From Street to Screen Economy: How has Covid-19 accelerated digital transformation

New Delhi [India, July 28 (ANI/Mediawire): The outbreak of COVID-19 has ravaged world economies by bringing economic and social development and activities to a standstill.
A world that was always ripe with activities became silent with national lockdowns and every resource was diverted to meet the unprecedented crisis. For the first time, there was a multi-sectoral impact with economic activities of countries being bogged down by a virus.
The pandemic has affected the manufacturing and the dependent services sector - hospitality, tours and travels, healthcare, retail, banks, hotels, land, education, health, IT, recreation, media and other industries - impacting workforce, bringing liquidity crunch and disrupting the overall economy.
The economic stress has been growing rapidly, especially with the effects of the second wave still visible. While lockdown and social distancing have caused productivity loss; both factors have also caused a sharp decline in demand for goods and services by the consumers within the market, thereby resulting in a collapse in economic activity.
The silver lining from the pandemic that has imposed a bitter burden on the economy is the rapid digital transformation across business models, channels and touchpoints. Underlying this shift is the need for greater organizational agility in tandem to closer ties with customers during a changing world order. For a diverse and massive country like India, the adoption of digital technology has been complex and long-drawn, littered with hurdles not only for businesses but also consumers.
So how did we transform from a street economy to a screen economy?
Banking and payments - the critical pillars of the economy are among the core areas that have seen a serious uptick in digital offerings and adoption. While the industry is not a stranger to digital transformation; the pandemic has significantly accelerated the adoption of digital technologies with far-reaching implications for the banking sector and the larger financial ecosystem in the longer-term.
In addition, Indian FinTechs and digital payment companies have made significant progress towards offering a good range of integrated and user-friendly solutions that harness advanced technologies and deploy innovative business models. Growing internet and mobile penetration, availability of low-cost data plans and therefore the shift from offline to online shopping channels also are giving a fillip to the adoption of digital technologies.
Further, the pandemic has spurred the adoption of contactless digital payments; and there has been a surge in digital payment volumes across online grocery stores, small shops, online pharmacies, vegetable and fruit vendors, recharges, bill payments also among OTT (telecom and media) and EdTech players.
In these trying times, the digital infrastructure that took years to build proved to be crucial in fulfilling pertinent and important business transactions, peer-to-peer transfers and also direct benefit transfers. Contactless payments through QR Code, wallets, UPI or contactless cards are gaining popularity as they provide convenience, safety and security while allowing the consumers to take care of physical distancing.
On one hand, while the pandemic has had a detrimental impact on the economy; on the other hand, it is safe to say that the reliance on data, AI, IT and core technology systems are bound to increase exponentially. The use of technology is decentralizing the decision-making process while bridging communities with local governments across cities and towns. Using technology and digital tools, these innovative solutions are making an impression across various spheres of life, be it livelihoods, access to services or education.
If we consider the example of aggregator apps, hyper-local vendors like those selling vegetables in neighborhoods or plying e-rickshaws are now ready to provide door-to-door services while receiving consolidated payments on a monthly basis - thus providing a stable source of income. Similarly, in education, many faculties have shifted to online classrooms while students and educators with limited internet connectivity are learning and teaching via mobile phones.
Overall, our mindset and behaviours have already begun to change. Clearly, our world will never be the same post the pandemic, owing to its long-lasting effects. After we stabilize basic services and settle into the new normal, we will likely change our targets for innovation and policy.
Following this chain of thought, we will see that the world's requirement for digital technology and digital transformation is accelerating at an unprecedented rate. Helping businesses embark on this digital transformation in the fintech space is Easebuzz. The fintech company has made remarkable strides over the last few years, securing funding from some of the top investors of the world.
Moreover, the company has been a trusted fintech partner for over 50,000 businesses across the world to process and accept payments, along with offering working capital loans and tools to manage their online businesses in the most effective and efficient manner.
Keeping a pulse on the ever-evolving consumer requirements, Easebuzz is constantly innovating and bringing new products to help businesses get to grips with the surging digital revolution, thereby playing a pivotal part in shaping the Digital India narrative.
This story is provided by Mediawire. ANI will not be responsible in any way for the content of this article. (ANI/Mediawire)