In recent months, COVID-19 has affected almost every aspect of daily life. Aside from the unimaginable toll it’s taken on people’s health, it has also hit businesses and economies hard. In South Korea, the pandemic has led to a number of changes in the Korean business news landscape.
One of the most notable impacts of the pandemic on Korean business news has been the rapid shift towards digital channels. Social distancing requirements and the closure of physical storefronts have made online shopping and remote work the new norm. Companies that have been able to pivot to digital channels have done so successfully and many are seeing these changes as a long-term investment. For example, Hyundai, the South Korean multinational automotive manufacturer, has recently launched a new online buying platform in order to keep up with the changing times. The company has stated that it expects the online buying experience to become a standard in the industry moving forward.
Another important trend in Korean business news is the acceleration of onshoring. As production in China became severely impacted by the pandemic earlier this year, many companies began to re-evaluate their operations. A number of Korean producers shifted their manufacturing bases from China to countries such as Vietnam and even back to Korea. This trend has been further fueled by the US-China trade tensions and has led to a renewed focus on national economic security.
Even global businesses such as Starbucks have been impacted by the pandemic. Starbucks’ Korean business is the largest international market outside the United States, but the coffee chain has seen sales drop dramatically since the outbreak. The company has faced difficulties as customers have been hesitant to visit their physical stores due to safety fears. In response, Starbucks has taken a number of measures to adapt, including expanding delivery and mobile ordering options.
Finally, the economic upheaval caused by the pandemic has had a significant impact on employment in Korea. In particular, young Koreans have been hit hardest by the pandemic and are currently facing an unemployment rate of nearly 10 percent. Korean businesses are now taking steps to support their employees, including offering remote work options and increasing benefits packages.
In conclusion, the pandemic has had a significant impact on Korean business news. With the shift towards digital channels, the acceleration of onshoring, and changes to the employment landscape, businesses are being forced to adapt in order to remain competitive. However, while the pandemic continues to create challenges, companies that are able to embrace change and pivot quickly are likely to emerge as leaders in the new normal.
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