Pivoting the business means changing the direction of the business. During the pandemic, many businesses are pivoting. For instance, enrichment centres which used to provide only face-to-face classes now include virtual classes as part of their services, gyms that only offer indoor classes now also offer outdoor lessons, and so on. Pivoting of business is common, it does not only happen during the pandemic. For instance, Nintendo started as a card selling company before it pivoted to selling games. Playdoh started as a product for cleaning wallpapers before the famous playdoh (plasticine) that most kids today are familiar with.
Why do businesses pivot?
Businesses pivot for many reasons. One of the key reasons businesses pivot is for survival. For example, a company that focuses on selling CD players will need to pivot as people prefer to download music or use streaming apps for music.