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COVID-19 has undeniably upended the global economy as it continues to batter businesses at scale. Five months into the pandemic, certain industries have accentuated their loss as the pandemic swiftly result in an unprecedented steepest downfall due to a massive decline in demand and stringent global restrictions. Recently, the United Nations has just announced that the global economy is expected to plunge by 5.2% this year, making it one of the deepest recessions faced since World War II.
Economic conditions will cease to recover from its losses if restrictions will remain in place without supplementing business practices or guidelines that will secure the safety of the consumers and businesses on a large scale. As most industries find new ways to adapt to what’s perceived to be the “new normal”, entrepreneurs express their budding optimism over the expected economic growth in the next few months.
Indubitably, it’s been a challenging period for the aftermarket industry to cope with the decline in market demand given the consumer’s immobility the past months. However, for Mineral Circles Bearings, as one of the leading industry leaders and pacesetters in the aftermarket industry, it's extending its best efforts to zoom in on the opportunities that could substantially benefit the industry.
“Reduced in demand for car or truck repair, parts replacement, maintenance checks, and coupled by the sudden supply chain abruption has somehow taken its toll in the aftermarket and import/export industries” Hassanein Alwan, Mineral Circles’ Managing Director mentioned when asked how global restrictions stirred the whole business value chain.
“Now restrictions are slowly abating and business transformation is becoming more imperative, the market is set to bud much sooner than expected. This is the perfect time for organizations to recalibrate their operations and veer away from mature market practices,” he optimistically added when asked about what to expect from the “new normal” for businesses worldwide.
Alwan cited certain accurate instances and opportunities how can companies re-align their priorities to qualify as quintessential partners to hedge further possible business fallouts:
The aftermarket industry sees a sharp convergence of tailwinds in the months to come with the help of technological innovation and consistent digital efforts. Now or never, organizations must vet their long-term plan and supplant mature market practices that hinder the holistic growth of the organization. It’s implied that business consequential success and recovery will mainly rely on the foundation of the organization’s strategic approach towards effective and sustainable planning, especially during these dire times.
How about you? What are your valuable inputs about the future of the aftermarket industry post-COVID-19? We would love to hear your thoughts! Talk to us through firstname.lastname@example.org.
About Mineral Circles Bearings
Mineral Circles Bearings (MCB) has acquired distributorship of quality bearings, grease, chains, cv joints, universal joint, tools, and oil seals from leading brands (SKF, NTN, SNR, MBS, ILJIN, KBC, Musashi, Sedis) for the Middle East and African region since 1984. Located in Dubai, UAE and with branches throughout MEA, MCB is known as one of the pioneering automotive bearings experts in the UAE with a strong market base in over 65 countries across the globe.