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Innovation is the new normal in business

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NSTletters The time has come for businesses to rethink their business models.

Put succinctly, in the face of a pandemic, business model innovation is unavoidable. At its simplest, a business model is the way a person or a company creates, delivers and captures value.

The reasons behind these shifts can be multifaceted: changing the product line to keep operations going, turning threats into opportunities, diversifying customer segments, scoring competitive advantage, boosting reputation or cutting cost, to name a few. With Ramadan coming soon, Malaysians may see a whole new experience for the most-awaited Ramadan bazaar, which could be done via e-commerce or drive-through bazaars as a possibility.

Consider this — how can a barber, a beautician, a manicurist or a masseur attend to their customers when social distancing is strictly imposed?

 

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