Current circumstances are taking effect on the way people live, and the commercial world has had to adapt in order to remain operational. Our reliance on digital platforms and technology has increased dramatically – more so than we could ever have imagined. What was already an important aspect of modern life has now become fundamental. Not only have we seen how important technology is for business, but also the way we socialise and communicate with our friends and family is increasingly dependant. Platforms such as Zoom and Houseparty are testament to this, and have seen their share price jump in recent weeks. On Tuesday 10th of March, Zoom’s share price was at 108.49 USD and had jumped to 159.56 USD on Monday 23rd of March. The effects of social restriction had become evident.
In the COVID-19 era, taking advantage of available technologies has become crucial. Unfortunately, for some industries this adaptation is not possible – but with innovation and some thinking outside the box, many industries can maintain trading, can retain clients and can continue to grow.
For small and medium enterprises there has been a drive towards e-commerce. This can be through the development of a website with a functioning online store, the use of video calling from home to consult with clients, and by boosting a social media presence through the output of branded content.
There is an unprecedented ambiguity that surrounds this crisis, in terms of “when will all be back to normal?”, “what will the long term effects be?” etc. – we all ask ourselves these questions on a daily basis. Indeed, many economic and societal experts argue that normality as we knew it may not resume. The consequence for this is that we as a people will be forced to evolve and adapt. Obviously, we need to consider the resources and avenues we do know will remain available. It is worth spending time using your imagination to think of how you can develop and pivot your own job or business to operate online.
Magnitu Digital is pleased to be able to assist with these changes, and will help your business find solutions to the difficulties we face in today’s trading circumstances. With innovation and communication, many businesses can continue to perform. As advocates and supporters of local commerce, Magnitu will customize our packages to suit the requirements of individual businesses. Stay safe.