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How Digital Concept is Saving Businesses from Huge Loss?

30 Nov 2020

At present, the technology industry is experiencing the Coronavirus effect, with a few of them are shutting down their offices and stores. Important technology organizations had announced earlier that they will temporarily be closing their few corporate offices, production facilities, and retail outlets throughout the world. These companies include big tech giants like Apple, Microsoft, Tesla, Samsung, and Google. However, small companies are still fighting the pandemic and facing the consequences of the pandemic as they cannot afford to close themselves. They know if they will decide to shut down their one and only production site or selling outlet, they would never be able to stand up again. All their efforts, investment, and dedication will go waste as they don’t have much financial backup to restore.

Getting digital by creating a business website or business app with the help of a web development company and promoting it for better customer reach has saved millions of local businesses as well as start-ups. Before we discuss how getting digital proved positive for many, let’s first discuss the impact of the pandemic on the technology industry.

IMPACTS ON TECHNOLOGY INDUSTRIES

  • Decreased Productivity: Closures to production plants and offices have reduced productivity. Although many large corporations rely on China for manufacturing, production delays in smartphones, tablets, smart speakers, and more have hit the technology sector particularly hard. The supply chain across the world has already begun to break down. Even if the coronavirus calms down, these supply chain issues will have a very negative effect on our economy, since about 70 percent of our GDP is linked to consumer purchases.
  • Uncertainty in funding: While the complexity remains, funding may be less available. As the coronavirus’s economic impact on the US and the global economy is still uncertain, investors may hesitate to take investment risks. Investors can still keep some contingency capital, should their current investments need it during this turbulent time.
  • Delay in important events: Notable events around the world have introduced additional security protocols, such as digitally hosting the ceremony, while some have been phoned off or postponed to a later date.
  • The dilemma in the stock market: Profitability has been affected, which has drastically affected the share market. In short, investors are in a dilemma whether they expect stocks to bounce back, or this is just the beginning of a bear market. Additionally, market sales have slowed down as more people feel that it is too dangerous to venture into stores.
  • Challenges for start-ups: Struggling firms can see ample disruption to bring them over the edge. Going concern and causes for goodwill loss are likely when the economic effect of coronavirus is evaluated.

HOW WEB & MOBILE DEVELOPMENT IS PROVING BENEFICIAL FOR SMALL BUSINESSES IN PANDEMIC?

Big names in the digital world are surviving well as they have strong financial backups. The real problem is for start-ups and local businesses that are on the verge of cessation. Website development, mobile app development, and digital marketing gave hope to them and helped them stay in touch with their customers.

Indeed, people are still scared of going out shopping. Though pandemic condition in several countries has improved a lot, but people are not ready to risk their lives. They find online shopping through mobile or apps as a beat way to keep their life going. Looking at the current market trend many local vendors and small shops are ringing their stores online and different IT start-ups are taking the benefit of this situation by guiding merchants through the whole process of getting digital.

Even big brands are making the best use of mobile apps and websites to connect with their customers giving them several buying and payment options, free shipping doorstep deliveries, and some of them even offered special discounts.

The whole idea behind getting digital is to stay in contact with your existing audience and try to add more, if possible to keep your business running.

The benefits of web development are not limited to shopkeepers and local stores many educational institutions such as schools, colleges, and even universities have turned digital so that students can stay in touch with their teachers. Online classes and lectures are a new virtual class for the student these days which has encouraged many institutions to develop their personal portals for online classes, meetings, and personal sessions with the teacher.

Most of the professionals from different industrial niches like pharmaceutical, IT, customer care recruitment, and operations are working from the comfort of their homes. Company affairs and tasks are going seamlessly as everyone is connected through one or the other web or mobile application. Things are going in the same way as they used to be before the pandemic, but the ways of doing them have changed completely. This is a “New Normal” that we all have to accept.

CONCLUSION

The effect of the coronavirus outbreak needs brands to travel at an unparalleled pace to serve their consumers with consistency while being concerned about their employees. This means re-evaluating how contact centers are leveraged, how workers deliver specific customer services, where they operate, and how digital platforms can be used to help increase the number of contact centers.

Ranjit Singh

Ranjit Singh is the Chief Executive Officer (CEO) at RV Technologies. In the past 10+ years, he has focused on helping clients to expand their business through the best digital solutions. Leading a team of 100+ employees, he knows how to implement the best market practices to transform a client’s business growth and help him achieve dedicated goals.