The effect of Covid-19 on small business and digitalization
The failure to prevent a new respiratory ailment known as coronavirus disease 2019 or Covid-19 results in a global pandemic in March 2020. Governments across the world adopt lockdown and stay-at-home orders as the last option to prevent healthcare systems from crashing. In the next months, empty office buildings, home offices, closed restaurants, silent pubs, and clubs will become emblems of social isolation and the limits of interactions with other people.
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As a result of coronavirus, small business is being digitalized.
The coronavirus (Covid-19) pandemic has had a substantial impact on the world economy, particularly small enterprises.
Due to the pandemic’s uncertainty, imports and exports of commodities have come to a standstill as a result of restrictive measures to combat the virus’s spread. Producers of goods have withdrawn their properties off the market, and big suppliers have put their purchases on hold.
From big manufacturers of goods to small distributors, the industry’s numerous key stakeholders are all taking steps to stay in business, increase sales, and prevent losses as a result of the current small and medium scale business market slowdown.
Despite the fact that the internet has recently become the key source of information for potential customers, many small businesses still rely on full-page newspaper advertisements and hoardings. Many companies have spotted a chance to profit from the lockdown, which has forced people to stay at home and spend more time than usual on their phones or social media.
With so many different deals going on, social media sites like Facebook and LinkedIn have been flooded with information directed specifically at individuals who are still working and planning to invest or start a small business.
Virtual platforms have been adopted by experts in business management.
It is clear that the Covid-19 pandemic has irrevocably altered our way of life and work. The virus has infected every area, including our offices, houses, and outdoor areas. Small business owners have been harmed by the new coronavirus pandemic, which has hit every area of the economy.
Businesses that have realized the value of technology in managing their operations have reaped the benefits, from placing orders online to paying for items electronically to tracking their inventory online and generating invoices online. Virtual tours, a drone shot, or video walk-throughs were the main options for producing co-branded content while customer and board meetings were held via Google Meet and Zoom.
Many small enterprises that hadn’t recorded such videos before the pandemic rushed to produce them and employed professionals in assisting them in order to meet consumer demand. Similarly, some small businesses created online booking platforms to allow customers to select and purchase things online for a little cost. There was no need for face-to-face meetings to transfer payments.
About George Rossi:
George is the Chief Market and Broker Analyst at brokertested.com. Prior to that he served SVS Securities as Chief Market Analyst for two years and joined Morgan Stanley in Nov 2013 as Research Analyst.
George is a well-rounded financial services professional experienced in fundamental and technical analysis, global macroeconomic research, foreign exchange and commodity markets and an independent trader.
