What features do business models have to satisfy the effects caused by COVID-19 in lifestyles? What industries have been impacted, and what new opportunities are emerging for business?
We have been confined due to the COVID-19 pandemic for months now, and our lifestyles have irrevocably altered. In the way we work, eat, shop, learn, and have fun. These transformations are radical and, in most cases, they are not a primary consequence of the pandemic, but of the fast-tracking in the digital transformation that it has caused.
Accelerating Digital Transformation
The digital transformation curve of acceleration accompanies the economic deterioration spiral caused by the COVID-19. The connectivity achieved by computers and mobile devices has made the innovation of business models inevitable.
According to a study by Twilio, the COVID-19 pandemic boosted digital transformation in six years. In other words, how we work today is equivalent to what was predicted for 2026. This is majorly due to a cause of pandemic over which we have no control.
Transformation of Business Models
Organizations are rethinking their service model with the support of digital technology to move to new business models:
- From individual interaction with your clients to multi-channel personal relationships (i.e., website, mobile app, chat, social networks, call center, etc.),
- from each follow-up to queries for assistance to massive follow-up of each person’s requirements,
- from learning individually to learning from each other,
- from handling market segments to communicating with vibrant and increasing communities in real-time,
- From offering assistance on a case-by-case basis to continually and permanently offering it.
As you understand them, these guidelines will change business models.
The specialist field in Technology, Media and Telecommunications (TMT) of the consulting company PwC promises to make this worthwhile leaving home and visiting a supermarket, an automotive agency, a mechanical shop, the theatre, or a hospital will look for something that justifies it. To generate and sustain an enduring relationship with their clients, organizations that attended exclusively in person must generate.
Unique Business Opportunities
#1 Advanced Online Education: Universities, colleges, and organizations worldwide have had to determine whether to move their education to online programs or postpone courses. There are resources relating to the development of interactive content, seminars, and advanced sessions. The production and management of technology systems and organizations with a faculty capable of remotely supporting students can be achieved by digitalization.
#2 Fostering Health and Well-being at Home: Through broadcasting for their users, companies related to people fitness and well-being offer classes online. There is space for campaigns related to food and personally tailored diets, training and supervision of athletes, and online sale of dietary supplements in this sector. To help them execute their online plan, most will need someone.
#3 Transformation in Entertainment & Culture: The prohibition of large crowds of people was restricted to museums, cinemas, theatres, libraries, academies, and theme parks. Therefore, there will be ample opportunities for those who digitize the content and enhance total immersion in remote events.
#4 Enhanced Services in Logistics: Large companies’dependence on centralizing China’s production has highlighted the risk that it brings to the table. There is a new demand for more dispersed and organized procurement in different locations and vendors that guarantees the advantages of economies of scale. For anyone that can create global channels that bind purchasers and suppliers reliably, there are immeasurable opportunities.
#5 3D Printing: The 3D printing industry will mainly find opportunities to surge the challenges created by this pandemic. By printing tools, articles of personal use, sanitary objects, oxygen masks, and many more tools for adaptations can benefit the industry.
How to Devise a Best Business Model
Organizations must understand the needs of their clients and put their issues at the forefront of their focus. To build a profitable business, it is essential to have a clear understanding of your clients.
Brilliant business models in today’s market will transform your organization and decide whether your company is profitable. Try to get out of the cage and consider the right path for your organization. What other ways are there to helps the clients with value? The limit is the horizon. Think outside the box and don’t adhere to the status quo. Our Creativity GoFounders business opportunities platform encourages you to develop a successful business idea and encourages you to mess around with different business models scenarios.
For millions of people around the world, the pandemic has had catastrophic effects on their business models. However, the recession has also contributed to a massive acceleration in the digital transition of the world economy and, with it, the development of market opportunities for those who want to take them abroad.