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How Has the Pandemic Changed the Dynamics of the World Economy?

We all have been affected in one form or the other by the global Coronavirus pandemic. While we know how many companies have faced hard times, some companies have improved their situation. Indeed, many businesses are experiencing positive results that have come from the midst of this crisis. Let us talk about the business impact of COVID-19.

Industrial impact

In the post-pandemic era, the services that relied heavily or completely on mobility have suffered the most. Transportation companies like Uber and fitness centres and the tourist industry, for example, have suffered huge losses and, in many instances, completely shut down operations. Others have been forced to cut their staff and give up physical offices, and limit the client’s interactions to online conversations.

Technology’s impact

Due to COVID-19 requiring social distancing norms and working at home, companies face a new degree of IT issues. In addition, the requirement to take instantaneous decisions and oversee internal and external operations online is causing C-suite executives to ramp their systems’ resilience speedily. In many cases, this will require a complete overhaul of their IT infrastructure.

Demand for DTC Has Increased

There’s been a surge of DTC brands in the last few years. Eliminating the middleman (e.g., the department store or marketplaces online) allows companies to establish solid customer relationships with competitive prices and the capacity to change. In addition, as many companies struggle to manage a complicated supply chain, DTC brands have rapidly changed their supply chains to ensure that they continue to run smoothly.

Learning & Education

In the realm of Education, the pandemic has intensified inequality, inclusion and dropout rates. However, with remote and online learning here to stay, institutions have a “once-in-a-generation chance” to reconfigure their use of physical and virtual space. And we all know that online classes are not as effective as offline classes.

New methods of working

A lot of us work at home, earning reduced wages or face other issues. This gives us the chance to think about how we are working. It’s been proven that long days at the office and sweaty commutes aren’t as important as we believed. Most people think they’re equipped to work at home, and various companies are adopting this culture.

Closing Lines

This is the perfect time for businesses to examine how they’ve changed to the current environment and decide which modifications they’d like to continue building on into the future. This unprecedented situation has taught us a lot about how mother nature can create havoc in no time.

Reference URL :

https://www.mckinsey.com/business-functions/strategy-and-corporate-finance/our-insights/the-coronavirus-effect-on-global-economic-sentiment

https://www.worldbank.org/en/news/feature/2020/06/08/the-global-economic-outlook-during-the-covid-19-pandemic-a-changed-world

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