The coronavirus outbreak since December 2019 that would probably spin throughout this Fiscal Year 2020 did not entirely wreck the global market. Unlike previously written posts and online articles that the market crashed, the market has just shown a remarkable shift that other business executives failed to imagine. To substantiate the claim, many technology companies, whether small-scale or large-scale business organizations, finally found their spot in the market though some of them already danced with the music. Those companies that did only just hover in the air waiting to land on the right spot could find their way down to hit the market. Some of them used technology and other innovative products, but they failed to sustain it. For those businesses that grew online despite the COVID-19 pandemic, they burgeoned and grew to defy the risky move in the market.
Adapting to technologies appeared to be the only option for business frontrunners to take to survive from this financial fiasco. For example, startup companies can sell their products and services online. They only deliver products to shrink the interactions between businesses and crowds. In doing so, business leaders could grow their management practices in the long run since more people these days no visit the brick-and-mortar institutions due to fears of virus transmission. Besides, the mandate of the local and national governments to implement the stay-at-home, social distancing, and face-mask policies adds to the frustration. In other words, business frontrunners could hardly attract customers since the government officials issued stern mandates to close all business establishments except those institutions that would deal with and offer food assistance, medicine, and other means. For example, business managers who loved to sell fruit juice products could still gain if they retailed their products online. They only needed a few employees to deliver the products. Because of these situations, business managers had to do something to beat the crisis and the staggering market. Therefore, adapting to the online market and other technologies to endorse innovative products could be the best way to prosper.
As well, some companies, such as ZOOM, NETFLIX, DISNEY, AMAZON, HULU, and many others found their markets online. They grew their sales and other marketing revenues due to the influx of subscribers and users alike. Netflix, for instance, saw potential growth in the market since moviegoers who could not go outside would only prefer to watch films with loved ones at home. If companies, such as Zoom, Netflix, Disney, Amazon, Hulu, and the like grew, the question now would be obvious why others could not succeed. The available opportunities have just been right there, which they only needed to pick up. Moreover, online companies that had the chance to grow their business operations still thrived due to their full use of the online market. Adaption to online businesses would mean the migration of new ideas with technology to succeed in the process. Because of the COVID-19 pandemic, many blossomed; whereas, others felt shocked in the unexpected market change.
Photo credit: J. Luis Esquivel on Unsplash
