4 Ways Coronavirus Has Changed Business for the Better

4 Ways Coronavirus Has Changed Business for the Better

Coronavirus gave us one of the greatest economic shocks in history. Its effects are only comparable to those of the H1N1 influenza of 1918. The far-reaching effects of Covid-19 have forever changed how people conduct business. Technology was put to the test and delivered. Companies that had already begun moving their operations online are likely to make it through the pandemic.

However, businesses that require a physical presence, like commercial real estate firms, eateries, and transportation companies will need to learn new tricks to cope. Let’s look at 4 major ways Coronavirus has changed business for the better.

Accelerated Digital Transformation

Online business operations are no longer a far-fetched idea, business has moved online. When the pandemic first hit the globe, most businesses were ill-equipped to deal with shutdowns and new restrictions. 

But as guidelines have been established for retail stores, theaters, restaurants, and other businesses, organizations have found ways to cope. Even traditional brick and mortar businesses are now proactive about their online presence. This is what most businesses are doing to increase their visibility online.

Building a strong social media presence

Using efficient delivery methods with less or no physical contact

Enhancing cloud-based business operations

Working from home has given both employees and employers new options. Remote working is now the norm, and most companies will continue to embrace the work-from-home culture long after the pandemic is over.

Advancement of Healthcare Systems

Coronavirus triggered the quickest advancement of healthcare systems since the deadly Spanish Flu decades ago. We now have medical services like rapid point-of-care diagnostics and Telehealth (telemedicine). In addition to treating patients via telehealth, physicians also use live audio, video, and instant messaging to communicate with their patients remotely.

Hospitals now have virtual clinics that allow healthcare professionals and patients to meet. In the virtual clinic, both parties can assess previous reports of illnesses or injuries. The good thing is patients don’t have to wait for an in-person appointment at a hospital.

Other industries have followed suit and are also providing virtual services to decrease physical contact. For instance, lenders are now giving title loans online to speed up loan processing and to keep employees and customers safe.

Growth of Live Streaming

Governments continue to restrict social gatherings to flatten the coronavirus curve, and this has enhanced the popularity of live streaming. Gaming and Esports are gradually replacing traditional sports, and marketers are using live streaming to boost conversions. Research shows that livestream marketing boosts sales intent by 97% and increases brand association by 139%. 

Live streaming is great for business because it lets users engage with your brand in multiple ways. Your viewers can email or text their friends to tell them about the live stream, and prospects can easily find your business on social media.

A Different Form of Globalization

Manufacturing powerhouses such as China shut down early when Coronavirus first broke out—causing panic across supply chains. Governments and businesses had to find quick alternatives. For example, Sweden’s NA-KD. Com—a flourishing fashion company, moved some of its production from China to Turkey. 

Since travel and trade play a significant role in spreading the disease, globalization is now changing. Manufacturers have started to open up more production plants, embracing new opportunities for business continuity. 

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