ANALYSIS OF THE IMPACT OF THE COVID-19 PANDEMIC ON UMKM AND ADAPTATION STRATEGIES: A LITERATURE REVIEW
Abstract
The COVID-19 pandemic has changed the global economic landscape, having a significant impact on various sectors, including Micro, Small and Medium Enterprises (MSMEs). This study aims to systematically analyse and review the impact of the COVID-19 pandemic on MSMEs and identify adaptation strategies implemented by MSMEs in the face of this crisis. The results showed that the COVID-19 pandemic brought severe economic challenges to MSMEs, including decreased turnover, disruptions in the supply chain, and difficulties in accessing finance. However, the study also found that MSMEs that were able to adapt quickly, such as through business digitalisation, product diversification, and the use of e-commerce platforms, were able to minimise the negative impacts and even find new opportunities in the crisis. Based on this analysis, it is concluded that government support and access to resources are key in increasing MSMEs' resilience to the impact of the pandemic. This research provides insights for policymakers, practitioners, and academics in developing effective strategies and interventions to support MSMEs in the pandemic era and beyond.
Downloads
References
Abdussamad, Z. (2022). Qualitative Research Methods Book. Query date: 2024-05-25 20:59:55. https://doi.org/10.31219/osf.io/juwxn
Anatan, L. (2021). A review on MSMEs resilience: Strategies and policies post COVID-19 pandemic. Review of Integrative Business and Economics ..., Query date: 2024-12-02 09:22:37. http://www.buscompress.com/uploads/3/4/9/8/34980536/riber_10-s3_27_s21-078_386-394.pdf
Andiana, B., Hurriati, L., & ... (2021). Adoption of digital marketing in strengthening micro, small and medium enterprises in Mataram City during The Covid 19 Pandemic. 2nd Annual Conference ..., Query date: 2024-12-02 09:22:37. https://www.atlantis-press.com/proceedings/access-20/125956997
Castro, E. D., & Castro, C. D. (2023). Adaptive Approach Model as an Effort to Generate Resilience in MSMEs. Journal of Law, Social Science and ..., Query date: 2024-12-02 09:22:37. https://myjournal.or.id/index.php/JLSSH/article/view/60
Christian, N., & Nurhajijah, S. (2024). Marketing analysis at umkm X post covid 19. Witana Journal, Query date: 2024-12-02 09:22:37. https://jurnalwitana.com/index.php/jw/article/view/98
Darmayanti, L., & Abiyasa, A. (2022). Adaptation of Social Media Marketing as a Strategy to Maintain Existence in the Midst of Covid-19 Pandemic. ... Ocean Economics and ..., Query date: 2024-12-02 09:22:37. https://pdfs.semanticscholar.org/e082/612db1f8d88cb8df62b4b7dcf02dd9111ba7.pdf
Gunawan, G. (2022). Adaptation Level of Small Enterprises to the Covid-19 Pandemic in Lebak Regency, Banten Province, Indonesia. papers.ssrn.com. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4128137
JUNAIDI, J. (2021). ANNOTATED QUALITATIVE RESEARCH METHODOLOGY JOHN W. CRESWELL. Query date: 2024-05-25 20:59:55. https://doi.org/10.31237/osf.io/6kt5q
Juniarti, R., Ridlwan, A., Arifah, I. C., & ... (2021). Adapting business model with Covid-19 pandemic using business strategic cards. Technium Soc. Sci. J..., Query date: 2024-12-02 09:22:37. https://heinonline.org/hol-cgi-bin/get_pdf.cgi?handle=hein.journals/techssj16§ion=33
Praptiwi, R., Bakrie, M. A., Rahmi, I., & ... (2024). Adapting to change: Empowering MSMEs in Tasik Said Naum Market through digital marketing strategies. Community ..., Query date: 2024-12-02 09:22:37. https://journal.unimma.ac.id/index.php/ce/article/view/10887
Ramdani, I. (2020). Analysis of the cycling trend during the pandemic of covid 19 towards small and medium enterprises (umkm) income. International Journal of Social Science and Business, Query date: 2024-12-02 09:22:37. https://pdfs.semanticscholar.org/4da8/99728fe767e021a51cd343d8a1a552a93fe7.pdf
Sukidin, S., Yuswadi, H., Kantun, S., Tiara, T., & ... (2022). Adaptation Strategy in the Food Industry During COVID-19 Pandemic in Jember Regency. Proceedings of the 1st ..., Query date: 2024-12-02 09:22:37. https://doi.org/10.4108/eai.14-12-2021.2318300
Supiyati, M., Indapurnahayu, I., & Aminda, R. (2021). Analysis of Factors Affecting Increasing the Effectiveness of MSMEs in the Covid-19 Pandemic Period and the New Normal Era (Case Study on MSMEs Champion in .... Business Management, Query date: 2024-12-02 09:22:37. https://ejournal.umm.ac.id/index.php/jmb/article/view/18627
Tee, K., Ismail, A., Ang, Y., Hishamuddin, H., & ... (2022). Burnout, and Coping Mechanisms among Clinical Year Medical Undergraduate Students in Universiti Kebangsaan Malaysia Amidst the COVID-19 Pandemic. International Journal of ..., Query date: 2024-12-02 09:22:37. https://www.mdpi.com/1660-4601/19/20/13010
Utami, D., Mutiah, M., & Sudrajat, A. (2021). Adaptation Strategy of MSME (Micro, Small and Medium Enterprises) Actors in the Middle of Covid Pandemic (Study in Surabaya and Sidoarjo). Metaphor: Education, Social ..., Query date: 2024-12-02 09:22:37. https://journal.unesa.ac.id/index.php/metafora/article/view/14090
Watini, S., Latifah, H., Rudianto, D., & ... (2022). Adaptation of digital marketing of coffee msme products to digital transformation in the era of the covid-19 pandemic. ... Digital (SABDA Journal ..., Query date: 2024-12-02 09:22:37. https://journal.pandawan.id/sabda/article/view/73
Wekke, I. S. (2020). Qualitative Research Design. Query date: 2024-05-25 20:59:55. https://doi.org/10.31219/osf.io/4q8pz
Wiliandri, R. (2020). A conceptual approach to identify factors affecting the digital transformation of micro, small and medium-sized enterprises (MSMEs) during the COVID-19 pandemic .... Business Economics, Query date: 2024-12-02 09:22:37. https://pdfs.semanticscholar.org/3d17/ef64ddcb49aec18c2e7e74cfa14b623149b1.pdf
Yudha, A., & Basya, M. (2024). Adaptive Business Model in the Post-Pandemic Era of Covid-19: Evidence in Greensa Inn. Indonesian Interdisciplinary Journal ..., Query date: 2024-12-02 09:22:37. https://e-journal.uac.ac.id/index.php/iijse/article/view/3766
Downloads
Published
Versions
- 2024-11-12 (2)
- 2024-12-02 (1)
Issue
Section
License
Copyright (c) 2024 INTERNATIONAL JOURNAL OF FINANCIAL ECONOMICS
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
INTERNATIONAL JOURNAL OF FINANCIAL ECONOMICS (IJEFE) © 2024 by Adisam Publihser is licensed under CC BY-SA 4.0
