Business Transaction Trends in the Pandemic: Changing the Way We Transact Business

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In recent times, we’ve seen the adoption of new technology and digitalization in business. But the COVID pandemic has all the more accelerated the way we conduct business digitally and technologically.

As people get stuck at home and businesses comply with the pandemic restrictions, we all have taken advantage of today’s technology and gone digital in our business transactions. But surprisingly, this has augmented the business-and-consumer relationships. And this has upheld the existing trends and paved the way to emerging trends in business transactions.

Let’s take a look at some top trends in today’s business transactions. Here’s how the pandemic has changed how we transact business:

1. Contactless commerce

Even before the pandemic, virtual transactions were already rampant. Some individuals would choose to go online to order food, buy products, and hire services. But these virtual business transactions have all the more intensified during the pandemic.

As we’re looking after our health and safety, we rather transact business online. Since the COVID-19 outbreak, there’s no need to have face-to-face transactions like we used to. All we have to do is to navigate through digital platforms and place our orders. Ultimately, contactless commerce has never been this convenient and safe.

2. Cashless transactions

In consonance with contactless commerce, people have resorted to cashless transactions during the pandemic. Since we conduct business transactions online, we make payments digitally as well. There’s no need to pay cash the way we do when we transact face to face.

It’s good that most stores are now cash-free, where they accept credit cards, debit cards, and other digital payments. Even rendering services rely on cashless transactions. For instance, you’re an employee in the Philippines working remotely for a Hong Kong-based employer. All your employer has to do is to send money via money transfer or wire transfer to the Philippines.

3. Delivery service

Delivery services have long been in the world of business in recent times. However, they have rapidly become popular during this pandemic. As people stay in the comfort of their homes and don’t want to risk doing business outdoors, they have to rely on delivery services.

It’s good that businesses of all sizes have been hiring employees for delivery. Local retailers, restaurants, and even grocery stores now employ local workers. They deliver food and items right at the customers’ doorsteps while ensuring health and safety.

4. Use of automation and robotics

The advancement in technology has long been seen in businesses worldwide. Companies of all sizes have long been using automation and robotics to increase efficiency and productivity. Businesses have all the more adopted these tools and technology during this pandemic.

A perfect example of robotics is the use of mobile machines for cleaning, disinfection, and sanitation employed by cleaning service providers. Automated apps or software are used for accounting and bookkeeping to record, calculate, and report business transactions. Even the use of drones is seen flying for the delivery of light packages.

5. Robust communication

There’s a line drawn between transacting online and doing so face to face. But either way, robust communication is the key. As people get stuck at home and intend to do business online, businesses need to improve their digital channels and allow better online interactions.

That said, they must keep the User Experience (UX) in mind. To ensure this, consider having a faster loading page, a well-structured site, streamlined elements, and a user-friendly platform. With all these in place, business transactions will be a lot better, easier, and more convenient for the customers.

6. Going digital

digital concept

The COVID pandemic has led businesses to ‘go digital.’ Whether performing marketing or offering sales, companies do so online. They employ online marketing strategies such as search engine optimization, pay-per-click advertising, social media management, content marketing, and email marketing. Even selling products or offering services are all done online now.

Companies do so via digital platforms when transacting business, whether their business websites, e-commerce platforms, or social media channels (Facebook, Instagram, and Linked In). Shopping online, placing orders, and making payments have never been this easier and more convenient. Ultimately, the digital platforms have made the lives of both entrepreneurs and consumers a lot better and easier.

There’s no doubt that the pandemic has changed the business landscape. On a more specific note, it has altered how we transact business. As mentioned above, we now see the rise of contactless commerce, cashless transactions, and delivery service. Also, we notice the use of automation and robotics, digitalization, and robust communication. The COVID pandemic is indeed shaping the future of business.

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