How businesses have switched to onilne in the wake of the new normal
Covid 19 has brought many changes and one of them as the way we do business.
Article by APEC
The impact of COVID-19, especially lockdown measures has brought more consumers online and subsequently urged firms, especially small businesses, to go digital. This has opened a huge market for the average small business to reach a huge amount of customers. Digital knows no bound and a business can engage with someone in another country through digital platforms.
A report, “Supporting SMEs’ Digitalization Amid COVID-19,” recommends the prioritization of facilitation measures to make it easier for small businesses to operate online considering that the window between business survival and closure is narrowing amid the pandemic. To remain competitive, small businesses have to adapt quickly to the new realities of the market. There is little to no choice at all for them but to go digital, especially considering that lockdown measures will likely persist for some time or need to be re-introduced.
The role of small businesses is extremely significant as they provide employment and increase the economy's Gross Domestic Product. These firms contribute between 40 to 60 percent to the gross domestic product (GDP) in most economies and employ around 60 percent of workers. There are nearly 150 million businesses considered to be small businesses in the region.
The report finds that promoting the adoption of digital tools and solutions will help small businesses tap new revenue streams, reduce costs and eliminate pain points during the COVID-19 crisis, particularly around managing transactions at a distance, delivering goods efficiently and engaging with consumers.
The popular adage these days "The new normal" makes us realize that this new way of doing things is here to stay. Digital is the way to go and even after the pandemic is over, an online presence will give a business a competetive edge over its competitors.