The coronavirus crisis is bringing about sweeping changes in the global economy and businesses. Wary of dependent on imports in the future, many countries are redrawing their supply chains, thinking of new ways to become self-reliant — Atmanirbhar, as India calls it — and investing in local enterprises.
It is a difficult time, but luckily for us, it came together very well. We worked collectively. However, at the same time the very basic things that we took for granted earlier was different, now it’s a different world where we are about to enter. A world which makes you stands six feet away from your fellow men! So you're learning new processes every day. We are learning how to make sure that our workplace is safe. We are learning how to sanitize office spaces, but there is no guide book that we can follow under these unique circumstances.
It seems that we are slowly moving towards a gradual removal of the lockdown for some sectors parts of the economy. The government doesn't have any other alternative other than focus on lives and livelihoods. The biggest challenge businesses will face will be restarting their operations. Even while a larger part of the enabling ecosystem continues to be in lockdown, parts like public transportation, etc., is likely to continue to be in lockdown and within the constraints of what we are allowed to do, we're going to have to ensure that we get our businesses back on track. And that will be the biggest challenge for business houses.
Simultaneously, traditional businesses that relied on human contact, mass gatherings and a large workforce are being replaced by technology-driven, less-contact innovations. The mantra, at the moment, is this: if you can’t do it online, you are soon going to be out of business.
Post Lock Down, what we have learnt so far is people are going to come back very different. It's not going to be the same human being you left before the lockdown and we think we're going to see a very gradual opening up of the world. At the same time you're going to see very changed people, who need to be handled very differently. We think life would never be the same ever again. We will see more compassionate and humanitarian requirements to deal with. It's going to be businesses that are more humane that will win and not the ones which focus on performances going forward. We have to keep in mind how do you keep these things together, how do you open your office and keep social distancing while managing your costs. Accept that the same way you worked earlier has changed and make work from home a way of life.
Coronavirus outrage is shaking up the global economy on a massive scale. The world is scrambling hard to combat the current and upcoming economic consequences of this black swan event. As this global economic crisis will be under control, it is expected that businesses will not return to normal for a long time. Even consumer behaviour will take a new turn. The hesitation among the consumers to go out and shop will be visibly seen, impacting the overall seller-buyer conventional journey.
The coming time will witness the incline of heavy traffic towards the online platform. This gives the golden opportunity to individuals for setting up their online businesses. Even, in the current scenario, going ahead with an online business will be a win-win situation for you.
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