Business of the future: business switches to online format

Business of the future: business switches to online format

While all important offline events are cancelled, the business switches to the online format. Online trading all over the world was given an unexpected and powerful impetus for the development due to the coronavirus pandemic. Businesspeople realized that they can easily sell their goods online. The obvious advantage is cost savings. Economists said that from now on, they do not need to maintain huge warehouses, rent premises for shops and pay salaries to consultants. Of course, the virtual business has many nuances including disadvantages, but online opportunities significantly expand the prospects.

Online trading will develop rapidly in the future. Even if the quarantine ends and coronavirus is over, digital commerce will gain new impetus. Sales will develop especially on social media, such as online stores on Instagram. This is one of the most effective platforms for business. The digital economy is the future. Many enterprises, even business structures and financial institutions will switch to the online format. Banks will develop in this direction. After all, it is inefficient to create expensive branches in each region, when you can provide the same loans online. In the future, all procedures will be carried out online,” said Kazakh economist Arman Baiganov.

The expert is confident that many business areas will switch to online mode soon. Businesspeople already see great prospects in this. The world community takes an active part in the Global Online Expo, which has managed to attract tens of thousands companies from more than 100 countries. The exhibition would have been one of the major events in the world if it was held offline. On GlobalOnlineExpo website, participating countries receive their virtual pavilion and represent businesspeople.

More than 500 suppliers and nearly 6,000 customers took part from Kazakhstan. The assortment is ranging from clothes to agricultural products. Large, small and medium-sized businesses can take part in the exhibition for free. Organizers said that this is a quick access to potential customers and suppliers from different countries. It also entailed lower costs compared to traditional exhibitions.

Using the online platforms or social media or new digital technologies benefits all from producers and sellers to IT developers and customers. The digital economy receives an additional impetus as well. Analysts said that the main business rule is to keep up with the times and successfully adapt to new conditions.