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It is no longer news that the world has been working very hard to defeat the malicious Covid-19 that has been wreaking its devastating effects over the past months. There are currently about 1.8 million affected people worldwide and every facet of human interaction has been altered by the virus – social distancing and lockdown appear to be the new norm and humans have had to decipher new ways of handling issues surrounding health, education and even business transactions. Let’s take a look at how the pandemic has affected traditional ways of handling business.

Physical stores are being replaced by e-commerce

Major stores have been locked and social distancing has been clamoured for. What this means is that most people are now reliant on e-commerce stores to get their needs. Coronavirus has made it impossible for buyers to walk into stores and choose what they need- all they have to do these days is visit sites of online stores, buy all they want and have them delivered to their doorsteps. 

Another effect that is closely linked to this is the surge in the demand for delivery services since people will not be physically present in stores to pick up their goods.

With the increase in the use of online stores, cashless payment options like escrow and online card payment options have replaced the need for physical exchange of cash.

More remote interactions

Different business interactions ranging from walk in meetings to product launch events have now been replaced by virtual alternatives in this period. Business meetings and deals can be sealed over the internet with apps like Zoom and Google Meet. Product launch and guides can also be done virtually through webinars or podcasts. What this means is that even after we conquer the virus, most companies would have gotten comfortable with the virtual world and more remote working options will be explored.

Reliance on digital banking and drop in bank visits

To prevent the spread of Coronavirus, most banks have restricted visits to their branches and have advocated for more reliance on internet banking. Deposits, getting statement of account and bank transfers can now be done with unique bank apps or USSD codes. Even withdrawals can be done at designated ATMs- this means that we are getting fewer needs to visit a bank branch since we can now bank from the comfort of our homes via phones, tablets, laptops or desktop computers. 

Digital banking has also birthed the adoption of secure digital payment technology like the escrow service offered by Vesicash

Conclusion

We have explored some of the ways in which traditional ways of handling business have been affected by the Covid19 pandemic. The effect ranges from marketing to cashless payment options, e-commerce and reliance on digital banking. It is possible that the pandemic will carve out a new style for the business world and these effects might be the new norm. Has your business been affected in any way by Coronavirus? Shoot us a mail at info@vesicash.com, we will like to tell your story.