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The Digital Transformation of Business Models

Health organizations are racing these days to find a cure for COVID-19. And as the world awaits the release of approved and tested treatments, businesses are seeking out different solutions to survive their losses and stabilize their market position.

COVID-19 is certainly a huge threat for businesses around the world. Many business leaders are already considering a shift in business operations, and some are still incapable to adapt to the situation or move quickly to maintain their market share, or even compete with their rivals in such conditions. Technology providers and digital agencies are giving a hand to businesses in different sectors to help maneuver their strategies to cope with the market needs since everyone is nowhere but on the internet.

Internet users have grown significantly during the global crisis, let’s take a look at this

Source: Statista

Economists are estimating that even if the virus spread starts to slow down, businesses will continue to struggle for a while to overcome their losses. Yet, technology providers and digital agencies are taking the leap and jumping forward with solutions to help businesses not only survive, but also to grow on digital grounds.

The digital marketing era has started years ago, yet some people have had doubts regarding its effectiveness and competitiveness, others still questioned if it was essential to exist online. Currently, digital technologies are changing how people and businesses work together to adapt to the new world in and after a pandemic crisis. With international firms shifting their entire businesses operations digitally, comes the power of digital marketing in increasing their traffic and conversion rates during the economic downturn. SMEs in different industries are working with agencies to help them build their own e-commerce platforms and boost their online existence to assure that their ROI is not at risk during the outbreak, and later. On the other hand, users have started their online exploration journeys, whether they are shopping for essential groceries or luxurious pieces.

From a different perspective, the changes in revenues across the ecommerce platforms have elevated as
a result of people embracing their social distance to illuminate the spread of the pandemic. According
to Social Media Today people are spending 20% of their time on Apps. During the lockdown.

Here is a sneak peek of the most downloaded Apps during Q1 2020.

Source: Social Media Today

Let’s hear the words from L’Oreal CEO Jean-Paul Agon discussing how the ecommerce growth will help offset coronavirus crisis on CBNC international TV.

According to Forbes data survey, online shopping sprees’ behaviors vary based on gender. Survey data shows that women are more likely to be concerned about the effects of COVID-19 more than men. It also shows that men are more likely to have it impact their shopping behaviors. One-third of men, compared to 25% of women, reported the pandemic affecting how much they spend on products. Additionally, 36% of men, compared to 28% of women, reported it affecting how much they are spending on experiences.

How about consumer’s behavior across online shopping during the outbreak?
Let’s dive in a little bit.

Source: Common Thread Collective

Both officials and medical experts are encouraging people to stay at home, and the more they stay at home, the more their needs increase; hence not only shopping for materialistic needs were boosted but also reaching out for service businesses has increased significantly.

A noticeable reach out to digital agencies have been observed, aiming to help provide online services in a user-friendly and accessible way; not only to rescue ROI but also to contribute during the global outbreak. Digital agencies around the world have started to contribute differently in response to the global crisis; some have started their free consultations programs that will help businesses thrive and other technology providers have started working on developing different high-tech surveillance applications to track the coronavirus and help prevent the virus spread through tracking the suspected cases, such as Singapore’s app. “Trace Together”.

The spread of the pandemic did not only shift daily activities to online platforms; but also, events, conferences and seminars have switched to virtual. A wave of conferences reconfigured as digital summits that can be attended remotely from home, have made huge statements among tech shows. Conference organizers are still working on more alternative options to keep the cycle going.

“Necessity Is the Mother of Invention”

No matter where you are in the world, no matter how low and desperate you feel, no matter how leak is the global situation, it’s not the end of the chapter, and there is always a solution. Overcome your pain and fears, even if you are committed to the pain, use it and transform your business.

GET DIGITAL!

If you have a new business approach to maintain your brand position or if you’re thinking to convert
your trade into e-commerce, Click Here and reach out to us. We’ll be glad to share our expertise with
you.

IGI 2: Covert Download
Why Companies Need to Shift their Marketing Strategies

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