Coronavirus has had a very bad impact on the economy. With the crash in the economy, a lot of people lost their jobs. Some people even believe that unemployement will have even worse impact of people’s mentality than the impact of coronavirus.
Many companies laid off thousands of their employees in one go.
We analyzed a list of 200 companies which laid off their employees. Over 27% of the companies were Travel companies.
Here is an infographic case study on the Layoffs Due To Coronavirus.
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Don’t forget to share this infographic on your social media.
History is a good indicator of our future. But only if we learn its lessons because it is important to understand that this pandemic is one which has changed our lives and businesses maybe for the better, in every area irrevocably. we are going to learn things that the company must do after this lockdown gets over as deep down its clear that Corona has successfully taken over our lives.
To get back to your 9 to 5, we should learn that there has to be a new normal and we have to adapt ourselves and the workplace to it. The Chain of lockdown has disrupted our work-life in a way we have never seen throughout the globe. And its seen that the majority of people around the world are working from home, daily wage workers and those in industries where remote working isn’t possible are facing the bad consequences of it. Employees who have the privilege to work for home, the idea of going back to work in their company could be a little daunting and out of their current daily tasks.
corona at workplace
Getting your businesses up and it should run smoothly simultaneously like earlier times could be like at your wit’s end for a company or business.
The way companies do businesses has advanced over the last decade. We always knew that flexible home working, using digital technology, was possible. Some firms have been using Microsoft teams, Zoom and Skype to conduct online meetings for years. In my honest opinion, what COVID-19 has done is just shown to us that we no longer need expensive land space in premium-priced cities to be effective or efficient. the bonus of no travel, closed offices and buying essentials means shows that we are also helping the nature.
Since COVID 19 has been a great leveler for everyone and its list of effects stands to be devastating.
it had affected our bodies, workplaces, and even the biggest of the world. Nobody expected it! That such a teensy weensy virus can make a big menace on such a large scale and so quickly, that we have to eventually change our lives, habits and daily rituals.
For several years we have heard voices about the coming financial crisis, but the direction it came from makes our eyes wide open. Indices of major Stock Exchanges, such as Nasdaq, are falling even by 9% in a single day. Investors are panicking, Many make haste decisions have been made due to emotional toll. And now it’s so crystal clear that the world is struggling with a crisis, forcing us to make changes for which we were never prepared for as in-person, companies, or organizations.
Output Of Major Industries Reduced Due to the Covid-19 Pandemic:
effect of covid-19 on industries
• Airlines and Hotel industry: between 70-75%
• Auto and advanced industries: 50-60%
• Construction and Real estate: 50%
• Consumer and Retail: 20-25%
• Chemicals: 15-20%
• Textiles: 50%
• Freight and Logistics: 40-45%
• Metals and Mining: 35-40%
• Oil and Gas: 20-25%
• Power: 20-25%
• Agriculture: 15%
• IT services: 10-15%
• Pharma: 10-15%
• Telecom: 0-5%
“Most industries will need to reactivate their entire supply chain, because the impact of Coronavirus was different in scale and timing in various countries across the world,” says Yogita Tulsiani, Co-founder, iXceed Solutions. “Leaders must, therefore, reassess their entire business system and plan for contingent actions to return their business to effective production at pace and scale,” says Tulsiani. “But the problem will become more complex as winter will bring new problems for many countries,” she says. “In my opinion, pay cuts, layoffs, deferring bonus in the payout, deferring salary payment is very much being implemented by many organizations,” she adds.
Now the biggest question is: Can their company stand at par with its previous productivity and a return to rehiring and training OR Will more companies move towards remote working?
COVID-19 in The Workplace
Due to the proximity of employees in workplaces, employers must consider the risks posed by the virus and the legislative obligations as employers. On any day they run the risk of their employees, business associates, and even clients who are infected with the virus bringing it into the workplace.
post corona effects on company
Occupational Health and Safety Obligations of an Employer
Section 8 of the Occupational Health and Safety Act (“OHSA”) obliges every employer to take reasonable measures to provide and maintain a safe working environment that does not pose a risk to the health of its employees. This obliges the employer to:
take steps to eliminate or mitigate any hazard or potential hazard, before resorting to protective equipment;
provide information, instructions, training and supervision that may be necessary to ensure the health and safety of employees at work;
enforce such measures as may be necessary in the interests of health and safety.
An employer is further prohibited from permitting a person to enter a workplace where the health and safety of such a person is at risk, in terms of the General Safety Regulations published under the OHSA.
An employer may require its employees to undergo medical testing for COVID-19 where:
• the employee has recently traveled to an area in which COVID-19 is prevalent; and/or
• the employee has had recent contact with persons traveling from an area in which COVID-19 is prevalent; and/or
• the employee exhibits symptoms consistent with the known symptoms of COVID-19.
Companies should establish periodic calls to employees to track deliverables and productivity
Tips Company Should Deal with Pitching Demands
plans for companies after lockdoen gets over
Encourage regular hand washing
Perform routine environmental cleaning
Encourage Sick Employees to Stay Home
Talk with Employees about Travel Plans
Increasing online penetration
Precautionary measures such as increasing store cleanings
Encouraging safe distancing among employees
Reopen offices with fewer employees
Not reopening underperforming workforce
Making a rooster plan so that alternative employees come to alternate days.
Taking forced leave
Employer should compel an employee, whom he reasonably suspects of having COVID-19, to medical testing
Employer should dismiss an employee who has contracted COVID-19 based on medical incapacity
Sick leave entitlements
Open Dialogue with Employees
Employers need to know how to decrease the spread of acute illnesses like coronavirus and lower the impact of COVID-19 in their workplace and share plans with their employees.
open communication
Plans should identify and communicate their objectives, which may include one or more of the following:
reducing transmission among staff
protecting people who are at higher risk for adverse health complications
maintaining business operations
minimizing adverse effects on other entities in their supply chains
It’s important, now, that whatever we do should include: virus severity, the impact of the virus on employees that at higher risk of infection, and possible increased number of employee absences.
Go-To Tips for Employees Getting Back to Work After Lockdown
Energize the body
Ensure voluntary physical distancing
Take care of workplace safeguards (masks, sanitizer, etc.)
Maintain your aura
Conserve mental energy
Find meaning in work — societal, organizational/corporate, client/target, team, and personal
Focus on solutions
Set positive aspirations
Stay focussed
Build relationships
tips to deal with corona virus
There’s a saying that the problem could be any big but it always comes with a solution and hence, it’s us who have to find it. For a company to bring on a new normal it has to work smartly. And, I don’t know if this could create a make-believe situation but there is a way:
Remote Work — A New Way of Work
Remote work stands not only for the benefits associated with the involvement of employees, their lower rotation, but also great potential for development. It’s an open-end opportunity to redefine what cooperation between a company and an employee is. How your team works depends more on them, and how you present them with priorities and goals can help them find the best solutions. The goals must be mutual, set, and specified. Thanks to this your team’s motivation to implement them will not decrease because they will know what they’re striving for. If people work together, aiming for one goal, they share responsibility for the project.
Remote work is also an opportunity for other ways of accounting for work, not necessarily for hours worked, but for results. The times when you have to sit in the office to finish the required 8 hours full time are over. This also gives more and more opportunities for businesses that can optimize their costs. You don’t need to maintain an office, equipment, buy coffee, and take care of fruit Thursdays. Just invest in tools that facilitate online work, and there are more and more of them of high quality.
A study five years ago showed a 13% increase in productivity when working from home. The reasons stated were the reduced number of breaks and sick leave. Not only work from home, but work from anywhere in the world is gaining more and more votes. By giving employees more freedom, limiting negative practices such as micromanagement, we allow people to grow and release their potential. With greater freedom comes greater responsibility and with it even greater employee involvement in what they do. This is confirmed by the State of Remote Work 2019 report prepared by Owl Labs. According to it, mobile workers with a 13% higher probability won’t want to change jobs for the next 5 years. This is something worth investing in!
Be ready for an operational shock!
So, take care of them and prepare yourself to go back to work once the lockdown ends with a clear mind full of determination!
As the fight against the contagious coronavirus continues, this world seems like a changed place. This pandemic is going to leave an everlasting effect on consumer behavior, with concerns shifting towards health and safety. Various guidelines have been published on how to continue with daily life without the fear of contracting the virus. This had made one thing clear- A contactless tomorrow is not just a remote possibility but is also a necessity. People are reassessing their ways of interacting with different organizations, demanding a whole new contactless experience. Here are a few practices that will help the business to ensure a contactless experience to it’s customers.
1. Contactless Deliveries
With the e-commerce organizations resuming their operations post this pandemic, consumers would feel safe with the deliveries only if it was contactless. Contactless deliveries can be executed in a myriad ways. It depends on the type of business, kind of item purchased, and environmental conditions of delivery. The organizations must be ahead of time in giving their customers a positive experience in a contactless market.
practice contactless delivery
i) Gaining Consumer Trust
The organization’s first step in such unprecedented times should be to ensure its customers about the safety measures being undertaken to give them a contactless experience. Different companies must have designed their own guidelines for different scenarios, but regardless of what those guidelines might be, expectations must be established with customers much ahead of time.
ii) Clear Communication
The business must maintain clear communication about the delivery,i.e. When, where, and how the item will be delivered. Unlike normal deliveries, contactless deliveries demand more transparency. There should be alerts when the order is processed, dispatched, or delivered. In other words, there are countless scenarios in which a business can respond to different situations. But the bottom line is that there must be clear communication and specificity between the business and the consumer.
Contactless payment is a way to pay for goods and services without using credit cards, debit cards, or hard cash. Normalcy in life is surely going to be hard to achieve post-pandemic. Unlike debit cards and credit cards, contactless payments never touch the point of sales thus making it one of the safest methods of payments for the current situation. thus, creating a contactless payment market would be a wise choice for all the businesses.
There are a number of ways in which proper contactless payments can be done with the help of some payment providers. Most of the organizations already use all such payment methods and for such businesses who were not using these payment methods much actively, this could be a great opportunity for introducing those features. The following are examples of different payment providers.
a) Apple Pay
Apple pay is a preprogrammed app called ‘wallet’ present on IOS mobile phones. There is no need of downloading any extra app because all of the transactions can be managed by apple pay itself. Users can feel secure using the app as it is one of the safest payment methods.
b) Samsung Pay
This contactless payment method is used py Samsung mobile users where one can carry all their debit cards, credit cards, or membership cards all in one place. It allows the user to pay online, in person, or in the app.
c) Google Pay
Google pay is another popular form of contactless payments used for users who do not have any in-built app on their mobile phones for online transactions. Users can feel confident as the transactions are protected with fingerprint, passwords, face-locks.
d) Paytm
Paytm helps the user to transfer money instantly at zero cost using the ‘Paytm wallet. This app can also be used for payments for online recharge, utility bill payments, book travel, or event tickets. The most appealing part about these payment methods is that the user gets gift coupons and vouchers regularly.
e) PhonePe
PhonePe is another famous contactless payment provider that ensures its users a seamless payment experience. Users can easily transfer money, pay utility bills, recharge phones, buy gold, and shop online as well as offline.
iii) Benefits of Contactless Payments
There are countless benefits of contactless payments not just in times like these. These payment methods, not just help the consumer but also allows the businesses in several ways.
a) It is More Secure than Regular Payment Methods
These are authenticated payment methods and are safer than regular transactions through debit and credit cards. The bank details provided by the user are encrypted which makes it hard to breach.
b) Quicker Checkouts
In this fast-tracked world, people want to get their work done faster. With contactless payments, you can speed up the check out process which benefits both the customer and the business. It rids you of returning the change and even saves you from entering pins of different devices.
c) It allows the Business to handle Customers smoothly
When a business reduces its time for completion of a transaction, it also attracts more customers. By providing contactless payments, a business can improve its customer experience and make them feel safe and confident in such hard times.
Conclusion
As we navigate this unprecedented crisis together, it’s important that all the sectors work together as a team. We hope that these research notes shed some light on the contactless customer experience.
On May 24 late night, the Bollywood superstar Salman Khan, along with former tennis player Mahesh Bhupathi, announced the launch of his new grooming and personal care brand FRSH. Salman Khan decided to launch a sanitizer as the first product under the brand considering the importance of hygiene and sanitization during the coronavirus pandemic.
Various governments and authorities are taking steps to contain the spread of coronavirus. Many celebrities, leaders, entrepreneurs are helping in their way to deal with the havoc caused by COVID-19. Some are rendering financial help while some are directly helping the affected. For instance, Kylie Jenner also announced that her brand would be manufacturing hand-sanitizers.
Amid the coronavirus or COVID-19 pandemic, sanitizers are in great demand around the globe as sanitizing is a key to safeguard against the deadly disease. Coronavirus has infected over 54 lakh people and killed more than 3.45 lakh patients. Thus, the need for sanitizers has seen a boom since the coronavirus outbreak.
Addressing the need of the hour, Salman Khan announced in a video on social media about the launch of a new personal care and grooming brand named FRSH which is co-founded by former tennis player Mahesh Bhupathi. The brand FRSH is co-created by Scentials Beauty Care and Wellness Pvt. Ltd.
Salman Khan also owns an apparel brand under Being Human – The Salman Khan Foundation which is a charitable trust devoted to education and healthcare initiatives for the underprivileged in India.
Salman Khan said in his video, “I am launching my new grooming & personal care brand FRSH as it is very essential to do sanitization. Initially, we had planned to launch deodorants under the brand but as per the need of the hour, we are bringing sanitizers. After sanitizers, other products like deodorants, body wipes, and perfumes will also be launched under the brand.”
The brand has also launched its official website https://www.frshworld.com. According to the website frshworld.com, currently, the frsh sanitizers are 72 percent alcohol-based to provide protection from the infection. The frsh sanitizers are available at its official website but later it will be available at stores. The products will also be available at various stores across the country once the supply begins Currently, people can buy the products from this official website at discounted prices.
FRSH sanitizers are 72% Alcohol based
The website frshworld.com shares an important message, “There are millions of germs and viruses out there that can make you ill and intercept you from life and career goals. Personal hygiene here plays a very important role. Maintaining good hygiene results in better health, of the body and the mind. And it all begins with your hands. Your hands are the busiest tools of your body. Germs on your hands can easily enter your body through your mouth, nose, eyes, or ears during your daily activities.
Hence it’s vital to keep them clean and sanitized always. Clean/sanitize objects that one may come in contact with, dispose of waste effectively, and use gloves when needed. In times like these, a little extra precaution goes a long way in ensuring the wellbeing of you and your entire family. FRSH world encourages you to sanitize! RAHO FRSH, RAHO SAFE!”
According to frshworld.com website, we can buy sanitizers in a pack of 2, 3, 5, 8, and 10. The prices of frsh sanitizer are: A 100 ml bottle of sanitizer is priced at Rs 50 and a 500 ml bottle of sanitizer costs Rs. 250. However, if one goes for combo sets, there will be discounts from 10 percent to 20 percent as per the website. A combo pack of 10 bottled consisting of 100 ml costs Rs. 400.
In the video post, Khan giving the logic behind this, says, “FRSH is spelled as F-R-S-H. If ‘there’ can be substituted with ‘thr’ then why cannot we substitute ‘fresh’ with ‘FRSH’.” After talking about the need for sanitization, Khan told that after a few days they will launch other products like deodorants, body wipe, and perfumes. He also talked about how the quality of FRSH is and that the prices will be affordable.
Salman Khan always releases his films on the occasion of Eid. But this year, due to COVID-19 lockdown, film releases and film shoots have been put on a hold. However, Khan from a new launch as he decided to make the most of this opportunity and gave his fans FRSH. Khan said that considering the need of the hour, sanitizer is more important than deodorants and perfumes.
Salman Khan actively posts videos on his social media handles to raise awareness about the importance of social distancing and personal hygiene. The actor has been utilizing his time during the lockdown to create awareness about the pandemic with the help of new music. Frsh sanitizer by Salman Khan is one such effort by the actor.
Today almost every country in the world is under lockdown due to COVID-19 pandemic to contain the coronavirus outbreak. Small businesses, startups & entrepreneurs are wondering how to survive lockdown. On one hand, you want to keep the operations going as long as possible but on the other hand, the health of yourself and your workforce is the top priority. There are survival tips that must be followed to protect your company to avoid closure of business.
The business has surely been slow since the last few months and with the coronavirus pandemic rapidly spreading around the world, the economies are falling down drastically. Now, as over a Billion Indians are under lockdown due to the novel Coronavirus. It has created many hurdles for many established business, startups and their employees to survive in markets.
Humankind has never witnessed anything like this before. Companies are complaining about stranded supplies and non-uniform implementation of orders by law-enforcing authorities. In addition to this; the ever-changing government rules and notifications that are putting restrictions on transport, gatherings, etc.
Due to COVID-19, there is a huge cloud of uncertainty and darkness but as an entrepreneur needs to deal smartly with the circumstances and understand what can be done differently to get over this crisis. Many are looking for business survival tips in lockdown.
While people are locked inside their houses for safety concerns,many major companies have adopted new ways to operate like asking employees to work-from-home, safely shutting down facilities, etc. As the markets have witnessed record falls, it is more difficult for startups to survive in this situation. So here are some strategies to help startups survive during lockdown.
Be Open and Honest with your Customers
Right now we are all facing uncertainty, may it be self-employed, business owners, stay-at-home parents or working a full-time job. It is important to keep our relationship with existing clients alive. Empathize because they are as badly hit as we are. So be honest with your customers and tell them what actions your business is taking.
Experts say, company’s website must be designed well as many customers can visit it during lockdown. Adding an FAQ section to your website is the easiest way to give your customers the info they need. Consider creating a pipeline of business through digital outreach. It is necessary to connect with older customers.
Work from Home Efficiently
Working from home is not a new strategy anymore but how to work efficiently from home is the question before many employees. In almost all affected countries, the advice is to work from home if you possibly can. According to a research, 86% of people feel less stressed working remotely.
To work efficiently, employees need to use the right kind of tools. Thus, startups must ask their employees to use video conferencing tools like Zoom, Google Meet, Skype, Slack, etc. Apart from this, one must ask employees to maintain strict hygiene while working remotely also. One must ask teams to have regular communication to inform about progress and updates.
Manage the Expenses
At this point, the only thing startups should focus on is staying afloat and come out of this situation diligently. This can only be done by managing the expenses in a proper way. Question every expense, get rid of everything that is not important, re-negotiate agreements with suppliers, take a hard look at team costs, chase every single receivable, and do not sell without advances. In times like this, the single focus is to keep the business afloat at all costs, which may need founders to be very careful.
Find out what Help Government is offering
Many governments across the world, are just putting measures to fight COVID-19 but they are also rendering financial help to startups and SMEs to restore falling economy. For instance, the UK has announced plans to offer various grants, loan schemes, reduced business rates, and statutory sick pay relief for SMEs.
The US Government recently announced a $2 trillion relief package for its citizens and businesses, impacted by Covid-19 pandemic. New Zealand’s measures include wage subsidies for small businesses. So, it’s your responsibility as entrepreneur to keep yourself updated with any such help offered. It is advised to check your local city or state website to find out what steps officials are taking or what is available in your area.
If you haven’t got one yet, it is advisable to claim your Google My Business listing now. It’s free and it will help customers find your business online. If you already have Google My Business page, log in to your account and you’ll see a new option on the homepage called “Coronavirus (COVID-19) ” option that has been added recently.
By following the link, you will reach a page where one can make suggested changes to their business information. There one can update their business hours, adding extra services they are offering to customers or their local community or informing them about delays to normal service and so on.
It is necessary to communicate with Suppliers and devise plans accordingly
Move your Sales to Online Shop
Now, selling your products one-to-one is impossible due to lockdown but selling online is still an option. Selling online has never been easier and now is the perfect time to start an online shop to earn extra revenue. Depending on your country, postal services and couriers might still be running, otherwise, lots of companies are starting to offer “doorstep deliveries.”
It is totally safe as the business owner drops the parcel on the doorstep and the customer collects it from there, so there’s no contact involved. This is also a great way to help the people in your community get the goods they need. This may help the operations keep going due to continuous cashflow.
Keep in touch with your Suppliers
Because of restrictions on transport and meetings, there might be interruptions in the supplies you need to make your products or do your job, depending on your line of work. Knowing this ahead of time and keeping track of inventory can help you prepare and set realistic expectations for your customers.
You can ask the suppliers or vendors how long it will take them to deliver the goods. If it’s going to take you longer to fulfil orders than usual, your customers will be more understanding if you let them know in advance.
Looking at the current scenario, stabilization of inventory and logistics may not be achieved immediately. But businesses should then turn their attention to pre-booking rail and air freight capacity and using after-sales stock ensuring continuity in their supply chain network.
Take Tough calls
According to experts, the need of the hour is to make a impartial analysis of the current state or position of your startup and take tough calls based on that even if it means merging your startup with another venture. Sooner or later, startups will come face to face with the reality-survive at any cost.
To take such calls, entrepreneurs would require support and help to think clearly. A few other options, that founders can explore, are holding on a favourite project or letting go of a resource that might be valuable but not affordable at this hour.
Have Patience
During this tough time, having patience until things restore back is really essential. For this, a team has a valuable role to play. A Team should be strength, motivating and bonding the team is important. A leader must share the situation so that the team can support and help. Sharing the problems can give hope and might find you a solution to deal with the situation.
Each new learning becomes a rule, and each failed attempt becomes new learning. In the matter of just a week, India went from a do-not-panic state to a state of complete lockdown. So during such testing times, there are several financial and legal aspects that all businesses should bear in mind to lower risks and cut down on their losses. By adopting the appropriate strategies, any business can survive this lockdown. And remember it is a matter of time!
The COVID-19 pandemic has created a big problem not only for the people but a bigger problem for the government of the respective countries of the world. This pandemic has now led to so many deaths in the whole world and that too due to its wide spread of virus by the physical contact. Now, government of the countries are trying to have the social distance within the society and trying to resolve the problem of group working so that people can work with minimum or without physical contact. On looking in this case, many experts are saying that drones can play a key role by helping people in different ways to prevent further spread of the corona virus outbreak and any other upcoming pandemic in the future. So, let us see the complete report on the role of drones in the upcoming future.
Role of drones in the working sectors
1) Drones as a Surveillance device
Drones as a Surveillance device
All the government authorities across the world are trying to prevent the spread of the virus. This can be only possible by reducing the people contact (group of bulk interactions). For this, most of the countries are imposing the ban of mass gatherings in order to ensure a social distancing which can only limit physical contact and can help in the wide spread of such pandemic in the upcoming future.
Drones can help the police and the security officials to monitor the people’s movement and social gatherings. Police and the security officials will be helped by eliminating such gatherings from the society which will eventually decrease the risk to society.
Police and security authorities can also use drones for any type of broadcast messages and information for any type of measures taken for the betterment of the society like the lockdown or anything else. This can work effectively especially in the rural area where, there is a lack of technology resources and any type of open communication channels for health information or anything related to their betterment. Drones equipped with loudspeakers can be used for making any type of public announcements for any type of necessary precautions or for making social-distancing or even for wearing the mask if found outside the home. Let us make you know that the countries like China and many European countries are using drones for broadcasting messages to public while doing surveillance.
3) Drones as a Medicine and Grocery Deliveries device
Drones as a Medicine and Grocery Deliveries device
During this pandemic, we have seen the global lock-down in the whole world. The people are not even allowed to move outside even for the shopping of the daily utility materials. People are having fear in having any type of medical help. So, in this case drones can help in the delivery of any essential good without any physical contact or it can help in taking up the samples for any type of test required by anyone in the society.
Not only this, doctors and hospitals will be helped in any type of medical supplies and laboratory testing and also drones can be the safest and fastest ways to deliver medical supplies and transport samples from hospitals to laboratories. One of the live example was seen in Wuhan, the epicenter of the pandemic, where drones were used to deliver medical supplies in the hospital.
The coronavirus outbreak has affected all aspects of human life in the last two months. The deadly COVID-19 has affected around 3 million people worldwide. Many governments have taken steps such as lockdown to contain the spread of Covid-19. A large number of people have turned towards buying insurance from insurance companies for their safety.
Unsurprisingly, the novel coronavirus has left no sector unaffected. And the financial sector and the insurance industry are no exception. In some cases, insurers have started taking action to protect their businesses that left many consumers in dilemma. While others in the insurance industry are being forced into action for the customers’ benefit by the governments’ emergency responses to the virus.
Policybazaarhas revealed that it has seen a growth of nearly 25-30 percent in both health and life insurance sales during the lockdown period. It also expects a 30-40 percentgrowth can be witnessed in the online insurance segment. Edelweiss Tokio Life Insurance says it has seen a 45 percent jump in new online business logins during this period of restrictions.
At the same time, dissatisfaction among customers has increased as businesses and consumers realize that many basic policies do not cover the impacts of a global pandemic and are publicly expressing their worry. This situation is largely due to customers not fully understanding insurance coverage but also partly due to insurers using legalese and long, complicated terms and conditions.
Many businesses, event managers, and restaurants are claiming their insurance due to losses they are going through. But many firms are unwilling to accept their claim. These people buy insurance based on which policy is the cheapest and such low quality policies rarely cover unexpected or unusual events like global pandemics.
As insurers try to deal with an increased volume of claims and customer queries, they face increasing calls in the press and on social media to help individuals and businesses who suddenly find themselves in serious trouble. It is worsening the situation, resulting in long wait times for responses and further customer dissatisfaction.
What is experts’ take on insurance policies?
Industry experts say that the claim settlement process for covid-19 related cases will remain the same as other illnesses. Apart from hospitalization charges, most health insurance policies will also cover post-hospitalization expenses incurred during the recovery period.
Mayank Bathwal, CEO of Aditya Birla Health Insurance, said, “This is not the first time of a virus outbreak. There have been Ebola, Zika, Nipah in the past, and coronavirus is just another one such outbreak. A health insurance policy covers all types of infections and coronavirus will also be included. Anyone who is hospitalized for 24 hours as a result of coronavirus will get coverage.”
Reliance General Insurance stated, “Since COVID-19 is a new disease and does not come under pre-existing disease, it will be covered under your base policy. Hence, the insured will be provided with all the covers, including in-patient treatment, pre and post hospitalization, and other test and diagnosis on coronavirus related coverage.”
Edelweiss General Insurance said, “We have decided to cover hospitalization for not only those who have a confirmed diagnosis but also those who have been quarantined in specific facilities identified by the government. The coverage amount is up to the sum insured under the policy. For the quarantined patients, the health policy ensures coverage for the entire period of quarantine with up to 100% of the claim amount being paid against quarantine and detection charges.”
A global pandemic is considered as the biggest, unfathomable risk to the insurance industry. Thus, most of the insurance companies seem to have taken little action to deal with such outbreaks. Customers may perceive that these firms are large organisations out for themselves but there are enormous risks to insurance businesses, the scale of which we have rarely seen before.
Insurers and re-insurers are losing out on huge exposure as major events across the globe get cancelled. For instance, Munich Re, a German Reinsurance company, is tied to the Olympic games which has already been postponed. It’s a big dent for a huge firm like Munich Re but is manageable given the coffers of such large scale players in the insurance industry. But for smaller firms that specialize in event insurance and offer communicable disease cover, the ongoing cancellation of events of all sizes might lead to permanent closure.
Due to collapse of individual life and health insurance, life insurance companies could be particularly hard hit by the combination of falling stock markets and increasing claims. Paying out on policies will be a huge loss to both insurers and re-insurers. It’s serious, unprecedented losses we’re talking about here.
Additionally,the failure of many global businesses like the airlines industry (one of the earliest casualties) and hospitality chains is likely to follow. Firms of this size are more likely to have comprehensive cover. So having to pay out on policies that include contagious disease cover will add more to the ongoing burden on the insurance industry.
The pandemic is incredibly serious for the insurance industry. Around $3oo million is expected to be paid out in COVID-19 related claims, the majority of which will be for cancellation cover. This might increase depending on the government’s directives and strategies to cope with the testing times.
IRDAI has asked people to read terms carefully before claiming any Insurance
How insurance companies are dealing with the situation
The Insurance Regulatory and Development Authority of India (IRDAI) had issued guidelines for health insurers asking to accelerate coronavirus related claims settlement in case of hospitalization. IRDAI has already asked health insurance companies to offer medical coverage for coronavirus infection in India. The Life Insurance Council also said the clause of ‘force majeure’ will not apply in case of COVID-19 death claims.
The regulator has also instructed insurance companies to design specific health policies covering the treatment cost of COVID-19 which includes the medical expenses needed during the quarantine period. Some insurers have already introduced the same.
On the other hand, seeing business opportunity amid the spread of the coronavirus pandemic, insurance companies have started offering policies specific to COVID-19 and are partnering with digital payment service providers to increase the sales of such plans.
Bharti AXA General Insurance has tied up with Airtel Payments Bank to launch two health insurance plans. One offers a large amount of Rs 25,000 and another with daily benefits starting at Rs 500 per day to provide protection from COVID-19.
Similarly, in partnership with Bajaj Allianz General Insurance, Flipkart Online Services owned PhonePe launched a coronavirus hospitalization insurance policy called “Corona Care”. The policy is priced at Rs 156 with an insurance cover of Rs 50,000 for a person under 55 years of age, and the cover is applicable at any hospital offering coronavirus treatment.
Other insurance companies like Star Health Insurance and Edelweiss General Insurance have also come up with exclusive insurance policies for COVID-19. In fact, Edelweiss General Insurance has extended hospitalization coverage to quarantined cases that have not even been diagnosed positive.
Some insurers are also offering products to cover expenses, including treatment during quarantine period. The terms of claim settlement by these companies vary and a buyer must read the document carefully before purchasing an insurance plan.
During the dengue outbreak, several insurance companies came up with policies to protect from vector-borne diseases. There are many existing health insurance plans in the market which provide protection from the COVID-19 disease.
In fact, most of these insurance companies offering specific polices for coronavirus are not asking their potential customers to go for medical check up. Instead they are making sure that their consumers do not have coronavirus-like symptoms.
Conclusion
Though some insurance policies don’t have the clause of covering pandemics and epidemics, industry experts believe all companies will have to comply to IRDAI’s strict directive. The regulatory directive is so clear that claims reported under Covid-19 should be reviewed thoroughly before rejecting any claim.
This is a worldwide emergency and any claims related to coronavirus should not be rejected. The policies should not have pandemic exclusion. Moreover, it is advised that policyholders check with their insurers about the terms and conditions of the policy to avoid hassles at the time of making claims.
Since March 24, 2020, the novel coronavirus pandemic has put brakes on India’s manufacturing industries due to the 21-days complete lockdown across the nation. The coronavirus outbreak is having an unanticipated impact on every sector due to disruption in the supply chain and production. Many sectors like Electric Vehicle(EV) Market had planned things once the lockdown would be over.
This week, Prime Minister Narendra Modi announced the extension of lockdown till May 3, 2020. As the extension was announced, things have begun to look sceptical for various companies across industries. Due to lockdown, the manufacturing and mobility services economy has collapsed but there is still a ray of hope for the electric vehicle market in India. EV market is less impacted since the EVs do not have a large audience as compared to the traditional auto industry in India but still it’s going to affect this sector.
The lockdown has forced the people to avoid travel which has consequently hampered people’s appetite for new purchases. Especially costly ones such as a new car. This has resulted into great loss in electric vehicle industry. This impact is going to last for months even after the virus is contained.
At the same time, due to the extension of lockdown, the electric vehicle owners might expect service issues post lockdown and might even have to arrange the charge and discharge of their vehicles. The same goes for petrol and diesel vehicles as well for their lead-acid starter batteries. So, the problems will be on both ends.
At the same time, due to the extension of lockdown, the electric vehicle owners also might expect service issues post lockdown and might even have to arrange the charge and discharge of their vehicles themselves. The same goes for traditional petrol and diesel vehicles as well for their lead-acid starter batteries. Many industry experts suggested that the government should use this extended lockdown period to create an exit plan.
SMEV says Lockdown Extension is the Right Move
Society of Manufacturers of Electric Vehicles (SMEV) – the registered association representing Indian manufacturers of electric vehicle & its components, said that extension of the lockdown is the right move taken by government. Yet, there will be certainly an adverse impact on the operations of its members for the next 1-2 months.
SMEV Director General – Sohinder Gill describing the situation as a testing time for the whole EV industry. He also said that it is also time for its members to conserve cash, take care of workmen and utilise this time to plan ahead once the lockdown is over. Even though extension of lockdown is going to affect EV market and startups, Gill has expressed confidence that the EV industry will be able to spring back into action to recover the losses due to this shutdown.
Sohinder Gill said in a statement, “Looking at the current situation in the country, the extension of the lockdown is the right move. Though there will be certainly an adverse impact on the operations for the next 1-2 months, I believe that we will be able to save lives of thousands and emerge as a healthier nation. I appeal to all the stakeholders in EV companies to conserve cash, take care of our workmen and utilize this time to plan ahead.”
Most of the Indian electric vehicle (EV) industries are dependent on China for import of cells, battery and other electronic components and sensors used in electric vehicles.The EV companies & startups had initially started feeling the heat when coronavirus broke out in China and they faced component shortages. Now China is reportedly getting back into action, but manufacturing in India is still under lockdown.
What Experts have to Say about this?
Co-founder, CEO, Ather Energy – Tarun Mehta, “The lockdown has certainly disrupted the local supply chains and manufacturing. While demand will come down across all categories, EVs have a smaller audience in India and the impact may be lower than conventional automobile industry. The products and manufacturing aside, financing options for consumers will take precedence to enable new sales in the coming months.”
Recently, research firm Wood Mackenzie has released a report where it predicted a 43 % contraction in the global EV industry by the end of 2020. The EV sector had just building up some serious momentum but the crisis couldn’t have come at a worse time. The big hope now is that government plans will continue to push for more electrification of the transportation sector. According to sources, sales of electric vehicles in 2019 had topped with 2.2 million sales but now this number is expected to drop by 43% to 1.3 million by the end of 2020.
Vikrant K Aggarwal, director at EVI Technologies, also said that the entire auto sector is currently witnessing a 10% slowdown in sales. It has affected the electric vehicle industry the most as its compound annual growth rate (CAGR) is bound to suffer due to slow down in new bookings. Since the market size of electric vehicle in India is very small and thus just 1% of the total motorized vehicles run in India. Hence, EVs sector’s growth require constant nurturing.
Sharing the ground reality of the industry, managing director at Magenta Power – Maxson Lewis said that the demand for electric vehicles is linked to overall auto demand which has been and will continue to be impacted for months. This will push the electric vehicle business investments plans out by months. Further, Lewis said that possibly this extended lockdown could also mean that traditional auto may look towards electric vehicles as the reset plan.
The effect of the outbreak on the world’s biggest EV market -China, are already visible. Electric car sales there fell by 54% by the end of January when the epidemic really took off in the country. February sales figures are expected to be even worse, with a decline of 90%. EV sales in Europe was really an impressive that increased up by 121% on the year in January. Then, due to coronavirus outbreak, it put brakes on this.
People might turn to EVs after the Pandemic
By now, it should be clear to everyone that the fallout of the coronavirus pandemic is killing both the energy and transportation industries all over the world. Now, three months after the COVID-19 originated, China is slowly restarting its economy despite a second wave of infections knocking on its door. Europe, the second biggest market for electric cars, is in the impact of the coronavirus and the countries are seeking ways to restore their economies.
Several Governments are Taking Efforts
Many governments across the globe have already devised plans to grow the EV market once the pandemic is under control. The electric vehicle supply equipment (EVSE) market is predicted to witness a 10.7% CAGR during the forecast period 2020-2025 to see an increase in its revenue from $1.5 billion in 2019 to $2.7 billion in 2025.
Apart from this, the global market is being positively impacted by the increasing sale of electric vehicles. The investments by manufacturers have increased in last 4-5 years and government support for installing such charging stations has also increased. EV battery costs are expected to be nearly halved by 2025. There are several factors that have contributed to this growth and many EV players believe that these factors will eventually lead to the exponential growth of electric vehicles.
The government of several countries are taking efforts to install EV charging stations. For instance, the South Korean government has targeted the deployment of 10,000 fast chargers by 2022. Similarly, India has plans to install 2,700 charging stations by 2023, in cities with more than 4 million residents. In the same the same way, Canada sanctioned $4.6 million for the installation of 92 DC chargers, while the Californian government has proposed a funding of $900 million for the deployment of 250,000 charging points by 2025.
At present, India is still in the early stages of adoption. According to a report, the electric vehicle adoption rate is less than 1%. However, over the last two years, there has been a significant development in the electric vehicle space in India with both two-wheeler and four-wheeler launches. The government’s target of 30% electric vehicle adoption by 2030 is projected to be powered primarily by electrification of two-wheeler, three-wheeler, and commercial vehicles in India.
The Coronavirus or COVID-19 which started last year in December in Wuhan, China has impacted the global economy and no industry sector has remained immune to it. All businesses, startups and industries across the globe are coming up with safety measures to deal with the virus like asking employees to work from home, avoid social gatherings, etc. Foodtech startups are no exception to this.
Top Indian food delivery platforms Zomato and Swiggy together deliver an estimated 2.6 million orders every day. But they have taken multiple measures to deal with the situation. These measures ensure the safe food delivery considering the safety of delivery executive as well as consumers. The measures are helping these startups to keep operations going and to reduce any negative impact on consumer deliveries
Foodtech Startups to Follow Hygiene Practices
Indian foodtech startups Swiggy and Zomato have announced several safety measures in an effort to combat the novel coronavirus. While the Bengaluru based foodtech unicorn Swiggy already sent an email to all its consumers how they are taking the different measures to cope with the situation. Zomato soon followed suit with safekeeping measures of its own like contact-less delivery.
The main focus of the announcements is to inform people about different measures that food delivery platforms are taking to ensure that their delivery partners follow all the safety and hygiene guidelines approved by the Ministry of Health and Family Welfare(MoHFW). They also announced that the consumer will now have the option of choosing to ask the delivery partner to leave the food at their doorstep. Some startups are also offering insurance and financial support to delivery staff in case they are infected with the virus
There are certain directives that these startups are following. They ensure that the crew member who assembles the food, the one who packs food and the delivery executive do not touch the food with bare hands and take all possible precautions to ensure hygiene. The delivery packets are sealed and delivered by a runner who drops the order at a pre-appointed spot usually outside the door and then watches from a safe distance while you pick up your order and go back inside.
Co-founder and CEO of Zomato, Deepinder Goyal explained this through a tweet that “A consumer can now choose for this option through our ‘delivery instructions’ feature.” An app update over the weekend will make this explicitly clear to everyone.” Through this option, the delivery partner will keep the delivery parcel on a clean surface outside the door. When the consumer receives a photo of the delivered food, the consumer can then pick up the package at their convenience.
As India prepares to face the current health crisis, Westlife Development, the company that owns and operates McDonald’s restaurants in West and South India, has launched contactless delivery service to deliver food to the customers’ doorstep. According to the company, McDonald’s India is ensuring that food reaches customers without being touched by bare hands and delivered safely with by following social distancing measures.
“Our customers’ safety has been and will continue to be our top priority. On one hand, we have increased the safety and hygiene processes at our restaurants. On the other hand, we are ensuring contactless delivery to retain consumers’ trust in McDonald’s. Both our consumers and the industry look up to McDonald’s for path-breaking initiatives and contactless delivery,” said Smita Jatia, managing director of Hardcastle Restaurants.
Online Food Deliveries Declining Fast
Unfortunately, even after adopting the hygiene practices, online food delivery has seen huge fall in demand. Online food delivery orders for Zomato and Swiggy have dropped 70% in the last 10 days as customers step back and top restaurants shut shop during lockdown induced by the Covid-19 virus outbreak. The reason behind this is that people do not want to perform any practices, which in any way, can expose them to the virus.
Their investors revealed that even before the lockdown, the orders had started declining. In the first two weeks of March, food delivery orders declined 20%. When lockdown was imposed, Swiggy and Zomato said about 60 to 70% of its cities would be shut for food delivery including few prominent ones. As a result, steady state of 2.5 million deliveries a day, the deliveries have fallen down quickly. In the last 10-15 days, online food delivery orders have dropped 70% to under 1 million a day.
But considering food delivery startups, the Grocery delivery apps are in demand more than ever not only in India but in many countries during this health crisis. As many countries are under lockdown, the governments are asking people to strictly avoid getting out of their houses to maintain social distancing. Hence, majority of the people are relying on the Grocery delivery apps to avoid social gatherings.
As the COVID-19 pandemic spreads across the countries, grocery delivery apps have begun seeing record numbers of daily downloads, according to new data from app store intelligence firm Apptopia. The firm said that online grocery apps like Instacart, Walmart Grocery and Shipt hit yet another new record for daily downloads for their respective apps.
Typically, these apps see tens of thousands to as many as 20,000+ downloads per day. But on April 12, Instacart saw more than 38,500 downloads and Walmart Grocery saw nearly 54,000 downloads. Experts told the delivery strategies need to be better optimised at this time of uncertainty. Considering grocery is in high demand, this makes sense for all players involved in it.
In India too, Grofers, BigBasket and other grocery delivery apps have seen a boom in demand over the past week on the back of panic buying. As many consumers are stuck at home, they are heavily relying on these online grocery stores offering doorstep delivery. Seeing these demands, many foodtech startups are also turning towards these grocery sales to earn some revenue.
Food-delivery and restaurant discovery app Zomato has decided to try hands at the grocery sale as the category sees a major demand amid the Covid-19 outbreak. The Gurugram-based startup Zomato has decided to partner with e-grocers, Grofers and BigBasket, to sell food products and essentials on its platform by facilitating their deliveries.
Zomato & Swiggy have started to Deliver Grocery in Major Cities
Zomato has begun delivering grocery in more than 80 cities in India. Users can access this service by downloading the Zomato app and visit the Zomato Market section. Zomato Market identifies nearby grocery stores that are available and open for delivery. They have started grocery delivery in 80 plus cities across India to help with the supply of essentials.
CEO & founder of Zomato, Deepinder Goyal said, “Our delivery network in the country is the second best after India Post. Thus, we are ensuring that in every effort we put it to good use to serve the community. We would like to thank the government authorities, grocery stores, FMCG companies and other startups that have come forward to partner with us and support the community in this endeavour.”
Apart from its grocery deliveries, Zomato has also extended paid Zomato Gold memberships by two months at zero additional cost. This new extension is valid in India, UAE, Australia, Indonesia, Philippines, Lebanon, Turkey, New Zealand, Portugal, and Qatar.
The food delivery app Swiggy is also not behind in this league. Swiggy has announced a new service to deliver groceries through the application. The lockdown has encouraged the company to spread this service to over 125 new cities across India. Swiggy will be providing essential commodities by partnering with numerous national brands.
Swiggy has launched a hyper local delivery service called ‘Genie’ that will pick and drop items from any local store that is open. The service is currently only available for essentials and even medicines. During the launch of the service in September last year, the service was labeled ‘Swiggy Go’.
Swiggy will be partnering with Hindustan Unilever Ltd., P&G India, Godrej Consumer Products Ltd., Dabur India Ltd., Marico Ltd., Vishal Mega Mart Pvt. Ltd., Adani Wilmar Ltd., Cipla Ltd to provide essential items across various cities.
Due to lockdown, Swiggy and Zomato are finding it difficult to grow online food deliveries but this has led them to partner with local grocery shops to provide essentials to the people who want to avoid social gatherings. But this has given people a good opportunity to maintain social distancing by ordering groceries from home only.
Covid-19, which has shaken the whole world has brought everyone’s life at halt. This highly contagious disease is spreading so fast that Indian Government has ordered 1.3 billion residents to stay home. In this lockdown period, all malls, theaters, companies, shops, restaurants, manufacturing units are shut. This will affect businesses and economy badly. Many companies have told their employees to work from home. But, its not possible for all companies like manufacturing units, theaters, malls to let their employees work from home.
People are also scared of going out. This coronavirus has made people’s lifestyle slow and it will take time for everyone including companies to come back on track after this long period of lock down. COVID-19 has put slowdown to a business everywhere. Travel, Hotel, Events, and Entertainment are the sectors that are suffering. But on the other hand, other sectors such as eCommerce, EduTech have benefited immensely.
How Industry and Customer Behavior will Change after Coronavirus Fight?
We have asked few companies about changes in industry and customer behavior with respect to their company after this coronavirus outbreak.
At this time people have become more aware and going back to the basics. I see that with respect to FMCG ethical labelling will be enforced and people will more watchful of the ingredients they are consuming. The trend for natural and organic care will be the rise.
Indi Collage
Anuradha Singh
At the moment people are more inclined towards online shopping but once the epidemic comes under control we expect to see more of experience based buying & shopping as a social interaction
Tres’Chic Academe
Chitra Balasubramaniam, CEO
Since we operate online most of the time doing business the customer satisfaction is high & this corona virus situation has made us realise our step taking our business online earlier & given us good dividends by doing so.
CASA EXOTIQUE
Bhawana Bhatnagar, Interior Stylist, Founder
There is no denying that business has taken a real hit because of the spread of this menacing disease. Many business firms are closing their stores, and numerous art and design fairs have been either canceled, postponed, or their upcoming plans have been modified. Moreover, due to the hindrance brought about in the global business, overseas procurement has become impossible. Due to this, the supply chain is going to be affected and this will change the dynamics of business. Customers are looking at products customized for them, made locally by us.
MyStarHub
Swapnil Mahajan, Founder & CEO
Well, we are already experiencing a shift from traditional gifts to personalized online gifting due to the digital revolution. With isolation being the key preventive measure in checking the spread of Coronavirus, digital gifting solutions will certainly get a boost.
While celebrations have been put on hold and people are staying indoors, getting a personalized video message from one’s favorite star on a special occasion will be a unique gift to cast off gloom in the environment and bring some cheerful moments to make the day memorable. Especially in the current scenario, being able to send and receive these celebrity video shoutouts that too without any fear of being exposed to the virus will gain popularity to keep the celebratory spirit on.
Just like every other industry, the digital media and advertising sector is also strongly impacted by the virus outbreak. Since consumers are locking themselves indoors to stay safe and social distancing has become the norm of the day, there is a likely boost expected in the consumption of content online. Internet penetration has already taken B2C marketing online, the isolation mandate due to COVID-19 will now de-popularize out-of-home advertisement and also lead B2B ad turn towards digital.
As people keep avoiding social gatherings and public places, they eventually would rely more on social media and therefore, the digital media consumption will increase significantly. Social networking platforms will shine even brighter during the need to stay connected and access content. And above all, digital marketing will provide immense opportunities for businesses to create leads without traveling and having any face-to-face interactions.
We are already seeing many companies curious to understand how the work from home model can work for their industry. We have executed Work From Home facility for Acko General within a quick time span. We do think this might act as a point where companies start thinking about their backup for remote functioning.
Dineout
Ankit Mehrotra, Co-founder & CEO
The pandemic has severely affected our operations and we’re seeing a heavy downfall in demand of our services at the moment. Social gathering is the key to our industry, while social distancing is the key to fighting this virus today and we’re strongly promoting it on all our platforms.
While we are not sure of the full consequences of the ongoing crises, this is certainly going to affect consumer behaviour as far as the F&B industry is concerned. Consumers will take some time to gain the confidence to go out again. The key is to provide for the safety and confidence for our diners once the pandemic subsides. We need to go above and beyond to make customers feel safe and engaging with them over the topic. A slew of measures can be taken as per the protocol prescribed by the Health Ministry, including increased access to hand sanitizers and hygiene procedures, body temperature checks for everyone at the premises, etc.
Meanwhile, we stand strong with our partners and are hopeful and positive for the betterment of the situation. We shall be ready with the help of technology to help serve both our diners and restaurants stronger and better than ever.
Packman Packaging
Gaurav Jalan, Director and Founder
It is too early to say currently, the industry is still operating as much as it can. But if it becomes a prolonged situation then there might be some issues but they will be temporary not permanent.
There might be a possibilities that sales of packaging materials may dip a bit because of several advisory such as not going outside a designated territory in that case several businesses that uses packaging materials will be affected.
One may also see rise in online sales that may still boost the packaging industry as it will open an avenue for supplying their products to several e-business platforms.
For Packman, their customers are the assets so it will ensure that it can continue its services to its clients and customers. In general one should be prepared and monitor where the company and industry will go in these tumultous times. Customers also understand what is going on so we are sure that our customer will still view us in the same light as they do.
We expect potential and present clients to become conservative with their expenses. Businesses will not be looking to experiment much (with good reason) and will only want to work with teams that have a proven track record and can satisfy critical requirements.
The coronavirus outbreak doesn’t change the fact that businesses are in the information age, and they will need access to high-quality data. Bridged’s USP is that we provide businesses across industries (primarily AI/ML and financial services) with a cost-effective and scalable data solution. During these trying times, we will leverage that.
With respect to the co-living space that we operate in, we will most likely see a decline in the number of bookings as this is a pandemic situation which has been declared by the World Health Organization and social distancing is the need of the hour. However, we do have single room occupancy which could also have higher response rate for our prospective customers and existing residents to shift into.
The online education market is expected to grow at a compounded annual growth rate (CAGR) of around 44% between financial years 2019 and 2024, these trends are expected to disrupt the industry going forward. Keeping current trends in mind, ed-tech services will offer immersive and industry-specific learning across larger groups. Online learning and personalization of education will garner prime importance.
ZEUX Innovation
Hemal Gathani, Co-founder
Post the COVID pandemic, we will see the world becoming even flatter. COVID will teach people how to work remotely. And companies would want to take advantage of the best available talent from across the globe at the right price with the location not being a factor.
We will also see a surge in spending on digital initiatives. Industries would want to digitize everything possible. But going digital won’t be a differentiating factor and won’t necessarily lead them to success. Companies that provide the best user experience on digital channels will take a lead.
This is the time to invest in enabling best in class user experience as not only businesses will be compelled to go digital but there will be a massive shift in user behavior to do more things online.
Tjori
Mansi Gupta, Founder & CEO
The most important thing is to inform the customers about the exact reality of the scenario and give guarantees and assurances about the safe guarding of their money and products. Nobody loses anything because of this and all people need to realise that we are just at a halt for the next 21 days’ post which all activities would resume better than normal.
The pre planning done at any situation always help the company and we are also banking on ours, but at this unforeseen times we solve every problem as it comes. Through this platform I wish to advice people to stay indoors and safe.
