the packaged foods industry is expected to grow much faster as now people prefer cooking at home. In the same way, many people may not travel much at least for the next couple of years. As a result of this, the tourism industry will also be hit hard.
On the other hand, the healthcare and pharmaceutical industries will flourish. Unfortunately, people may not spend much on buying new clothes and cosmetics at least in the next several months. So, the modest fashion and halal cosmetics industries may see a massive drop in their sales.
As a result of the need for social distancing almost everywhere in the world, we have already seen consumers buying their groceries and other items online. It means the eCommerce industry has a bright future. The massive increases in sales figures declared by Amazon, Walmart, and Alibaba, etc. are a testament to that.
The team at The halal Times knows full well that everyone is facing a different situation as far as their businesses are concerned. We can not give you a one-size-fits-all type of solution to restart your business activities locally and globally. But, we promise with you that, Insha Allah, we will keep you updated about the changing scenarios about all the sectors of the global Islamic economy and the ways these industries are adapting themselves to get ready to restart their businesses.
Some of our customers in the halal industry have already started selling their products online. However, most of them need to improve their online presence and create user-friendly shopping carts to attract potential customers in their target markets.