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What is the Future of businesses after Covid-19

- Business
What is the Future of businesses after Covid-19

Last week, the government lifted up strict restrictions and allowed some businesses to resume their work. Still, there were some limitations but it was lenient. All the businesses were to follow social distancing and public safety guidelines. Which we should expect in the upcoming time as well.

But, you know what I did as soon as that happened?

I went to my hairdresser and got rid of my obnoxiously uneven long hair. Now I feel so light and right.

Surprisingly, this time I had to follow totally different steps to get my haircut done. This time I had to take an appointment through the shop’s mobile application which I never had done at that shop. I was given a slot to be present there. As I went to the salon and reached the doorstep. There was a doorman who handed me some sanitizer and checked my temperature with a body temperature gun. I entered the salon and saw two men standing and doing grooming work with a facemask, hazmat suit, and gloves in their hands. Even, they sprayed some liquid solution before I sat on the barber chair to sanitize it. Also, after having my haircut, I had to do the payment through the app.

As if this wasn’t enough, on my way home, I stopped by the cafe where I usually go for coffee. Here too, I passed from the same steps as a salon. As soon as I stepped into the cafe, There was a whiteboard, and as I glanced at it, I burst out with laughter and amazement. They had written that day’s body temperatures of their workers with the name and designations. I thought, “ What has COVID 19 turned businesses into.” Well, moving ahead, unlike every time this time I had to scan the barcode on my table to get the menu on my mobile phone. I ordered it, savor my favorite coffee, and again paid through my mobile wallet instead of cash transaction.

While sitting at the coffee table, I had a thought about the businesses and how it would look like after COVID 19. Through my that day’s experiences and some research, this blog has come to life.

I can assure you that there would definitely be a paradigm shift in running a business after the pandemic. If you are an entrepreneur or business owner, you must know how businesses will look like after the pandemic. Here are some insights and future predictions of businesses and how it will be run.

Digitization Will be a Priority of Most Businesses

Digitization Will be a Priority of Most Businesses

Salons, restaurants, brick and mortar stores, medical stores, clinics, and hospitals, you name it, after this horrific pandemic, most businesses are going to shift their focus to the digital platforms. Those who don’t have a website will move to online. And those who have already their presence online will step up their game with mobile applications and other advanced technologies. Technologies like IoT (Internet of things), AI (Artificial intelligence), AR/VR, and more will shape up the foundation of the businesses.

As people will prefer to browse, shop, and order online, businesses will have to think about providing such platforms to survive in the competition. People will prefer online ordering, they won’t take a chance even if the situations will come under control.

Restaurants will have their websites and on-demand delivery apps, pharmacies will deliver medicines to the patients’ doorstep, an online consultation will be more practiced among patients, e-Commerce stores will become more advanced with chatbots and other new technologies. Even in the logistics and supply chain, automation will take place. In short, after COVID 19 businesses will digitize their operations to attract more customers.

Cashless Payment Will be a New Norm

Cashless Payment Will be a New Norm

Well, digitization and cashless payment go hand in hand. Every business that will turn their business into a digital platform will accept the payments digitally. They would want the checkout process and payment process to be super easy for their customers. So, by integrating suitable payment gateways in their websites or applications, they will receive the payment directly in their bank. Even offline businesses will also install a barcode system that will allow people to pay through mobile wallets and save themselves from the hassle of giving changes. Also, businesses will have to keep in mind social distancing and safety measures, so implementing touchless payment would be a great idea on their part.

On-Demand Economy Will Get a Boost

On-Demand Economy Will Get a Boost

Wannabe entrepreneurs will turn their eye to the on-demand economy and think of starting a business that provides customers services on demand. They will build and strategize their business plan by considering the future in their mind. They will take the lesson from this pandemic and try to create a sustainable revenue model that doesn’t get affected by such kinds of pandemics and hard times.

They know that customers today want everything on their fingertips. They have become so much addicted to mobile apps and websites to complete their most work. Ordering pizza, booking a cab, sending a parcel, hiring a plumber, moving goods, and doing other daily chores, customers today are heavily dependent on on-demand mobile apps. Grocery delivery apps like Instacart and Amazon fresh are witnessing a sky-high growth in this pandemic. So, even after COVID 19, most consumers will prefer to buy from on-demand platforms because of its convenience which will encourage new startups to invest in the on-demand economy.

Work From Home Will Become Mainstream

Work From Home Will Become Mainstream

Businesses that require manpower at the site will implement new technologies and automation in their operations. Also, they would take extra measures and care of their workers by employing smart products and advanced technologies.

On the other hand, businesses and companies that don’t need an on-site workforce will encourage work from home. Thanks to the revolutionary collaboration tools, video conferencing apps, and productivity apps, employers now are able to manage their workforce efficiently. Video conferencing apps like Zoom, Microsoft Teams, and Google Hangouts have made it convenient for teams to take instant meetings for making better decisions. Collaboration tools like Trello, Evernote, and Slack have worked as a bridge between different teams. Also for  IT company owners, they will have better options for choosing the right candidate for the job as they could even hire a person from different states and in some cases countries.

Education Will Be Revolutionized

Education Will Be Revolutionized

As soon as the lockdown was announced, the surge in the downloads of the educational apps was visible. Apps like Byju’s, Unacademy, Coursera, Quizlet, Udemy, Udacity, and more have seen unprecedented growth.

Even after COVID 19, the trend isn’t going anywhere. Initially, students and parents weren’t aware of such kinds of educational platforms. And even if they were aware of it, they didn’t know the full potential of these kinds of Edtech apps. Now that this pandemic has forced them to move online they have gotten to know these platforms better. It wouldn’t be an overstatement if I say that the majority of students and teachers will prefer to learn and teach on these sorts of platforms after COVID 19. Of course, schools and colleges aren’t going anywhere.

Teachers are earning extra income on their extra time and students are finding new ways of learning with teachers from different places. So, be prepared to see a host of new online education platforms and startups revolving around it in the coming years.

Conclusion

Businesses have been affected immensely in the COVID 19 situation. Some have got hit due to unsustainable business models and some due to the pandemic itself. Businesses that already had a digital platform for their consumers haven’t affected that much. In fact, some of them have witnessed a larger number of customers than ever.

As we have predicted the future of the businesses after COVID 19, It remains to be seen how fast these businesses adopt digitization for their business. The trend suggests that the sooner they will accept the digitization, the faster they will grow.

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