Introduction
The Covid-19 has impacted both small and big businesses adversely by shaking up
business and consumer behavior on a significant scale. However, the presence of the pandemic
does not mean all is lost as these firms can rethink their business strategies and take advantage of
digital transformation and E-management to keep business alive. Some of the most advantageous
factors for business during this Covid-19 period are the presence of digital sales and acquisition
channels, outsourcing analytics, and updating acquisition models. This paper analyses the
procedures of the stated factors and how they will be beneficial to businesses during the
pandemic.
Promotion of Digital Sales and Acquisition Channels
One of the ways for companies to ease the impact of Covid-19 is to take advantage of
digital transformation in the 21 st century by ensuring a transition to digital. This transition will
not only promote rapid business growth and increased need for consumer targeting but it will
also provide solutions to fraud and risks the business encounters (Brammer, Branicki and
Linnenluecke, 2020). The promotion of digital sales and acquisition channels will greatly benefit
businesses; however, it will bring with it some challenges. To overcome these challenges,
businesses will have to demonstrate agility by revisiting their analytical and on-boarding abilities
through the use of the latest technologies like Machine Learning (Giones et al., 2020).
Furthermore, businesses will have to invest in technologies that ensure fraud prevention and
identity management.
Updating Acquisition Models
PROMOTING BUSINESS DURING THE PANDEMIC
The rapid growth of e-management and the impact for business environments driven by
the pandemic mean that models and strategies applied before Covid-19 will not work effectively
presently (Seetharaman, 2020). Therefore, businesses have to reassess their acquisition models,
rethink their processes, and update their shifting customer profiles with speed. These upgrades
will go hand-in-hand with relevant updates to data sources and analytical tools to allow
businesses to easily carry out data acquisition, data analysis, and implementation. Bartik et.al
(2020) states that the first critical step to counter the effects of the pandemics on business and
their target consumers is to repair the existing acquisition models and to look out for new model
strategies and put them up for implementation.
Outsourcing Analytics
Outsourcing analytics is a factor that will be advantageous to businesses in the way it will
ease the operational risk. The pandemic has increased the rate and occurrence of operation risk
since it has forced office operations to come to an end. Some of the issues to do with operation
risk include; illness, failure from relevant suppliers, and unusual consumer needs resulting from
the digitalization of sales that bring about increased resource demands Bartik et.al (2020).
Outsourcing analytics will allow businesses to know and take the right steps in the midst of
Covid-19, allowing them to get through the downturn. In this case, the procedure here is to
outsource analytics since in-house analytics may be costly (Araz et al., 2020). This factor will
enable businesses to respond rightly and effectively to the operational risk arising from the
impacts of the pandemic.
Conclusion
The pandemic has brought about negative business conditions that have resulted in
losses, damages, and increased risks. As a result, some businesses are on the brink of collapse;
PROMOTING BUSINESS DURING THE PANDEMIC
however, this does not need to be the case since factors like outsourcing analytics and updating
acquisition models can prove beneficial to such businesses. It is important to accept that the
business is not the same due to Covid-19; therefore, it is important to undertake the necessary
steps to ensure one’s business survives this period.
PROMOTING BUSINESS DURING THE PANDEMIC
References
Araz, O. M., Choi, T. M., Olson, D., & Salman, F. S. (2020). Data analytics for operational risk
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Bartik, A. W., Bertrand, M., Cullen, Z., Glaeser, E. L., Luca, M., & Stanton, C. (2020). The
impact of COVID-19 on small business outcomes and expectations. Proceedings of the
National Academy of Sciences, 117(30), 17656-17666.
Brammer, S., Branicki, L., & Linnenluecke, M. (2020). COVID-19, Societalization and the
Future of Business in Society. Academy of Management Perspectives, (ja).
Giones, F., Brem, A., Pollack, J. M., Michaelis, T. L., Klyver, K., & Brinckmann, J. (2020).
Revising entrepreneurial action in response to exogenous shocks: Considering the
COVID-19 pandemic. Journal of Business Venturing Insights, 14, e00186.
Seetharaman, P. (2020). Business models shifts: Impact of Covid-19. International Journal of
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