Coliving Industry is one of such industries that have suffered the losses harshly amid the ongoing COVID-19 pandemic. The Coronavirus or the COVID-19 had its origin in China’s Wuhan but it still continues to make waves and negatively disrupt the various economies across the globe. The pandemic has been declared a global health emergency that has not only affected the lifestyles worldwide but has forced many businesses worldwide to change their strategies.
Though a new concept of community living of like-minded individuals, living together in a shared space, the coliving industry still has a long way to go. But a worldwide health emergency that started back in December 2019 in China too has the potential to become a major obstacle, coming in the way of all major businesses either in the real estate sector or in the niche of the Coliving Industry. Though the growth of the industry has been lopsided for a couple of months, yet it has the potential to get back on track quickly and mitigate the losses suffered in the wake of the COVID-19 crisis. The Coliving Industry in India will benefit post the phase of lockdown because of reasons like,
- Home seekers looking out for a clean and hygienic place to stay instead of a cheap place to stay, lacking enough safety and hygiene post lockdown.
- Landlords and PG owners unable to provide tenants with adequate means to live in a hygienic home.
- Especially the millennials will now put more focus on homes with facilities to work from home effectively and will consider them their obvious choice.
- Millennials will now want to stay close to their workplaces as commuting to far distances wouldn’t be considered safe.
- Other businesses will look forward to partnering up with players in the Coliving Industry, considering them a business continuity plan.
- Real Estate agents and developers will now consider converting their inventories into Coliving spaces in order to bring in more revenue.
So these were the top things favoring the Coliving Industry to get back on track post the phase of lockdown. Talking about the ways in which the health crisis and lockdown the nation suffered for two months, changed our lifestyle, there are many.
Firstly, most of us, as customers, have now become comfortable enough to online transactions, easily communicating over online video interaction platforms, and have adapted these in our lifestyles. Though this may fuel up the ineptness especially among the introverts, this is actually an opportunity for the Coliving Industry to progress past the phase of lockdown.
Secondly, with customers now being used to digital interaction, industries like the Coliving Industry can easily leverage this for enhancing the interaction on digital platforms and generate more revenue.
Despite the many benefits that the Coliving Industry has from the potential to gain from the new trend of digital, the biggest question that remains unanswered now is whether the key players in the industry should adapt to the new trend or settle back to the older one, post the lockdown? What we mean to say here is should the Coliving Industry adapt to the newer trend of digital innovation or should settle back to the older means of bringing in revenue? Let’s try to answer these queries down below by comparing the two strategies.
The Older Strategy
Initially, most rental industries like the Coliving Industry used to bring customers using either online platforms like websites or mobile apps or via offline campaigns like posters, leaflets, and banners. The process was simple too first engaging the customers via the means above and then inviting them for a property visit, where they could actually the amenities and other necessary things like ventilation and sunlight through their own eyes. This would be followed by the potential customer either converting or leaving the property. But the advent of COVID-19 and the lockdown following it negatively disrupted this conventional act. With consumer safety being of the utmost importance in the ongoing health crisis, the players in the Coliving Industry now face the unique, ubiquitous challenge of either adapting to the new means in a highly competitive market or face the harsh reality of bearing heavy losses.
What’s New for the Coliving Industry?
There are many who talk about the negative impact of COVID-19 and lockdown like less conversion of customers as most of them stay at home. But like we discussed above, staying home at all the time has actually helped the Coliving Industry gain a number of customers whom they can deal with online easily. These customers now are used to making online transactions and players in the industry can now easily interact digitally with them. This has now become a golden opportunity for the Coliving Industry post the lockdown despite facing a lopsided growth for the past couple of months.
New ways to bring in more customer interaction can now be developed especially for the rental industry like a video walkthrough of the property, app walkthrough, 3D walkthrough, and 360 degrees view of the property. This will be beneficial both for the industry players as well as the customers. The industry players can now easily interact with their customers and give them a view of the property within the comforts of their home. And, the customers can now easily look for a feasible property either on the website and app and wouldn’t need to step out of their homes while the outbreak of COVID-19 continues.
The players can now harness deeper engagement with video calls and giving their potential customers a virtual tour of their properties. Today’s customers are truly keen observers and will look into all key prospects and amenities your property provides like cupboards, the number of drawers, the kind of flooring, proper ventilation and even the most minute details which couldn’t be covered through the older strategy but adapting to the newer prospects, you can actually hook-in happy and contented customers. Moreover, talking about engagement, the Coliving Industry can easily make it better with their targeted customers virtually. It won’t require only require the potential customers moving out of their homes to visit the property physically and would thus keep them safe from the ongoing health crisis, generating revenue for the industry players at the same time. Lastly, much-like the media industry, Coliving Industry can also interact with multiple users, bringing engagement via video calling, 360-degree walkthrough, and 3D Walkthrough, via app or website.
This won’t only be a revolution for the Coliving Industry, who were earlier facing a lopsided growth amid the COVID-19 crisis and lockdown but will also prove fruitful to their potential customers with a better experience within the comforts of their home. Earlier where the process of engaging customers, showing them the property physically through agents and waiting for the customer to book an appointment via token money — everything was a complex process both for the industry players and the customers, the advent of technology has changed the full experience. The COVID-19 pandemic and the ongoing lockdown were not less than a nightmare for the Coliving Industry which seemed to be facing severe losses as a result of less customer engagement with them staying at their homes. But with customers now adapting to the recent trends of online engagement, transactions, and interaction, the industry is all set to rise up post the lockdown, stronger and mightier than ever before!
Such is the belief of Colive too, which is a key player in the Coliving Industry. It has sustained through the ongoing health crisis and looks at the positive key points and a bright future ahead. The app and website of Colive help home seekers with an interactive experience by deploying a 360-degree walkthrough of Colive properties across Hyderabad, Bangalore and Chennai. They can evade all their woes of a clean, hygienic, and well-maintained spaces in the ongoing crisis and find the best homes, matching their expectations and needs.
We at Colive have never compromised with the services offered to our residents even during harsh times like the pandemic of Coronavirus. In the wake of COVID-19, where once it was reported that most PGs and apartments were asking employees to vacate their rooms for safety, Colive still cares for its residents and doesn’t want them to stay unsafe during the ongoing health crisis. We have taken a number of steps to maintain hygiene at all our properties with dedicated ground staffs and delegated a 24×7 Emergency Response Team (ERT) to help the residents in case of any health emergency across Bengaluru, Hyderabad, and Chennai. Moreover, to facilitate our residents in working from home, we are offering them a high-speed internet and coworking spaces for an efficient WFH experience. Visit the website of Colive to know more!