According to the Global Web Index, almost 50% of the respondents will be maintained for a certain time even after the pandemic. Online shopping will get the highest preference by the consumers and subsequently, in-store-visits will be avoided as much as possible. Also, several trends will be evolving post-pandemic consumer behavior. Uses of 5G, robotics, and drones will give a new dimension to the supply chain of businesses in the new normal. Already many people and organizations have adapted to distance learning and remote working, along with telehealth service and online entertainment. A significant technological change will be noticeable in many sectors. Many experts have already predicted some of the drastic changes in the post-pandemic business world. It is essential to figure out what changes are expected in the industry after this pandemic through thorough observation, data collection, and calculated research output. But can blue ocean strategy actually be a game-changer for a business in the new normal business world? To answer this, business leaders first need to solve two vital questions- “what?” and “how?” Four vital actions- eliminate, raise, reduce, and create, are involved in proceeding blue ocean strategy that can reconstruct the market boundaries. Another core principle of this approach is to ensure a balance between differentiation and low cost.
This is how businesses make the competition irrelevant. This refers to turning non-customers into customers by capturing uncontested market space. The basic idea of blue ocean strategy theory is to create a completely new market and new demand. It is important to understand the key elements of this approach before deciding how to apply the Blue Ocean Strategy. In fact, a blue ocean strategy can play a “game-changer” role for an existing or a new business to step ahead of the competition in the new normal post-pandemic situation. In this pandemic, when a large number of businesses have already collapsed and numerous are in the queue, the sailor can still save the business from drowning by taking a major risk to shift the boat from the red ocean to the blue which is theoretically known as the Blue Ocean Strategy.
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