Digitization of business can save your business in this crisis period when people are locked to their home & turning to online platforms more & more for their all kind of needs
Corona Virus Outbreak & Businesses Shut Downs
With the declaration of WHO on the Corona outbreak as a pandemic, it is confirmed that the whole world is under massive threat. All the teaching institutions, workplaces, malls or hangout places now all India are under lockdown, it is advised to stay at home in isolation instead because this virus is spreading so fast and the medium is just direct or indirect contact with the affected person. For this, our regular life is disrupted heavily and we are depending upon the Information communications, processes and services that are networked & shared via digital platforms. Digital transformation leads to the fusion of online and offline technologies and the radical change of entire industries. The existing business model is digitally mapped and/or new digital products are developed. The most common drivers of progress increase customer expectations and competition in the market. Digitalization or digital transformation describes the continuous change process to digital processes, based on a sophisticated IT infrastructure, digital applications and optimally networked systems and data.
Previous Pandemic Experiences
This is not the first time something in this caliber has happened, A similar situation appeared in 2002 & 2003 during the SARS crisis period. During that time Alibaba & JD.com – both E-Commerce grew significantly and they are still growing. Clients are moving to online retail in order to avoid going to the store to avoid catching or spreading infection.
“People are gradually moving from offline shopping to online and the habit won’t disappear when the epidemic is over. “
“This will have a very positive impact on the whole eCommerce industry.” Zhong Zhenshan, Vice-president of emerging technology research, IDC.
Why You Should Digitize Your Business :
Documents or information in digital format stored in the cloud or as we call it, Data – the most important point when thinking about digital trends. At an information-driven world, we all are running after it to collect, increase & protect. Hi-tech modern security restrictions to protect digital data really works well throughout all the industries and sectors globally. Needless to mention vulnerability issues when working with physical documents, like getting torn, destroyed, etc.
With all the critical business data available in real-time on a mobile device, You save extra expenses, you save time – Printing, sorting, filing requires tons of billable working hours instead of a few clicks. You and your employees can access it any time from virtually everywhere, starting from comprehensive financial information on stock quotes, market data, communication with customers in an efficient way and up to field workers able to communicate all the changes right away.
Top Sectores Where Immediate Digitization Of Business Is Urgent:
To deliver continued improvements to the world’s health, healthcare will need to be transformed, with a digital platform playing a central role. Although few industries have the potential to be changed so profoundly by digital technology as healthcare, the challenges facing innovators should never be underestimated. Analytics of healthcare and digital trends highlights some of the regulatory barriers, economic hurdles, and difficulties in digitizing patient data awaiting those who wish to launch pioneering services. Healthcare businesses can formulate an outside-in strategy (through shifting the focus from managing inputs to delivering medical outcomes), creating a culture of innovation and creating a more effective customer experience.
Grocery & Food Delivery Sector:
eGrocery has seen rapid expansion during the outbreak. In China, on-demand local services company Meituan Dianping reported that sales of raw food products such as vegetables, meat, and seafood have tripled. There are millions of restaurants open for business but they are not able to let customers through the doors—meaning that delivery is the only option for generating revenue. In this situation their only option id online platform where users can scroll through, select & order what they desire, despite not getting the chance to go outside.
Banks have already taken a series of actions in reaction to the spread of COVID-19. Common steps we’ve seen include establishing a central task force, curtailing travel, suspending large-scale gatherings, segregating teams, making arrangements for teleworking, and refreshing external-vendor-interaction policies. Beyond these immediate and basic actions, banks should prioritize measures tailored to the particular combination of biological and market stresses and how they affect the global market. Most banking works are done through digital platforms now to avoid gathering.
The telecommunications and consumer technology industries continue to feel the impact of the coronavirus.
The initial outbreak of the coronavirus in China disrupted global supply chains, but as the outbreak has grown into a global pandemic, with over 125,000 confirmed cases across 118 countries, the consequences have become even more far-reaching and less predictable.
And as more employees are being asked to work remotely, the industry faces the prospect of delayed initiatives and missed partnership opportunities. Mobile World Congress, a seminal conference in the telecommunications industry, was among the first in a string of industry conferences and keynotes to be canceled as part of containment efforts. But the telecommunications and technology industries have also found opportunities to help with what matters most — keeping people safe and healthy — by aiding companies that are scrambling to make videoconferencing technology more broadly available, assisting governments to disseminate accurate information to citizens about the virus, and finding uses for smart city technologies to combat the pandemic.
Shoppers are turning to e-commerce more than ever, as stores continue to close. Many retailers have implemented digital strategies over the past few years but these offerings will be put to the test during the coronavirus pandemic. A lot of retailers are thinking, “Are we future-proof?” and this is a good moment to test that. In the current environment, one of the important channels to collect data and offer a memorable customer experience is off the table: the physical brick-and-mortar store, since many brands have closed their stores due to COVID-19. When brick-and-mortar retailers are reaching out to their customers in a digital form, they should strive to maintain a high level of personal communication; personalized, targeted marketing based on all customer data will be a strong advantage. People are spending a lot more time on their smartphones & laptops now and that’s part of the future and strategy in the next few months. There has never been a world where people are at home this much. This is the time for retailers to make decisions quickly and do so to improve their omnichannel and online capabilities.
Teaching & Learning Sector:
With the whole world under lockdown due to the pandemic crisis – all the institutional sectors have also closed down under the threat. The risk-control decisions have led millions of students into temporary ‘home-schooling’ situations, In just the past few weeks, we have seen learning consortiums and coalitions taking shape, with diverse stakeholders – including governments, publishers, education professionals, technology providers, and telecom network operators – coming together to utilize digital platforms as a temporary solution to the crisis. In emerging countries where education has predominantly been provided by the government, this could become a prevalent and consequential trend to future education.
Full-scale digitization is at the forefront of many such plans, including for manufacturers in all industries. IHL Group President Greg Buzek expects the current crisis to lead to increased investment into omnichannel technologies: “It is our view that the trends to optimize click-and-collect and delivery will double their previous investment as a result of people avoiding crowds for the next 90 days”. E-Commerce is robust and is able to answer the big questions, and that should give everyone in the industry a great deal of motivation to find answers to the current problems and then plan for the future. Many Chinese companies have already moved from crisis response to post-recovery planning. Although it is a hard time for the world, it is proof that eCommerce is robust and is able to answer the big questions. While these are trying times for the world, it also seems that eCommerce is currently solving a number of problems in real-time and is potentially saving the lives of people around the globe.
From all these examples, we can predict that the digital side of the business will grow at a faster pace than previous projections. This is the positive thing for the long-term goals of the digital transformation of our society.
About the Author
Tani – KDMI Digital Marketing Student
Short Intro: Namaste! I’m Tani, an Aquarius from Murshidabad, foods & books are my best friends, love to know about little tidbits.