The Journal of Asian Finance, Economics and Business

Korea Distribution Science Association (한국유통과학회)
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Business Strategies and Innovation for Survival During the COVID-19 Pandemic: Evidence from Micro, Small, and Medium Enterprises (MSME) in Indonesia

  • EKASARI, Ratna (Faculty of Economics and Business, Universitas Maarif Hasyim Latif) ;
  • GHOFUR, Abdul (Department of Management, Faculty of Economics and Business, Universitas Islam Lamongan) ;
  • ARIF, Donny (Faculty of Economics and Business, Universitas Maarif Hasyim Latif)
  • Received : 2022.10.10
  • Accepted : 2023.01.15
  • Published : 2023.01.30
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Abstract

MSMEs encountered several issues during the COVID-19 pandemic, including decreased sales and capital, difficulties in distribution, trouble obtaining raw materials, decreased production, and employee layoffs. These issues posed a threat to the national economy. The final effect was the company's bankruptcy as a result of its failure to survive a pandemic, which led to the company's downfall. This research aims to find out and analyze MSMEs' business strategy and innovation to maintain their business during the COVID-19 pandemic in Indonesia. This research is qualitative. Researchers got data using interviews, observation, and documentation. The analysis of this research is descriptive. To draw customers during the COVID-19 pandemic, MSMEs use social media or digital marketing, followed by the delivery of orders, promotions, or discounts and the creation of freebies. MSMEs develop new products as part of their ongoing efforts to expand their businesses while upholding standards for quality, value, and customer service. They also adapt to changing consumer tastes and popular food trends while showcasing some of their most intriguing products.

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