5 ways businesses are dealing with the pandemic

As the world came to a standstill in the wake of the pandemic, businesses have had to make some serious changes in their operations to rise above this unforeseen disruption. Businesses of every scale have been affected across the globe and the need to adapt and change was imminent. Since there isn’t any definite information on when the world will go back to being as it was before, these changes are here to stay. In several cases, this isn’t such a bad thing. Here are some adaptations that businesses have made in their operations to sustain themselves in these past few months, that are beneficial to the business as well as the consumers:

1. Contactless Payments

Even though contactless payment methods have existed since well before the pandemic, the sheer number of people who made a complete switch to these methods has been substantial. This paradigm shift was majorly driven by the businesses that limited their payment options to digital, and of course, the need to stay safe by avoiding physical contact. Although this switch occurred due to such a dire situation, its benefits have now been fully realised and more people are now accustomed to the processes involved in contactless payments. Intuitive and easy-to-use products such as the RuPay Contactless Card have played a huge role in helping businesses and consumers make this transition effortlessly.

RuPay Contactless Cards equipped with the NCMC feature, make transactions a lot quicker and safer than regular credit/debit cards by ensuring that there is little to no contact between a vendor and a consumer. The customer may simply tap the card on the PoS machine, and the payment will be made.

2. Going Digital

In the age of high-speed internet and cloud computing, professionals across numerous fields are no longer required to be present in-person and can accomplish their duties remotely. Corporations have made an almost seamless transition by taking their day-to-day operations online and conducting video conferences whenever necessary. While numerous professions like fitness training & teaching too have seen a swift switch to digital mediums via online classes.

3. Delivering Services To Your Homes

Several businesses have now started bringing their products and services to your homes, so you don’t have to step out. Professionals such as hairdressers, mechanics, massage therapists and others who have to be present in-person have begun providing in-home services at a premium. This trend is likely to continue even after the pandemic has ended, as people have grown more and more accustomed to the convenience these services offer. Apart from services, online offers and deals that were previously overlooked have now been a significant part of people’s in-home spending experiences. Like for example, the RuPay Festive Carnival which has been running online has garnered a massive base in just a couple of months, which goes to show that stay-at-home offers are being welcomed with open arms.

4. Introducing New Product Lines

Businesses involved in textile have raced to manufacture protective N95 masks, face shields etc., while an increasing number of pharmaceutical companies & companies manufacturing personal care products have launched their own hand sanitizers, COVID test kit and other such products. This has helped satiate the increasing demand of these products while also helping the companies expand their revenue stream.

5. Building And Maintaining Customer Loyalty

During times like these, every interaction with customers and partners is an opportunity to demonstrate what an organization is all about, and to be true to the brand and the purpose. People are paying attention to how organizations are responding, and purpose-based companies that show empathy will likely emerge as the leaders. With the growing importance for loyalty from customers, many businesses have laid out plans and strategies to retain the existing customers with the help of loyalty programs. NPCI’s very own loyalty platform ‘nth Rewards’ has helped several businesses in setting up a customized program for their respective consumers and merchants alike.

The pandemic is likely to further propel the adoption and acceptance of contactless digital payments and the digital transformation that we’re witnessing today will only gain more traction.

Also, it goes without saying that once this is over, we can expect some of the changes that are beneficial irrespective of the circumstances to stay, as businesses steadily go back to the pre-COVID way of doing things. Until then, stay safe, stay contactless.