It started as regular influenza but soon turned into a lethal disease. Its spread led to massive flight cancellations and sports suspensions. It is called Coronavirus (COVID-19) and it is going global. Since its emergence in China on December 1, COVID-19 was established in more than 120 countries. The death toll is rising daily, with Italy, China, and Iran suffering most, but a vaccine for Coronavirus is yet to be found.
Besides the dreadful human losses, Coronavirus is demolishing financial markets. Over the last three months, it has greatly shaken the world economy that has been slowing down its growth rate and showing signs of a halt and recession in many industries.
How did Coronavirus affect the economic market?
The threat of Coronavirus to the global market is overwhelming. China’s economy is in disarray. With a considerable fall in sales, Chinese manufactures are now facing a decline in their production. Many tech giants, including Samsung and LG, claimed a company crisis and put manufacturing on hold over COVID-19. Travel, leisure, and healthcare organizations are hit the hardest.
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The most effective way to resist global crises, whether coming out of epidemics or volatility in energy and oil markets, is to rest on online business benefits. With online business options, you become less dependent on externalities that normally undermine the operation of brick-and-mortar retailers and stores.
The outbreak of Coronavirus largely disrupted the industries where the physical presence of consumers is a necessity. With the introduction of quarantine, plenty of public places became a ban.
· Places to eat. It is believed that cafes and restaurants can stimulate the spread of the virus. By contrast, meal delivery services do not put their customers at risk by bringing food directly by their doorsteps.
· Places to visit. Museums, exhibitions, theaters, and cinemas are all dangerous for people during the COVID-19 outbreak. However, there are plenty of entertainment options on the web that can be accessed either via mobile devices or VR sets. Any user can get amazing interactive experiences without leaving their houses.
· Stores and shops. Conventional shopping experiences are not desirable either for similar reasons. This is why online retailers are going to take over the responsibility to meet every consumer’s needs. Amazon, Walmart, Alibaba, and others will have an opportunity to increase their profits.
· Educational institutions. Quarantined schools, colleges, and universities may be a pleasure for students. But in the long run, they won’t be happy with their level of knowledge once the admission time comes. E-learning is an excellent alternative for all the institutions that cannot provide a safe learning environment in real life. Besides, it is convenient for many students to access their knowledge base from home.
Keep in mind that all these business services online are possible with the adoption of technologies like AI, mobile app and web development, big data and analytics, as well as other IT solutions.
What sectors benefit from Coronavirus most?
1. The banking and finance industry. Though a financial crisis is looming in many states, people will still need reliable and user-friendly apps to handle their finances and make secure transactions. Similarly, some will use their mobile phones to access documents and prove their identity wherever they are.
2.The gaming industry. When offices and public places are temporarily prohibited, the majority of people, especially youngsters, will shift to gaming that acts as an effective distraction from sad events that are happening outside. As a result, the demand for gaming services and equipment is expected.
3. Social media. Unlike printed editions, online media will be in high demand. They are easily accessible, regularly updated, and likely to be the first to distribute breaking news and valuable information. Whether based on social media platforms or run as a separate website, social media will play the most crucial role during this Coronavirus outbreak.
How to stay afloat during the COVID-19 crisis
Here is a short rulebook for reducing the negative impact of COVID-19 and stimulating your business growth.
· Keep up with updates. Since the global situation changes daily, it is vital to be aware of the latest events that can potentially affect your business activity. If you stay updated on all the major developments in the universe, the odds of going in the wrong direction are very small.
· Avoid hype marketing campaigns. Even though today some things and trends matter a lot, tomorrow nobody will remember them. For that reason, you should choose evergreen values that make a difference irrespective of time and place.
· Rely on trustworthy sources. In the world of false information and defamation, it is important to read news from verifiable sources and listen to expert opinions because misconceptions on crucial issues may lead to grave consequences.
· Provide a balanced response. When a disaster hits, there is little time to react. Be sure to think not only about your business but also in-house and remote employees that are fully dependent on you as well as suppliers that may need your effort into their stabilization.
· Improve your understanding of what’s going on. At last, you should be extremely flexible in your reply to the crisis by issuing a policy that involves multivariate actions to avert or alleviate the COVID-19 bad effects.
With the help of smart IT solutions, you provide a great alternative for your target audience and save your company and online business from ruin during the time of epidemic.
Coronavirus is not one-time distress. There will be even more difficult times. But when you are guided by sound thinking and common sense, the chances of keeping your business alive are really high, and a bright future isn’t so far away…
Manage your business amid recession with online IT solutions, contact us at info@computools.com.
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