The world has just been through a pandemic that has not just changed our lifestyles, but the entire business industry globally. With a major drop in consumer demand, many businesses have suffered great losses, and some of them even closed down temporarily. It was a hard time for everyone; the pandemic has not just shattered us emotionally, but also caused a financial crisis because of the unstable and uncertain economic conditions. COVID has impacted all walks of life, we have adjusted our lives to this new normal. Over this period of time, we get used to online shopping, working from home, and midnight food deliveries.
Well, it is not just our personal lives that have evolved, but the whole business world. The crises did not just lead to temporary changes in business, but many things have changed for good.
Read this blog to know how innovative technologies are taking over the business world and which industries are thriving in this post-pandemic world.
Thriving your Business in Post-Pandemic World
We have faced a major economic downturn during the pandemic. However, the new world comes with a lot of growth opportunities for new and existing businesses. Companies are being more conscious about keeping their brand relevant with the target audience, so they can build their credibility and gain the trust of their customers.
Below are mentioned some incredible technologies that seem like promising a better future to businesses globally.
Data Sciences – To Make Smarter Decisions
Big data has been around for a while, but after COVID-19 it is becoming a key driver of businesses decision-making. To be well-informed and reduce the potential risks, businesses are backing their decisions with data. Companies are deeply analyzing this data to carefully watch the customers’ buying behaviors, to understand their preferences and demands. Pandemic has already given a big hit to businesses, so now they have to be careful with their every move. Data contains little details about their customers, such as: Who they are? Where do they buy the products? How do they pay? What are their preferences?
For example, after the pandemic, the tendency of customers to buy online products increased, which makes it essential for businesses to enhance the online visibility of their brands. Data helps businesses understand customer behavior deeply which helps them make better decisions and develop strong strategies.
Translation and Localization – To Stay Relevant to Your Audiences
In this era of globalization, communicating your brand message effectively to the audience is critical to your business’s success. Research has shown that there are higher chances of customers buying from brands that speak their local languages. Brand localization is a practice that has been adopted by global businesses to better connect with their audiences. After 2020, the demand for translation and localization services is becoming higher like never before.
Language translations and brand localization is making it easier for companies to blend in with the global cultures and make their brand fit in the international landscape. The businesses that want to spread their roots globally should get their brand localized. By doing this, they can get away with cultural barriers and make their entry into the global marketplace smoother. It would also increase the competitive advantage because localized brands are more likely to grab the attention of customers.
Digitization – To Make Your Business Accessible
Well, digitization is now a novel concept for businesses. Over the past 2 decades, the world has experienced rapid digitization that has completely revolutionized our lives, and the way we do business. After the pandemic, digitization of business is not just an option, it has become a necessity. COVID-19 has made people more comfortable shopping online. Even those who have trust issues with online shopping pre-COVID, now get used to online purchasing during the pandemic.
In the first decade of the 21st century, the world was introduced to incredible digital technologies, in the second decade we have seen rapid adoption of digital technologies by businesses, and people. Now, this decade is more about the reliance on digital technology. The world is going all-digital; whether you want to book a cab, order food, or shop for groceries, you can do it all on your phone. Even the businesses that never bother about selling their products online are shifting to online platforms to reach maximum customers.
Digital Payments – To Make Purchasing Convenient
Exchanging cash during COVID-19 was a big concern for authorities because it can cause the spread of the virus. To control the spread of the corona and limit cash payments, digital payment methods become more common. The government encouraged the shopkeepers, store owners, and shopping malls to make contactless payments from their customers. It raises the need for more efficient and convenient payment technologies. Digital and plastic payments were there already, but not all businesses had adopted them. Especially for small businesses, it was a big challenge to convince their customers to make digital payments.
Now as customers are not just getting used to digital payment but also finding it to be more convenient and hassle-free. In the coming years, digital payments seem like becoming crucial for the business’s growth. Businesses should create interactive payment methods that are also usable for customers who are not tech-savvy.
Communication Tools – To Enhance Team Collaboration
Lack of good communication between employees can lead to reduced work efficiency. Having smart communication tools is becoming more essential for businesses to cope with changing market needs. Especially as more people have moved to work from homes and companies started hiring more remote employees, it is important to have robust digital communication that enables effective collaboration between team members and enhances their productivity. Using advanced communication tools would allow your employees to interact with each other and clients in real-time.
Cloud Services – To Cut Cost & Enhance Flexibility
Cloud technology comes with more convenience, flexibility, mobility, and cost-effectiveness. This is the main reason why businesses today prefer cloud over server-based services. Cloud technology is not only easier to manage but because of the centrally located information, it becomes easier for remote employees to collaborate with an in-house team. After COVID, the use of cloud services has increased so much. With its unlimited storage capacity, it has become easier for companies to scale their businesses and deal with the increasing business demands.
Cloud systems also make it more convenient for remote employees to work in collaboration with in-house employees regardless of their locations.
Emerging Industries Globally
Where COVID causes great loss to many companies, it also helps other industries thrive globally. Following are some major examples of an industry that emerged during the pandemic time and would grow further in the coming years.
During COVID times, providing health services and assistance to people at home without crowding up hospitals and clinics was the biggest challenge. There should be a proper system in place to provide healthcare services to people who are staying at home and couldn’t make it to the hospital during lockdowns. Not just that, making the health-related information available to people all across the globe was also important. The demand for digital healthcare services has dramatically increased over the past 2 years. Most patients are likely to acquire telehealth and medicine services even after COVID.
It is a huge opportunity for small businesses offering healthcare support, report management, and AI-powered systems. Entering the telehealth services business, healthcare providers have to partner with data analysts and digital patient examination systems. The telehealth business would grow with the adoption of innovative technology that would provide patients access to better healthcare services.
Where many other industries suffer from a huge loss, e-commerce businesses grow substantially during the pandemic. The answer is simple: people were avoiding going out of their homes and would prefer shopping online rather than visiting the physical store. E-commerce stores have made good sales during the covid time, and they are continuously growing even after the pandemic. Pandemic has made people easier with online shopping, and they have quite rapidly adopted e-commerce.
Widespread adoption of e-commerce, which might otherwise take years, happens in just a few months. Even in the countries where people were more used to physical shopping, cash payments must shift to online platforms because of lockdown and increasing corona concerns. The change happened so fast and e-commerce is emerging as a profitable business with a more promising future. Businesses are coming up with interactive, secure, and intuitive eCommerce platforms to make the customers’ shopping experience hassle-free.
During lockdowns, the schools and colleges remain closed for a very long time, which raises a need for online classes and e-learning programs. To engage the students with their education and keep the operations of the educational institutes running, schools and colleges started offering online educational services. Students also did online exams because it wasn’t known for how long students would be out of classrooms.
The pandemic also emerges from the need for advanced e-learning infrastructures to provide a better online environment to students and teachers that fill the gap between classroom learning and online education. The demand for e-learning platforms is constantly increasing and is not just limited to conventional education. People are also showing interest in acquiring different skills and learning creative stuff. There is a huge opportunity for the expansion of e-learning platforms that will be employed by schools, colleges, universities, and businesses.
Pandemic has a great contribution to mass consumption of OTT media streaming platforms, such as YouTube and Netflix. Pandemic leads to a major shift in the behaviors and lifestyles of people around the globe. Over the past two years, the demand for online media streaming services increased substantially. To kill their free time, people used to binge-watch movies, seasons, and documentaries, which results in 48% of adults in the United States subscribing to paid streaming services. The increased demand for online streaming services has become a parallel business to movie theaters. In some cases even more lucrative because of its reach. It has more perks to theaters like it offers more privacy as you can watch a good movie with your close social circle in a personal setting.
The demand for more content-rich stories for OTT platforms is continuously increasing. In the media streaming industry, there will be a growth of 21% by 2028.
With the increasing demand for e-commerce platforms, the need for delivery services also increases. A good online shopping experience is not just about an interactive website, easy payments, and quality products, but the delivery of goods should be on time without any damage. The same thing goes for the restaurant business, where dine-ins have been closed and people would order food online. Having a good delivery system is critical to making more happy customers.
Rather than depending on third-party service providers, many businesses have realized the significance of having their own delivery services to provide the best experience to their customers. The demand for such services may increase in the coming years, and there would be more need for platforms that offer seamless, safe, and fast delivery services across the globe. There’s a high demand for drone technologies, and businesses must come up with innovative delivery models.
The pandemic has had a huge impact on our lifestyles, priorities, and behaviors. It doesn’t just change us as people, but also changes the way we do our jobs and run businesses. The business world has seen a lot of rising and downs in the past 2 years. Some companies ran out of business, while others managed to make a good profit during this time. The change in customers’ demands and expectations also leads to new innovations and opportunities for businesses around the world. Technologies are evolving, and new industries are emerging, which comes with many growth opportunities for businesses.
It’s time to think out of the box and get out of the traditional ways to do your business because the world has changed so much so quickly, and it’s heading towards a brighter future. The businesses that will be well-informed are expected to make the most of this favorable time.