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2020/10/06

Businesses Arisen due to COVID-19

Tanvi Fal Dessai

From education and entertainment to telemedicine and telecommunications, all now have a more significant role to play than ever before.

COVID-19 has had a remarkable impact not only on health and humanity but also on the global economic system. The drastic shift in consumer behaviour has created an eternal ripple impact on corporations from all industries. Customers’ short-term actions handling this crisis tend to remain long-time, impacting business models, partnerships, and competitive landscape.

While individual companies and buyers inside the UAE and around the GCC area handle the gloomy sentiment of a bearish worldwide market weathered down via the coronavirus outbreak (COVID-19), a few other sectors are making the most of the possibilities springing up from the changing client behaviour.

1. Working from Home 

Telecommunications businesses presenting a dependable, rapid net connection have witnessed a rising demand for their services. In the UAE, working from home is still being strongly advocated.

According to Gulf News, even ahead of restrictions starting in the Gulf, Microsoft Teams installations grew by 115 percent, and Google Classroom increased by 256 percent. Meanwhile, video conferencing app Zoom downloads increased by 559 percent, and Hangouts Meet rose by 696 percent.

2. Telemedicine – The Need of the Hour

Telemedicine specialists are extending healthcare specialists’ reach as patients are being advised to seek care from the comfort in their houses. A massive majority of the target market, which in no way attempted telehealth services is relaxed using it now.

Being the need of the hour, the enterprise is demanding aid for – ongoing medical assistance, customer support, and health report maintenance. AI-chatbot services present adaptable solutions to telemedicine and non-earnings agencies for customer service to cope with the crisis.

3. E-commerce – client Shift in the direction of online buying Rises

Waking up to a new economic reality has modified the consumer’s retail behaviour in profound ways. A current study found that worldwide online grocery sales reached more than110% in just the first half of the year. While there is an excessive demand for online buying, eCommerce stores are going through the challenge of meeting their purchaser’s wishes, inventory flux, time management, and customer service. Needless to say, the obligation to provide a no-touch, hygienic experience in each sale.

This created a need for retail shops to stabilize their product control gadget; manipulate their inventory glide, and offer on-time conversation help to their customers – opening infinite opportunities for eCommerce outsourcing services to help the retail enterprise.

4. Online payment systems – Efforts to improve handy payment solutions

The World Health Organization (WHO) recommends clients to pay contactless instead of with cash. While the pandemic made every shop undertake a curb side pickup and eCommerce module, online payment gateways grew to become to be the final aid for each retailer – large or small.

Online payment platforms are now growing extra digital options and solutions for clients and devising an inclusive setup for the target audience regardless of their academic and financial background. Constructing omnichannel charge solutions to accommodate varying shopping approaches – accelerating business opportunities to collaborate with tech aid in the future.

5. Delivery industry – New Partnerships to meet purchaser demand

COVID-19 is transforming the shipping industry – food delivery services are increasing their warehouses to integrate with neighbourhood stores for hyper-local deliveries. New collaborations had begun when the non-delivery app supplied a plethora of alternatives to fulfil the want of a hygienic shipping solution.

It’s always darkest before the dawn.

In many instances, when people undergo a devastating lifestyle event — be it the most cancers scare, or say a divorce —they look back on the experience and demand that they wouldn’t change whatever. That is because it’s miles in instances of adversity that we’re more likely to invite the broad questions, answer them, and make some profoundly nice modifications in our lives.

COVID-19 might simply have the ability to do the identical for many entrepreneurs, small groups and startups who would possibly need to ask the big questions themselves, only in this case, about their enterprise models.

The global pandemic has created an ever-lasting effect on the commercial landscape. Corporations at the moment are navigating through the disruption seeking more and more answers to help them thrive in a post-pandemic generation. Now’s the time to reconsider partnerships, strategies, and retool eras to meet this dramatic shift in a cost-efficient but secure way.

Organizations that evolve and innovate to satisfy the developing client demand, while adding value to address the recent disaster has stood to win.

Where to get from here?

Suppose you are trying to navigate new territories. In that case, it’s helpful to have something representing a map — a map on the way to empower leaders to discover new markets, and new business version possibilities.

When you have a handful of possible business models worth discussing, it is important that you decide which is ideally suited 

to your current assets and/or value chain, and which you think your business is likely to succeed with the least effort. 

Once you’ve settled on a business model, it’s time to implement, learn, and adapt … soon.

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