How Did Tech Industries Prosper During the Pandemic?
The general feeling towards the Covid-19 pandemic is akin to what we feel towards unwelcome guests. Came without warning or invitation and overstayed its welcome. Not only did it cause tremendous discomfort, it also caused a stoppage in the smooth running of things. The business world also underwent tumultuous change. Some industries came to a standstill because of the physical restraints. But some industries rocketed, because their very nature allowed them to thrive in a digital world. The tech industry is one of the industries that prospered. In this blog, we explore how techies managed business growth during the pandemic. Technology tycoons could cross geographical boundaries and expand business internationally. If you are a techpreneur, read on to find out how you can find opportunities for international business growth, especially in India.
5 Factors That Allowed the Tech Industry’s International Business Expansion During the Pandemic
- Pressing Needs for Business Digitization
In the beginning, there was a full-blown lockdown. Then the restrictions eased, but this caused a spike in cases. So now, we are discussing about imposing a strict lockdown again. While we dance this dance, what are peoples’ expectations from businesses? They have certainly changed. Allowed to go out or not, people still prefer that their essential services be available online, from the safety of their own homes. Smart businessmen capitalized on this need and used the opportunity for business expansion.
The work from home culture forced employers and employees to opt for audio/video conferencing solutions. So suddenly, platforms like MS Teams, Skype, Google Meet, Zoom etc. found a large audience. This audience was global, so these platforms could expand internationally.
Students had to learn from home, giving business impetus to eLearning platforms like MasterClass, Byjus etc.
Of course, cooped up at home, with the theatres shut down, the only source of entertainment became OTT platforms like Netflix and Amazon Prime. These companies too, changed up their plans to attract a wider audience.
Doctors preferred their clinics to be as empty as possible so as not to become a hub for contagion. They too shifted to online check-ups and consultation.
As the audience grew, so did the need for digitization, customer support and maintenance. Businesses that weren’t online before rapidly digitized. This created a need for appointment scheduling solutions, A/V conferencing tools, online shopping, doorstep delivery tracking services, and digital payment wallets. The technology sector today has a huge potential in banking on these needs and coming up with their own solutions. India being such a fertile field for business growth, can be an avenue you can exploit. Now is the time to setup offices in India and perhaps start outsourcing to India.
- Impetus for eCommerce
Retail shops faced major challenges staying relevant. They were desperate to join the party and start delivering online. But not everyone wants to partner up with huge names in the industry and pay for expensive licences. These businesses wanted affordable solutions for selling on the internet. This included website development, SEO, social media marketing, virtual order management solutions, and doorstep delivery management solutions.
Platforms like Upworks and Fiverr became popular for freelancing. But they don’t have to eat that market. You can divert all this attention to your own business by letting audiences know you are ready to provide the exact services they are looking for. Because everything is anyway digital, small to medium enterprises in Indian have accepted that they may have to conduct business with a faceless organization. Automatically, they are ready to partner up with tech companies abroad. Why not make the most of this situation?
- Suitability for Remote Work
Because cloud computing has laid down a solid foundation, most tech businesses have shifted to the cloud. Even if an employee is at office quarters, chances are they will be working on the cloud which is accessible anytime, anywhere. That’s why it makes almost no difference if a tech employee is working on-site or remotely.
That’s why the tech industry survived the pandemic. Its employees are best suited for remote work. And as long as you are hiring remotely anyway, why hire local? This is an opportunity to start building up teams abroad.
You might want to look into global business expansion in India. For helpful resources, read our blog on remote hiring in India.
- Need For A Stronger Online Presence
The average consumer today looks at her / his own safety first and then the brand or quality of the business. Let’s take an example. Despite being their go-to online shopping platform, if Amazon does not provide doorstep delivery, customers will turn to their local retail shop which has come up with a quick online delivery model. This retail shop may not provide the best user experience or may not have the fanciest website, but it is providing something that even the giant Amazon isn’t. The times are changing. Social media and word of mouth is helping a lot of unknown businesses get the spotlight. Consequently, businesses are interested in procuring the services of digital marketers, web developers, app creators and others who will help them be present where the attention is.
And since the deployment of these services is online and accessible from any part of the world, businesses can expand rapidly to every nook and cranny of the world and cater to any audience which is interested.
- Valuing Creativity Over Traditions
We’ve all heard the fable of the branch that bent and survived whereas the obstinate twig broke in half. The pandemic world demands business flexibility. If you stubbornly want to the stick to your old way of doing things, chances are the pandemic will wipe you out.
Smart businesses realize this and are looking for ways to adapt to the new normal. They turn to tech companies which can provide innovative solutions to achieve this desired level of flexibility. This has given a lot of tech businesses a free-hand in creativity and innovation. If you have out-of-the-box ideas of connecting a supply and its need through an online interface, you will face less friction bringing these ideas to fruition now than ever before.
There are think tanks in the Bangalore region of India, continuously churning out new ideas. You definitely have scope to enter into business partnerships in India. Who knows? Maybe your collaboration will give the world something revolutionary.
If you run a technology company, your options for business expansion in India are practically limitless. If you need assistance with business setup in India, let us know your obstacles, and we will help clear them all.