COVID-19 And The Emerging New Normal

Business is no long as usual since the beginning of the year when the corona virus pandemic started, because, many traditional business models have been disrupted and new innovative digital solutions have emerged, which have rapidly transformed the economic environment.

Waiting and expecting a return to the old ways is a futile exercise. Our old ways have passed away and might never return after the COVID-19 pandemic is long gone. There is now a new normal, therefore, it is expedient for us to begin to learn the ropes and adapt the new rules governing the conduct of business in the post-COVID-19 era.

The New Digital Economy

The global lockdown due to the pandemic has led to extensive economic disruptions, which have necessitated a rapid behavior change by many business owners, forcing them to find new remedies and innovative technologies that have helped to transform their business operations.

Many of such innovative technological solutions have been in existence long before the corona virus pandemic in the market that have helped many companies transformed the way they conduct business.

The COVID-19 pandemic has fast tracked the acceptance and application of these new technologies, which in extension have  strengthened the 5G and smart city project across the world, because, the current situation we are now facing, have left us no choice than to become part of the emerging digital economy.

Acculturation

Many business owners are finding it extremely difficult to accept the sudden change in life style and adjusting to the new culture and practices appears quite daunting. Whereas, many are still waiting for a return of normalcy, and in the process they have watched their businesses collapse, while others are quick to adjust and have found innovative ways to carry on, despite the stiff challenges they have faced, which resulted from the corona virus pandemic.

E-Learning and Teleconferencing

While educational institutions, religious worship centers and businesses remain shut due to the pandemic, some organizations and schools have looked for effective ways to keep their business operational. E-learning and teleconferencing have become an effective tool used by educational institutions to provide virtual tutorial and classes to their students, whereas, for many businesses, meetings and conferences have also moved online. Religious worship centers too have carried out praise and prayer sessions through virtual platforms.

Sadly, many of the organizations that are hopeful and are still waiting for normalcy to return; may have to remain shut down for a long time, which consequently, may lead to the bankruptcy and closure of their businesses, because, not to over-emphasize the fact, the expected normalcy might just never return after the corona virus pandemic is over.

Retailing and Merchandising

Social distancing and other safely measures put in place by government to guide the operations of retail outlets have created enormous bottlenecks, which have increased the time shoppers spend waiting on queues to make a purchases. To avert the unnecessary delays and waste of time, increasing number of shoppers have resorted to online stores, abandoning brick-and-mortar retail outlets.

In an attempt to address this shift of interest, increasingly, many retail stores are introducing ecommerce on their store websites, to cater for online shoppers. Retail outlets that fail to be innovative will continue to experience low customer turn out or may have to remain shut down, while waiting for the return of normalcy that may never be.

Marketing and Sales Promotions

Since the beginning of the year when the corona virus pandemic emanated from China, it has disrupted many business models, which have led to drastic changes, and how companies promote, and market their products and services have equally changed. Restriction of movement and personal contact have forced companies to evolve innovative ways of marketing and promoting sales.

Digital marketing is the new normal. Businesses and organizations that want to remain in operation during this COVID-19 era are now investing heavily on digital marketing promote their brand, since traditional methods are no longer as effective as they were in the past.

Alternate Banking Services

Innovation in the banking sector has also become more visible. Bank customers are one of the most hit by the disruptions caused by the COVID-19 pandemic. Restricted access to banking halls have created a nightmare for those who have one thing other the other to do in the bank. Banks have started to assign parts of their services, such as funds transfer and cash withdrawals to point of sale (POS) agents in an attempt to cut down on traffic and waiting time in banking halls in most of their branches as a way to improve their services.

Conclusion

If you are one those business owners that is still waiting for normalcy to return so you can carry on business as usual, you better rethink, because you just might be waiting in vain. The disruption caused by COVID-19 is overwhelming and has lead the closure of many businesses and brought about massive loss of jobs. I strongly recommend that you follow the trends and flow with the tides.

Even countries that are hitherto stable have experienced two digital inflation rates during this period. To continue to do business, we must learn to adjust to the new normal and begin to introduce innovative ways in compliance to health safety standards provided by governments around the world and from the World Health Organization (WHO).