As per the recent reports, over 15.4 million people across the globe have been diagnosed positive with Covid-19. The novel coronavirus pandemic has now killed more than 631,000 people worldwide. The actual numbers are believed to be much higher due to testing shortages. The virus has been detected in nearly every country and it has affected almost all sectors of a country including the health sector, education sector, international trade, corporate sector, and banking sector, etc. ultimately hitting the world economies badly. In this whole scenario, there have been seen a few positive changes in business trends. It is expected that in the future these new emerging trends in business will reshape the way of business and will play an important role in the flourishing businesses in the competitive world.
1. Payments Through Mobile Phones “Mobile Commerce” and alternative “Non-Touching” ways of Payment
During the pandemic situation, one major area that has been witnessed to bring innovation drastically is how customers pay for goods and services while shopping either in malls or online. Customers adopted the non-touching way of payments by paying either from their mobile phones or using other payment applications provided by different telecom companies and financial institutions. Here it is important to discuss that not only customers adopted these methods for their safety and ease but also businesses whether operating in physical onsite stores or providing products and services online also put efforts to adopt new ways of payments and providing their customers with different options in the payment methods to make them realize that customers and employees ease and safety is most important for them.
2.Competition among Businesses as Customers Demand for Faster Delivery
For the e-commerce brands selling physical products whether working at a large scale or working with limited resources, there are few challenges worth taken into consideration than shipping products to their customers. So, providing free shipping may not be a problem for e-commerce brands but the demand of customers to get their orders fast is a real challenge to deal with. Many e-commerce brands were offering different shipping options to satisfy their customers but to provide faster delivery to the customers only a few e-commerce brands had been successful because of the availability of resources. E-commerce brands with limited resources were trying to meet the customers’ expectations to flourish their business. In the pandemic situation, many e-commerce brands working at large scale or small scale considered this matter and availed the opportunity to grab the customers by providing faster delivery to their customers.
3.Work from Home and Popularity of Cloud service
Before the pandemic situation, it has never been a normal practice in any country to Work from home because it is considered that work efficiency meets the expectation levels when employees of a certain company regularly come to their workplace and perform their duties and tasks under the observation of their seniors and also most of the bosses prefer to have employees work in the office rather than working in their homes. But Covid-19 situation has changed this whole scenario in a wat that companies now encourage employees to work from home and advise them to send the work done through a cloud service. In the education institutions, usage of cloud service has been noticed more as teachers and students are sharing reference materials, books, assignments, etc. through a cloud service.
4.Increasing Opportunities for Online-Education Apps and Games
Before the pandemic situation, all the routine life matters were normal but in the pandemic normal routine life matters have also faced the great change and in the present situation where people are required to stay indoors for such a long time, they probably have to figure out how to spend their time in this situation. In February, there has been observed an increase of 40 percent in app downloads weekly as compared to last year in the same time frame as per reports published. Gaming, education apps and entertainment apps are among the most popular downloads that has been done in this period according to the statistics published by different app companies. Although downloading of games is at the top, still the online-education apps are more considerable because nearly all schools, colleges and universities were closed due to safety reasons and students were required to take online courses.