Revive Your Business in the Post-Covid Era with the Help of Technology
Industries and consumer behavior reshaped by the pandemic
It’s no secret that the Covid-19 pandemic over the past yeаr has had a profound impact on health and government systems, the economy, and society worldwide. It has reshaped the way we live, communicate, work, and do business. The global pandemic has completely erased some industries and business models, while reviving others and giving birth to completely new ones. Despite all the current uncertainty, we can take one thing for granted: the world as we know it is changing, and in most cases – for the better.
Staying agile in an ever-changing reality
Though the financial performance of many businesses has suffered as a result of global lockdowns, Covid-19, 20, or 21 doesn’t have to spell their demise. To weather the storm and come out triumphant, businesses need to build long-term plans based on shifting consumer trends and preferences. While staying agile has always been a huge advantage to organizations small and large, building this value into the corporate culture and living by its principles has perhaps never been as important as it will be in the coming decade.
While corporations can’t predict the long-term impact of these global trend shifts, there are some ways they can mitigate the crisis and build business resilience and sustainability. It’s clear now that the post-Covid recovery of the economy will be driven by the digital economy and innovative technology solutions that didn’t exist prior to the 2019-2020 time period. Nevertheless, as has been the case with many previous global downturns, with crises come opportunities.
Building a more sustainable commercial framework for the future
While many industries and business models previously relied on a constant stream of revenue, the Covid era has demonstrated that this is no longer a given. For example, the airline service and airplane manufacturing sectors have been tremendously impacted by the pandemic, while healthcare, biotech, and digital communication services have received a substantial boost. So, what is a for-profit organization in one of these sectors to do when profits are dwindling with no end in sight? How does a large, capital-intensive behemoth switch course and explore alternative revenue sources?
Technology to the Covid rescue
Figuring out how to survive or even thrive in a crisis of Covid proportions certainly isn’t a trivial feat that can produce quick wins. Rather, it requires a solid, long-term strategy that is built on viable future predictions, the ability to mitigate losses even in a downturn, investing in the creation of alternative products and/or services, and providing even greater value to a customer whose spending power has lessened. In many cases, technology can aid this process – whether it’s being able to custom-build (e.g. 3D-print) components to customize and modify existing product models or offer new services through digital tools and applications.
New times require new tools
It’s no wonder corporations worldwide are turning to technology for solving challenges that are now exacerbated by the health pandemic – much of the global population has spent most of the past year confined to their homes, unable to interact or communicate face-to-face personally or professionally. The work-from-home era has given rise to many new enterprise applications and tools that help drive the productivity of remote, virtual teams. Many of these are widely available to organizations, while others are internally focused and must be custom-built. Whatever the organizational goals for staff creativity and productivity during lockdowns are, application developers can build tools to help achieve them, enabling new ways of communicating, ideating, innovating, and inventing product and service offerings.
Recognizing and addressing the trends
There are several important post-Covid-19 trends that are reshaping our reality as we know it and helping push through belated digital transformations; let’s examine a few of them:
- The days of physical retail shopping are not over. Customers are switching between online and offline shopping, resulting in a hybrid experience that brands need to accommodate. They need to reimagine in-store retail to incorporate engaging multi-channel showrooms and augmented or virtual experiences.
- International trade will have a comeback, thus, apps that facilitate it will be very useful and largely popular. With consumers purchasing more often cross-border, providers should diversify their offerings, utilizing innovative geographic strategies to capture demand and offer greater choice, better availability, and superior value.
- The importance of health and well-being cannot be overstated; the pandemic has further underscored the need for citizens to manage their health and for healthcare facilities to offer additional, digital services, assisted by apps.
Staying afloat through innovative tech solutions and apps
Brands need to strategically invest in their app presence by adding useful and unique functionalities, rather than replicating their websites and expecting to delight and retain customers that way. To kickstart your enterprise, corporate, or business app brainstorming process, contact the Pegus Digital team today.
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