Covid-19 & The Revolution of Business
Coronavirus diseases (Covid-19) is an infectious disease caused by a virus called severe acute respiratory syndrome coronavirus 2, or SARS-CoV-2. Wayback when the world witnessed its 1st covid-19 case on November 2019 in China, none of us have imagined this could be one of the biggest pandemic that world has ever faced. It has adversely effected the world with lots of things, be it be the textile sector or mass & media sector or the economy of Country. Things had just stopped at the very moment. Everything in the future was just fogged up, because none had clarity of what to do or how long will it last?
But soon after, it turned out to be both a bone and bane to business all over the world. It has completely changed the marketing landscape beyond measure. Events were cancelled, economies around the world have been shaken, dried-up and became vulnerable. It literally took the entire world upside-down. But as said by Benjamin Franklin -
With Adversity Comes Opportunity
The visionaries all over the world, have understood how to be resilient, means being inherent to life, the capacity to adapt or live with change and continue to develop, we learned to cope up with the situation, learned how to adjust and be flexible to any kind of environment we are pushed into, be it in the business or in personal life both. We just learnt how to thrive.
Covid-19 affects on Business?
On the way of struggle to cope up with the deadly disease and the environment it has caused, most of the companies feel that the pandemic has accelerated them to become more sustainable, they were able to make quick changes and also were able to do changes that they already had in their pipeline. But it has also badly affected the online businesses in the domains such as tours & travels, online ticket booking or food delivery, etc. Many business owners are finding creative ways to adopt to the new normal, they had to embrace their venerability to stand in the market.
The pandemic has also reshaped what consumers buy and how they go about getting it. People are no longer able to pop to the shops for their everyday needs. Instead, they’re going online. And this made Online purchasing trends have a permeant adoption. Many ecommerce business leaders also said that the response during the pandemic after lockdown was overwhelming including Amazon. Amazon has also announced in its site that the customers are relying on them during the lockdown like never before and thus they are prioritising its available fulfillments and logistics capacity to serve essentials. Other ecommerce leaders like Grofers and BigBasket has also faced a huge traffic during the lockdown. On 25th March, 2020 BigBasket said,
We’ll be back soon! We are currently experiencing unprecedented demand. In light of this, we are restricting access to our website to existing customers only. Please try again in a few hours.
Grofers also had similar kind of message during the lockdown for the huge traffic that they had received -
Due to the sudden rush, we have stopped servicing many locations, but we are working to increase capacity and will be resuming operations shortly
Now that in-person events are cancelled for the foreseeable, this digital-first approach is key to getting people talking, reaching new audiences, and continuing to grow. It is a time of opportunity for many local businesses to digitally transform and take upon new digital ideas to reach out to more people online, Going Local to Global in just your finger tips is now possible with digital transformation. And because of digital transformation 43% of small business owners have pivoted their business models by introducing new way to achieve greater initiatives and drive their business beyond the graphs. To have a clear picture of What and How Digital Transformation can be achieved you can refer to our previous article.
Remote work has become The New Normal !
The coronavirus pandemic is upending work for everyone all across the globe. To prevent the virus from spreading at the workplace, more and more organizations are turning to remote work as a necessary step to continue their day-to -day operations.
There are always 2 sides of a coin, likewise there are people who think remote work/working through homes is the best way ,and is much flexible, and there are also employees ,struggling to find the best work-home balance and equip themselves for working and collaborating remotely and there are few who get bored or couldn’t generate the good spirit to work from home because of the isolation anxieties. Amid the chaos surrounding the health scare, it’s very important for business leaders to take steps to lighten things up and help reduce feelings of isolation that some workers might experience working alone at home. They should try doing their best in keeping their employees engaged and make them feel secure and happy.
Future forum research of 4,700 knowledge workers found the majority never want to go back to the old way of working. Only 12% want to return to full-time office work, and 72% want a hybrid remote-office model moving forward.
The coronavirus may not have changed things forever, but it has forced businesses to rethink their offerings and strategies.
Accelerating Digital Transformation
The businesses that are doing the best and will make it through this pandemic with less difficulties and problems will be the companies who had already began the offline-to-online transition. The current pandemic has accelerated these trends which will place more emphasis and focus on a company’s digital presence with its worker and consumers online.
By all these we understand that COVID-19 is rewriting the Future of Business and brought a revolution in the traditional business operations.
