Black swan events such as pandemics and recession change the orbit of economies and businesses. The SARS pandemic of 2002 catalysed the growth of e commerce giant Ali Baba as the biggest retailer of Asia. The transformation from a small ecommerce was fuelled due to travelling constrain and anxiety for human connect and contact similar to COVID-19. Subprime crisis of 2008 in the US led to reduced income and using assets in shared formed, therefore businesses like Uber and Airbnb gained popularity. Today COVID-19 demands remote working, telecommuting and use of advance digitalization once again.
Zomato is exploring new business opportunity as its delivery platform is a success even during the corona virus pandemic. The giant is in talk with online grocery start-ups Big Basket and Grofers, where it will facilitate deliveries and sell their food products and essentials on its own platform. This is a perfect blend of credentials of two different business and at a perfect time when Indian have to practice social distancing and refrain stepping out for daily necessity. The new business is tentatively called as Zomato Market.
Though online education is not uncommon, but new strategies are only developed during difficult times. Turkey has began airing broadcast school lessons, Bengaluru based world school will commence distance learning for uninterrupted education due to Corona virus where teachers will be uploading audio visual links and worksheets on ERP app. The most important features of synchronous online education are reviewing recorded content together with slides and interaction with the teacher through quizzes and live questions answered in the commentary. A research was conducted to evaluate online education quality, where more that 50% felt that online learning outperforms classroom. This clearly builds a plinth for a new era of techno education more extensively.
Pandemic has forced companies to rethink about their strategies. LVMH a conglomerate and lavish manufacturer of perfumes will convert it factories to make hand sanitizer. These sanitizers will be supplied in hospitals for free to aid spread of corona virus. However, LVMH hope to capitalize on the momentum as health habits and related products will continue to be in demand for decades to come. This strategy has been adopted worldwide by many other perfume manufacturers too.
The COVID-19 aftermath has plunged the Indian pharma into adversity. India pharma industry is taking this scenario as a wakeup call and looking forward to boost domestic manufacture of raw material for medicine to reduce dependence on Chinese imports. Currently Indian pharma the 3rd largest in the world rely on china to make even basic drugs such as over-the-counter painkiller and crocin due to which there is fear of drug shortage in India. Our country imports 70% of drugs from china. If India becomes self-sufficient in this sector, it will save foreign exchange of 30,000 crore and help upscale pharma operations within the country. This opportunity applies to other sectors too where dependency on other country is higher.
It is rightly said “Every problem is an opportunity in disguise” managing global supply chain to telecommuting to health care in a digitally advance form will have a disruptive strategy amid COVID-19. It will open several avenues to encash for the entire world.
Dipti Periwal
Assistant Professor
DR V N BRIMS, Thane
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