EDITOR ’ S QUESTION
If history is any indication , every pandemic has left valuable lessons in its wake . But in the distant future , the COVID-19 pandemic will be looked back at as an inflection point in the trajectory of digitisation – a point where we really took the plunge .
As a Blockchain enthusiast , I have been witnessing this effect unfold with interest . For example , the economic downturn drove many old-school businesspersons into new waters . Investors , who restricted themselves to hedging in bullion , are now HODLing Bitcoin !
ANOTHER STRUCTURAL SHIFT IN THE BUSINESS ECOSYSTEM IS THE INCREASING DEPARTURE FROM PROFIT-DRIVEN STRATEGIES TO PURPOSE- DRIVEN MODELS .
And in doing so , they are becoming much richer than they otherwise would be by buying gold , and they didn ’ t even have to step outside their homes – all thanks to Blockchain technology . Such institutional interest could only be born out of necessity , and the pandemic created it . Going forward , it is safe to say that innovative technologies like Blockchain will be met with less resistance , by both old-schoolers and trendsetters alike .
Another structural shift in the business ecosystem is the increasing departure from profit-driven strategies to purpose-driven models . The pandemic brought a sea change in consumer behaviour , necessitating that businesses adapt and align their products and services closely with customers ’ pain points , rather than just ‘ selling ’. lesson that businesses had to learn the hard way , but the result bodes well for the future .
Many businesses are increasingly more involved in causes that make a visible difference to people ’ s lives and the environment . I read uplifting stories of individuals and companies raising massive capital through socially conscious and climate-positive digital art / NFTs for humanitarian causes .
Going forward , such CSR activities will be increasingly viewed through the lens of nondiscretionary spending .
The pandemic exposed people to new possibilities that they were reluctant to explore before . Digital payment registrations shot up in every nook and corner of the world . The FinTech space is rife with dynamism , which is leading to better transactional efficiency , increased financial inclusion and user-friendly interfaces .
During a time when jobs and livelihoods were hanging in the balance , people stranded in foreign countries could receive money virtually , using decentralised cryptocurrencies . Meteoric rise in crypto activity in Africa is largely owed to migrant workers sending money and supporting families back home .
This development is now encouraging governing bodies to facilitate a legislative framework and promote crypto exchanges . This could , in turn , lead to many positive business outcomes . So , as a business leader , the lesson I took away from this is that every crisis creates opportunities . And the COVID-19 pandemic is no different .
Businesses are now becoming more transparent and accountable , with customers getting increasingly wary of products and services that are profiteering from the pandemic . This is a
KHURRAM SHROFF , CHAIRMAN OF IBC GROUP
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