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HOW COVID PANDEMIC AFFECTS BUSINESS

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Well, here I am going to talk about the affects of covid on business. It changes the whole criteria of some businesses. Some businesses realized the new opportunities during business while some businesses suffer al lot because of the pandemic. So, because of that there are so many impacts and trends that have come out of the corona virus crises so that would be very important for business and should need to be understand.

WORKING FROM HOME

Well because of corona virus pandemic peoples are working from home. Lots of businesses are rethinking about the entire business models they are rethinking do we still need offices but if we really very honest with ourselves proactivity has gone up from businesses but when people work from home is not necessarily great for everyone. There are some people that have amazing and comfortable offices in their houses and have all the equipment that they can do this very well but there are lots of peoples who are working from their kitchen tables they don’t have the comfortable chairs so would business are now really need to reimagine their own work spaces their offices and re support people working from home so they need to give them the right office equipment the right computer the comfortable chairs the right setup or also the mental health support that goes with it to really make sure everyone can work from home comfortably in the future. So, these small thing makes a big change in the business and for its health al lot.

BUSINEES MODEL INNOVATION

So now as concern for business model innovation what we really need to do now is do way of reflect what we are offering our customer how do we appropriate as business. We have seen is that lots of industries have been completely transformed during 2020. We have received in the hospitality industry in the events industry and businesses that have carried on driven other one and have been able to react very quickly. If you are restaurant and on day one of lockdown you really restore your restaurant and make sure that you have taken out abilities and their company is like even a formula one company that were producing ventilators then this is something like businesses should all is need to do like how the market is shifting and how we transformed our own business model and innovating your own business model is I think more important in 2020 than ever before.  this is the best thing you can do ever as you are the owner of your business and it ups to you how you can innovate it in a best way.

VERTUAL INTERFACES

Well virtual interface is in the big trend. Think about how can we deliver some of the services in the digital format especially using like augmented reality virtual reality and mixed reality. Well during the pandemic the people realize that actually we need to go to the shop to try on make up as if I can use an augmented reality app that allows me to put the make up on and try interested do I really need to have a consultation with a fashion advisor if my virtual our talk and try this on in VR and I can play this in a different settings be this is wall room or the office environment to see close what they actually look like from all different prospectives. So, this how try before you buy in this new world of virtual interfaces will continue in 2021 world and we are trying to form how businesses are offer their services.

AUTOMATION

Well what businesses have been doing is that if they look on their business processes and set where we can take people out of the process where they are not really adding true value. So, we will be seen this in warehouses in supply chains and we now have automated vehicles we have trucks and ships driving and selling auotonomously and we are seeing this in lots of business operations. We will not have check post that can be place call centers at least a big part of it and more and more we see in 2021 that so many works are doing automated even the work of a doctor waiter and so many other services are becoming automated.

GOING FROM GLOBAL TO LOCAL

What we are seeing in this current political and economic climate is that we have seen supply chains being distracted by coronavirus we are seeing increasing tension between the US and China. So, there are so many things happening in between countries as that the companies are rethinking where are am I sourcing my goods where am I selling my goods as we can say that the movements are becoming so localized by manufacturing more localized by localized more selling and this is also a movement towards more environmental. Because people where realize is I ready to ship my food and vegetables from across the world or can we close it locally and sell it locally so this is the big trend where business is really rethinking where the products come from and where they are going.

SOCIAL ENGAGEMENT

Well what companies need to do is that they have to make sure to engage with their customers and potential customers across social media. This is become such an important channel especially during the pandemic going for the moment and business that has to give a strong presence simply feel a bit lost they are suddenly have lost accense to customers. So, what we are seeing here is that there is a big push towards a more authentic presence in social media that is less curative by communication experts. Because of that they are influencing so many subscribers so this is all what is happening in 2021.

 

 

 

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