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The world is still recovering from the outbreak of the coronavirus, and many businesses were forced to discover and adopt new strategies to stay relevant and competitive. Indeed Covid-19 served as a reminder that it is people that make a business, not just policies or systems. The business world is not oblivious to the overall impact the pandemic has had on economies globally. Still, there are some positive lessons that are worth noting and below are a few.
The pandemic shifted focus and caused business owners and managers to pay more attention to their employees. Most companies have been quite successful at addressing their employees’ basic needs of security, stability, and safety during the COVID-19 crisis. With the e-commerce initiatives in place, businesses have put their employees’ safety at the top of their priority lists, making working more convenient and allowing employees to address personal issues and take care of their families.
The true potential of e-commerce
The pandemic had everyone worried about their job security and business operations with the social distancing restrictions and lockdowns. And even though it took a while to get adjusted to the ”new normal,” slowly, many companies went digital and allowed employees to work from home. Ecommerce platforms like Shopify and eBay saw unprecedented growth in 2020. Additionally, businesses that once resisted online purchases or sales have capitalized on the evolution of e-commerce by setting up online shops. If you have not gotten in on the action for some reason, it is not too late. Experts say eCommerce business growth is still on the rise and will continue even after Covid-19.
Importance of transparency and communication
Several companies and local businesses have discovered the importance of constant communication with employees and customers as it has proven to be the best way to handle the crisis. Clear and consistent contact was crucial to ease the concerns of employees and customers during the COVID-19 outbreak. More companies are advised to monitor the process and effectively communicate the issues of covid-19 that affect the business. Even though strategic planning sessions are better in person than online, the pandemic proved that people could be productive even without being in the same space.
Identifying and responding to risks
The uprising health and economic effects of the pandemic pose new threats daily, and corporate leaders are expected to identify and prioritize them. For example, digitization poses risks to the business; cybersecurity risk, third-party risk, business continuity risk, and data privacy risk; this means that companies have to be proactive in managing these risks if they are to dominate e-commerce.
For many folks in the business world, it is no longer business as usual but an awakening to the reality that a global crisis could throw everything they thought they knew out the window in a second. The awakening calls for a review of corporate and workplace systems, including prioritizing the things and people that matter.
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