How Corona Virus will change the way of Global Business World

Corona Virus

The world is changing and we are entering a new world. The business condition in the post-coronavirus world is still in the dark. The Coronavirus or COVID-19 pandemic has forced humanity into a strict lockdown inside their homes. More than 210 countries and territories are suffering from Coronavirus and its impact is breaking the world economy.

The world is going through unprecedented economic turmoil. Small, medium and large businesses all alike are facing the horror Coronavirus has brought upon us. Some businesses are being forced to downsize or completely shut off. Many businesses are still at hold in the current situation and few businesses have found alternative ways on how they can work from their home.

This is a tough time for everyone, both customers and the owners alike. The majority of the businesses are incurring losses somehow. Employees and business owners were forced to switch to remote work from their homes. However, few businesses are doing good during this pandemic which we will talk about later in the article.

What changes are Business making?

In just a matter of weeks, the deadly pandemic has drastically changed the way businesses used to work. Now every business is trying to adapt to changes that will help them to sustain in this economy. Every business – big or small is trying to bring in innovation and new methods that will help them to operate efficiently.

They are trying to get used to this “new normal” and it is not easy for everyone. The very first change that every business had to do was shifting to remote from home. It means every employee and business owner had to work and communicate with each other from their home. As a result, this led to increasing demand over video conferencing software such as Zoom, Google Meet, Skype, etc.

As remote work began, it became tough for business owners to keep track of their employees. That is why most owners are relying on software like Apploye, InterGuard, MangoApp, etc. These are time tracking and employee monitoring software that helps the owners keep track of the employees’ work through the means of timesheets, screenshots, employee reports, etc.

Business owners can measure the productivity of employees themselves by measuring their activity level during the work hours. Furthermore, businesses are more adapting digital marketing strategies into their daily work. Even businesses that weren’t particularly aware of digital marketing techniques are using it to keep their business alive as well.

They are using Facebook Ads, Native Ads, boosting, etc. and other promotional techniques instead of only relying on traditional marketing. They are more prioritizing their website and their social media networks unlike before. They are implementing more digital strategies to keep their existing customers and gain new ones.

Skills that we can learn or polish during the lockdown

Corona Virus

The recent Corona pandemic has got the entire world on lockdown. People aren’t able to leave home for work, for shopping, for recreation, anything. A certain percentage of people have also lost their jobs.

However, as we are under lockdown and can’t leave our homes, this gives us ample time to do something productive, instead of wasting it meaninglessly by consuming media or just sitting at home doing nothing.

One of the best ways to utilize this time would be to learn a new skillset or polish up a long-forgotten one. A new skillset will help pave the way down your career path. People who have lost their jobs can use this to pursue a new one or go towards a different career path or even start their own business.

At a time when the world feels like it has stopped, we need to realize that time is precious now more than ever. As soon as the lockdown is over, everything will switch to high gear and started grinding, not giving us the time to casually catch up to it.

So, the skill set that should be acquired can be divided into these 4 criteria.

  • A skillset that has an immediate effect on your life, career, or business. Something that can be learned and implemented right now. Something that has immediate practical value.
  • A skillset that doesn’t require copious amounts of time to learn and assimilate. A skill that won’t take years out of our precious before it can be implemented.
  • A skillset that can be learned from home, and not another physical location. It goes without saying that at this point, it is highly advised to leave home no matter how important it is.
  • A skillset that can be learned according to one’s own pace. Whether one wishes to binge learn or pace out the process, it shouldn’t affect the outcome of the process itself.

Any skillset that ticks all 4 of these boxes is valuable and can easily become an asset. With that in mind, here are 5 skills that we should learn during this lockdown.

1. Coding: If there is one thing the Pandemic has taught businesses, it’s that they need to virtualize and automate certain aspects of their business if they wish to survive the next outbreak. Businesses may even have to give physical locations and automate themselves completely.

Therefore, coders will always be in demand, especially now more than ever. People with skills in CSS, HTML, and PHP, etc. will especially be in high demand. So coding skill is extremely valuable.

2. Digital Marketing: Businesses that have had some of their work done online, will now be motivated to shift even more towards that side. Before the pandemic, the transition towards digital marketing was just an option, now it will become a necessity.

This means that people how to build a funnel, generate traffic, or build websites, all these skillsets will be on high demand. Even someone who doesn’t wish to pursue this as their main job can just add this to their list of skills to raise their demand.

3. Closing: Closing or the ability to close a deal can also be considered a valuable skillset. Companies with a sales division are very likely to try and outsource their products and services without massive overhead. This gives people with the ability to close product deals over the phone or through video calling a space in these company’s sales division.

4. Project Management: With all the new transitions and large projects we have or haven’t discussed so far, companies will need project managers to make the processes smoother and more efficient. Project managers will not only have to work face to face with people but also virtually. Even for someone with his own business, this skill is a very valuable asset.

5. Copywriting: Every single social media post, email, ads, and landing page need copywriters. Companies that do any type of content marketing or advertising, need copywriters to stand out in the crowded virtual space. Every single company out there, if they do any sort of online marketing, they will need copywriters to write the scripts and the social media posts.

Future of Business after the Pandemic

Corona Virus

Coronavirus has currently imprisoned us at home. Sooner or later, it will pass and we will go back to our previous lives and our previous work. But will everything remain the same? Is the future of the business after the pandemic will be as exactly as before the pandemic began? The answer is NO.

The future is uncertain at the moment but some major aspects of how we do business will change. The lockdown is making us more virtual and relying more on the internet than before. People are figuring out the convenience of online work. They are realizing the opportunities online.

It is the case for both customers and business owners alike. The work culture we previously had will certainly change. From a business perspective, many of the businesses will be unable to return. As a result, they will be forced to shut down their operation. These businesses are mostly lower to mid-tier which run by the minimum profit margin.

Then, some businesses will either forced or willingly downsize themselves. Downsizing will ensure lower operational cost, that means they won’t disappear completely. Another reason for downsizing can be that by that time, most consumers will get used to online purchases.

Therefore, business owners only need space that will just showcase some of their highlighted products. The rest of the products will be completely shifted to online. Some businesses will completely shift to online as they will realize that opportunities and money can still be earned without even the physical operational cost.

Now from the consumer perspective, their online buying behavior will surely change. New consumer habits will be formed. This lockdown has made us search for the most convenient methods online to do our work. For example, since the restaurants are closed now, many of us are ordering food via delivery services such as FoodPanda or UberEATS.

At some point, the consumers will get used to ordering food like this. Therefore, once the restaurant opens, chances are that many consumers will still rely on these delivery services since it is very convenient than going to a restaurant and eating there. It is just one of the most common examples we will see.

Industries that are Booming due to the Pandemic

Corona Virus

Even though the majority of the industries are being negatively affected during the pandemic, there are still some industries that are booming, especially due to the pandemic!

Although the recent pandemic has affected many businesses, to the point where some had to be shut down due to irrecoverable losses, several industries have shown a booming growth during this crisis.

These industries should be taken note of, simply because they might prove to be a good career path or a good direction to start your own business. Here are the following industries that have shown growth in these trying times –

1. E-Learning: With a large number of businesses being shut down and so many companies trimming down workers to cut their losses, people, being stuck at home, have realized that they will need to equip themselves with new skills if they want to survive once the pandemic dies down. E-Learning is convenient too to help them learn these new skills. This is why a lot of E-Learning platforms have seen booming growth in the past few months.

2. Medical Products: With thousands upon thousands of people being affected with coronavirus every day, it’s no surprise that medical supplies will be in high demand right now. Even the prevention of this virus suggests that people need to wear masks and gloves when going out. Moreover, hospitals need major amounts of oxygen supplies, One-time-use masks, and gloves, hairnets, sanitizers, antibiotics, medicine, etc. Industries related to these products are seeing major growth during this pandemic.

3. Delivery services: The only way for people to not go out and still be able to buy daily necessities such as groceries, sanitizers, toilet paper, etc. is through delivery services. People shopping during this pandemic have no other way to reach their products other than a delivery service. So, this sector is also showing major growth.

4. In-Home Entertainment: Home entertainment services such as Netflix, Hulu, Disney streaming, and YouTube are showing exponential growth in their number of audiences during this lockdown period. Now is a great time for entertainers of any platforms as they can use this lockdown to build their audience base which will prove useful even when the lockdown is over.

5. Online Gaming: The video game industry has seen one of the largest growths among any industries during this pandemic. People with Consoles and computers are buying games left and right. Game selling and advertising platforms like Steam, Uplay store, Epic Games Store, GOG, etc. age cashing in on this opportunity and holding discount events and giving away free games to attract more customers. Game developers are also using this chance to release new games to get more audience.

6. Online Dating: As people are now isolated, they are lonelier than ever. Since it’s impossible to go out and meet somebody, online dating is the only opportunity for these people. Thus, online dating websites are getting more crowded right now and continue to do so as long as the lockdown stands.

7. Software Industry: Software such as Skype, Zoom, Facetime, etc. are in high demand right now as people need to work from their homes. Not only that, people who want to communicate with their loved ones are also doing it online. Software that helps people start online businesses are also in demand now more than ever. So any software related to communications is seeing considerable growth in this pandemic.

8. Supplement Industry: People are now more health-conscious than they were before this outbreak. Once it is over, people will want to get into shape or want to eat healthily. They want assurance that their immune system is strong. So Supplement industries are likely to see a good bump in sales.

9. Supermarket Industry: As people are stocking on groceries now more than ever, Supermarket industries are seeing an unprecedented amount of sales, to the point where they are out of stock on many products almost all the time.

10. Cleaning Industry: We know how necessary it is to stay clean during this outbreak if we want to stay safe. People are easily fear-driven and would like to have cleaner offices, hospitals, homes, etc. And it’s much easier and safer if they hire a professional to clean it for them. So, cleaning services are seeing considerable growth as well.

Conclusion

There is a phrasing that goes like “the sun rises after enormous darkness”, it means that plenty of opportunity sparkles after huge disasters. The Coronavirus will shape the future of the business to a certain extent. Many things will change, remote work will become more necessary.

Businesses will engage themselves more in digital marketing. Endless opportunities lie in digital marketing and many businesses are realizing that now. May businesses are discovering and exploring online and digital marketing strategies.

Soon, after the pandemic ends, they will implement these strategies into their own business. Many businesses will have to change their business model to sustain in the market. They will have to go digital and rely on digital marketing and its elements.

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