Lahore: Digitization has increased tremendously during the crisis of Cove 19 and when the crisis is over, it will be the real impetus for its development.
Significant changes in the global economic landscape have been made since the end of the Covid 19 threat. Will Of course, according to technology, consumers, changing consumer attitudes, technology will be the real driving force in marketing, production, and purchasing.
Our economic planners and business people must develop strategies to ensure that we do not lag behind. Consumer confidence in Pakistan has returned faster than in other economies. However, the increase in goods and services has not reached the level before Code 19.
Buy pattern is; However, changed, air travel is need-based and mostly within the country. Most retailers are online. Our business should understand the post-code 19 environment that would be different from the pre-code 19 era.
The reason for the initial increase in consumer demand in all areas is the increase in demand. Most purchases were halted during the epidemic. As it dwindled, so did the demand for cars, motorcycles, and household goods. People who postponed purchases had resources when the markets opened, but they had to arrange for additional resources because prices have risen significantly. No one believes this tempo will last long, as middle-class consumers have seen their revenues decline and prices rise.
If we look at global trends, McKinsey’s latest survey, published in late October, found that older populated countries such as France, Italy and Japan are less optimistic than less populous countries like India. And Indonesia
Pakistan has a much higher number of young people than these two countries. We can expect consumer spending to be strong. But consumer confidence in India and Indonesia is clearer than in Pakistan.
Spending will only recover faster at the rate at which people feel confident about becoming mobile again – and there is a clear difference in their attitudes across the country.
The travel department was destroyed during the crash. In the case of Pakistan, overseas travel has been reduced, although domestic air travel has benefited. There are two types of travel, one for pleasure and the other for business. Pleasant travel is fast approaching, but business travel has slowed. During epidemics, traders have realized that they can arrange most of their meetings via video call.
The effective use of technology during an epidemic and the economic constraints that many companies will face for years could delay the start of a long-term structural change in the business journey.
COVID-19 has been devastating for small businesses. This was especially painful for the millions of small and medium enterprises (SMEs) operating informally in Pakistan.
Their losses cannot be documented, and the state is at a loss as to how to compensate them. One attempt to subsidize their electricity bills was not enough to rehabilitate them. Healthcare has also changed significantly, with telehealth and biopharmaceuticals emerging.
Excessive use of technology has reduced productivity and costs. Entrepreneurs taking advantage of the technology will continue to make it more stable, which will mean less jobs in its offerings.
According to McKinsey, production capacity in the United States has increased by 10.6 percent, the biggest improvement in six months since 1965.
Production capacity in Pakistan has always been below world standards. Many business people were forced to adopt technology during the Quaid-19 summit when workers were not available.
At first, they were reluctant to buy the technology because of its initial cost. However, during the epidemic, they had no choice but to invest. Now they have realized the benefits of artificial intelligence and the accompanying performance.
For consumer industries, in particular, for retailers, this could mean improving digital and general channel business models. Growth from a small base in the retail sector will suffice. It’s just a matter of time, because the transformation of online retail is real, and most of it will stick.
Sales directly from consumers require the development of new skills, abilities and business and pricing models. But the trend is clear: too many users are running online. Companies will have to go there to reach them.
Climate change will be high on the agenda of foreign buyers. Our exporters must produce sustainable products or lose orders. The most difficult task for governments is to solve their financial problems.
Pakistan was already running an unregulated fiscal deficit which has increased since Code 19. After the expiration of the moratorium on bilateral foreign loans, the government will be prohibited from taking more loans.
Will it raise taxes further or reduce costs? Doing so could lead to a slowdown in recovery and the risk of triggering a political backlash.