The Covid-19 pandemic has sent countries across the globe into an intense lockdown emergency mode with people having to stay locked up inside their homes and follow social distancing to prevent the virus from spreading. This has forced businesses around the world to use the power of technology for the existence and growth of their business.
On the other side, there are some businesses that cannot be shifted online. Doctors can’t treat patients and workers can’t supply goods to supermarkets from working behind a screen. Of course, every business will have to go down the lane of suffering due to the economic crisis and disruptions.
Even companies that were resilient to the principles of a distributed workforce are now following the concept of work from home. The ability to work from home is beneficial for the employees as they can work at convenient hours and clothes from the comfort of their homes.
Many companies are now taking in the concept of fast-tracking digital transformation for businesses. Digital transformation shall put the economy into a better condition, accelerate growth, and empower the digital era in the long run.
For consumer businesses, e-commerce has emerged to be the most beneficial tool which has digitalized many businesses like restaurant switching to app-mode deliveries, yoga classes, and online classes being delivered over video links, etc.
New digital businesses require marketing and advertising in order to reach potential customers and achieve the targeted scale of growth. They will need to strengthen their grip over digital marketing more than ever now. Videoconferencing platform Zoom has grown from 10 million to over 300 million daily users. Behind the scenes, insurance start-ups and banks are also adopting policies to enable more on-demand and flexible services.
Consumers are increasingly adapting to online grocery platforms to even buy perishable items such as milk, cheese, eggs, etc. The other category that is seeing increased transactions online, is of course handwash, sanitizers, and soaps. Big Basket claims that there has been a 2x growth in traffic and revenue and there has been a 15-20 percent increase in basket value.
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E-commerce grocery shopping is booming outside India too. According to a leading e-commerce US platform, Pacvue, there have been swells in Amazon searches for products like hand sanitizers, and anti-bacterial soaps. In fact, Amazon is facing inventory issues in the US since more and more customers daily are adapting to online grocery shopping. According to retail experts, the current rush in the growth of online grocery platforms will increase in the overall growth of the economy in the long run.
After this pandemic dies down, some companies may eventually go back to strict work-in-office policies, although some will realize the benefits of work from home concept for their employees. At least they will have enough valuable experience on how to accommodate work from home needs in the future when it’s required again due to another outbreak or other reasons.