Global markets cheered the arrival of 2020 with huge optimism as the S&P 500 reached several record highs last January. Yet in the midst of this booming start to the year news began filtering in about a flu-like virus that was spreading rapidly in a Chinese city called Wuhan. By March the global economy experienced the fastest contraction on record, followed by the fastest economic recovery on record over the subsequent months due to stimulus from central banks.
On March 16 2020 , 900-million meeting minutes were recorded on the online video teleconferencing service Microsoft Teams, and on March 31 2.7-billion — on the day the world went into hard lockdown and businesses globally had to figure out how to work from home. It’s safe to say that working from home works to a large extent and is likely to feature in varying degrees in business operations going forward, along with finding solutions to the unintended consequences it brought with it.
Banks have been trying to convince the public for some time — particularly in emerging economies such as SA — to use their online platforms and switch to non-cash-payment methods. The enforced lockdowns created the unintended consequence of many customers exploring these alternative online banking methods. SA banks experienced a sharp rise in online activity as clients embraced their platforms.
Clothing retailers experienced a similar surge in online shopping. Online retail shopping was rather nascent in SA, with a slew of experts attributing this to poor digital infrastructure. The growth in online clothing shopping has been positively surprising for the industry. Lockdowns even affected the fashion we wear — less formal corporate wear and suits, and in new categories such as “athleisure” .
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STEVEN KUO: Black Business Council should target Chinese investorsThere is substantial trade and investment between the two countries and potential for more
Source: BDliveSA - 🏆 12. / 63 Read more »