Global Business Expansion During the Covid-19 Pandemic
The year 2020 was a roller coaster ride. The entire world was thrown into a frenzy of changes and the business world also felt the impact. Some businesses found newer footing in the marketplace. Others couldn’t face these sudden challenges and consequently crumbled. Global business expansion strategies changed radically, on account of remote working and other pandemic restrictions.
In this blog, we discuss how various service industries updated their global business expansion strategies to adapt to the changing economy. If you think expanding your business internationally is not a priority in times of a worldwide pandemic, think again. Some of these industries rocketed, and taught us every cloud has a silver lining.
4 Prominent Business Expansion Effects of The Pandemic
- R&D Industries – An unlikely coupling with e-Learning
It was the onset of a sedentary life that gave impetus to the research and development industry. On the one hand, the scientific and medicinal industries went into overdrive for finding out possible vaccinations for Covid-19. But on the other, even unrelated industries started paying more attention to innovation and creativity. In fact, several employees in India were of the opinion that the WFH business model brought more flexibility to their work life. This allowed them more time and flexibility to get into e-Learning and online certifications. Even students had to start taking their classes remotely.
Seeing the opportunity, e-Learning institutes like Byju and Masterclass started releasing regular digital content, allowing people world over to learn remotely. Technology and IT industries – by their nature not getting any respite even in the pandemic – started looking into newer tech which could enable them to continue reaching their customers in the face of strict lockdown restrictions.
And because every mode of communication and learning became digital, research and e-learning industries could expand globally by catering to a global audience.
- Complementary Services
The pandemic acted like an equalizer; we were all united simply because we faced the same problems. Some industries jumped at the chance to get into allied markets that were not necessarily part of their business services.
An example would be eCommerce stores which started selling masks regardless of whether it fit well into the ‘theme’ of the services they otherwise offered.
Now, think. Can you remember the last time you visited a public place and didn’t see a sanitizer stand around? Another example of business expansion during the pandemic.
Several restaurants which previously only served dine-in customers partnered up with food delivery services like Zomato and started delivering to their customers’ home. Huge online retail stores could look into expanding business globally by fulfilling demands of the foreign customers via stronger delivery chains.
Of course, the hospital and pharmacy services received a major boost. Talks are still going on with countries like Russia and the US of importing Covid-19 vaccines. If you are part of these services, there is tremendous scope today for you to expand your business internationally.
- Remote Working
Remote working has now become a fact of life. The Work from Home business model went over some speed breakers initially but has now stabilised over time.
By 2028, 73% of all departments will have remote workers. (Source: Upwork)
Remote working has had some economical impact on businesses. For instance, the total cost of business operations has decimated.
Companies found out they could salvage additional funds because they had to stop investing in the maintenance of physical office spaces. With costs like electricity bills, canteen services, internet lease lines, office premises leases etc. out of the picture, companies could now channel these funds business growth. Companies can now think of setting up offices internationayll since even in-home employees are working remotely anyway.
Remote IT freelancers have found more work in these times. India is a hot plate for remote IT work. If you run an IT company outside India, you can think of approaching outsourcing services in India to get into the Indian markets.
India being the top choice of companies looking for outsourcing, the IT and business service market was predicted to reach $14.3 Billion by the end of 2020. (Source: PixelCrayons)
- Brand and Policy Decisions
A lot of businesses all over the world have felt the need of revising their key policy decisions. Companies have started updating their costing, offerings, and even mission statements.
Some companies did it to best recover from the pandemic. But others were forced to do so because they could not sustain their business otherwise. A few business sectors which faced work interruption during the pandemic were: real estate, travel agencies, automobile manufacturers and agencies, and airlines.
These services were not on anybody’s mind during the pandemic because everyone had just one priority: surviving.
To persist, some industries lowered their costs, changed their mode of operation to attract more customers, and switched up to offer Covid-relief measures instead. But some niches like the real estate market could not stay afloat and simply dipped.
- Key Takeaways
Change was definitely observed across markets. Some services adapted successfully and managed to expand their business. Some shifted their focus to newer avenues and were able to reach a newer audience by catering to the emerging pressing needs of people. Some services had to pause their business altogether. The IT and online businesses remain best suited for global expansion as they can very well thrive on remote work.
If you are a business owner who wants to skilfully manoeuvre the Covid-19 situation for maximal business growth, you ought to look at India as a lucrative market for expansion. If you need assistance tapping into these business opportunities, allow us to help you. Remunance aims to help all businesses achieve their best potential.