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The surge of Covid-19 left a series of unprecedented losses and suffering and a trail of the economic crisis. But every grey cloud comes with its silver lining. The silver lining is the shift to digitalization and the transformation in the mode of payment worldwide. However, the provision of a cashless economy and online payments were already processed way before the pandemic found its way into our lives. But the fact remains that the needful boost required to accelerate the process came into being only during Covid.
This shift in digitalization is no new concept. It has been around for some decades now. Nevertheless, the burst of dependency on digital mode, in almost all sectors, has increased immensely during a pandemic, owing to the Covid protocols. According to a global survey, almost 97% of respondents have agreed that COVID-19 sped up digital transformation. What started as a necessary measure has now covered our lives out and out.
Online shopping has altogether taken a new leap in terms of success. People from all walks of life are now turning to online platforms to buy anything and everything. Customers are turning to online services, from ramen to refrigerators. This online turn has allowed small-scale businesses to grow and reach out to a large base of customers. Small startups in remote places now access the mainstream market through online channels. The stigma and fear circulating digital buying and purchasing are now peeling off. With the scepticism breaking, people have resorted to online purchases for groceries. Switching to online channels by customers has been received with equal zeal from retailers. The rapid shift to digitalization in online purchasing has been phenomenal, with people still sticking to this pattern even after the outbreak.
Plenty of things came to a sudden halt with the onset of Coronavirus. But you can’t stop them forever. Items that must succeed and stick around will find a way out even in the gravest moments. Maintaining a presence is precisely what many businesses do to stay in the market. Everyone switched to online platforms for video calls or conferences, from schools to Zumba classes, with even academicians taking classes on these channels. However, the trend of online meetings and zoom calls is slowly fading after things have settled down. However, things aren’t running as they used to; companies and establishments opt for a hybrid mode since its upsides greatly favour profits.
Arenas that have witnessed a remarkable transformation include the banking and payment sector. Many digital payment companies are booming their business amidst the pandemic by offering people a much-needed alternative. Owing to this, economies have escalated in various other sectors, including online pharmacies, online groceries, bill payments and streaming platforms. Contactless payment gained immense popularity around the time, and things haven’t been back to usual ever since.
The last couple of years or so have witnessed a Bonafide transformation in how people perceive digital services. From being extraordinarily sceptical and fearful to now wholly relying on online services for certain things, we have come a long way. When things settle down to normal, which it already is to an extent, going back to full-on offline mode wouldn’t be a great idea. digitalization has made lives much more accessible, with businesses also going up the success stairs. With digitalization comes the responsibility of educating people about the new system, for some might not be as savvy. With correct measures and regulations to prevent cyber crimes, the digital world won’t just be a far-fetched dream but a reality.