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Prepare for new opportunities in business as the coronavirus (COVID-19) reshapes the economy.

04-12-20 11:40 AM By Alirio Martinez

There will be a big shift in the economy, helping the likes of the Digital Business strategy.

With businesses closing their doors and governments urging their citizens to stay home, the coronavirus has had a profound global impact. At Freeme-up.com, the company I work for, we have shifted to working from home, and we are still delivering on our projects, and keeping our promises to our clients. However, we can’t deny that companies, particularly those dependent on gathering people like events, and restaurants, are experiencing some of the biggest challenges.

Unfortunately, many businesses won’t see their customers back again like before the coronavirus. But even in the wake of a pandemic, there could still be a silver lining for them full of new opportunities.

The shift to digital

According to analysts, Google will likely see a 20% drop in the second quarter due to the coronavirus epidemic in traveling ads revenue. Despite that, there is still good news. Not everyone sees budget-cutting as the answer.

Another digital business strategy shift is toward virtual events. Even Microsoft decided to turn its biggest event of the year, the Build developer conference, into a virtual event. This trend presents an opportunity for virtual events startups like Hopin, which combines Twitch-style live streams of keynotes, Zoom-style video conferencing for groups, and one-to-one conversations. Even the banking industry is turning their strategy to digital business. One example is South Africa's Nedbank. Nedbank plans to accelerate the rollout of its digital strategy across Africa as customers avoid face-to-face banking to reduce the risk of coronavirus.

While the coronavirus pandemic presents business risks in some areas, it also offers opportunities in others. As a marketer or entrepreneur, the key is to acknowledge the potential threats while exploring the possibilities.

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Major shifts in the economy:

• The government will become a bigger part of the American economy.
• Americans will have less privacy and fewer rights.
• The poor, the lower-middle class and the rich will do better as government programs will help them. The upper-middle class, such as professionals, will get squeezed with higher taxes.
• A segment of the population will start saving more.
• More people will work from home.
• Corporations will not want to own or rent as much office real estate as before.
• Online education will become more popular.
• Colleges and universities will come under financial pressure.
• The shift to cloud computing will accelerate.
• Telemedicine will become popular.
• More people will buy groceries online.
• There will be a golden age of biotechnology.
• Supply chains will shift closer to home.
• Consumers will hoard.
• Corporations will hold more inventory.
e-Commerce will experience acceleration.
• Investors will struggle with the potential of massive deflation first and eventual massive inflation.
• Many brick-and-mortar retailers will be in trouble and so will the shopping malls.

Want to learn more?

We at Freeme-up.com offer a all around digital business strategy to switch your business to the new reality that is happening right now in front of everyone of us. We think that the more business owners wait the less chance for survive the time to come.
Book a free presentation or talk to one of our friendly on +1 (754) 240-9101 to learn more.

Other Article: Why is important to hire a bilingual VA in today's economy?

Related Article: Cost-Effectiveness: Full-time employee Vs. Virtual Assistant

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