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The Impact of COVID - 19 to the Trade in India
Using Digital, IOT and AI Techniques
Kirti Verma1*
1Associate Professor, Lakshmi Narain
College of Technology, Department of
Engineering Mathematics, Bhopal,
India, Email: kirtivrm3@gmail.com
Samrat Ray4
4Assistant Professor, Economics,
Sunstone CIEM Kolkata, India, Email:
samrat.ray@sunstone.edu.in
M. Sundararajan2
2Professor, Department of Mathematics
& Computer Science, Mizoram
University, Mizoram - 796004, India,
Email: dmsrajan@mzu.edu.in
Ashok Kumar5
5Professor of Physics, Principal
K.S.College, Laheriasarai, Dharbhanga,
Bihar, India, Email:
profashokkumar1962@gmail.com
Adarsh Mangal3
3Assistant Professor, Department of
Mathematics, Engineering College,
Ajmer –305025, India, Email:
dradarshmangal1@gmail.com
Abstract—The Corona virus also called SARS- CoV-2 which
spreads a disease called COVID-19. It has been documented that
this disease has been spreading at an exponential rate and
conquered 6 out of 7 continents sparing Antarctica. Since its
outbreak it has been a close end to most industries and did not
spare the consumer able industry. The pandemic creates a new
door in digital transformation. Indian economy is adversely
affected due the consequences of COVID-19. The traditional
model of doing business has to be change as per the demand of
current situations.
The transformation in the context of digital is observed in all
the sectors i.e., in culture, organization as well as in the work
execution of an organization, in the industries as well as in the
ecosystem via a smart assimilation of digital technologies,
procedure and proficiency in every level and functions. The
technologies are leveraged with digital transformation (also DX
or DT) for creating worth for different stakeholders (customers
in the broadest possible sense), create as well as obtain the
potential for swiftly adjusting with the circumstances that are
ever changing.
Transformation done on digitalized mode is a strategy where
any product or services are sold and promoted to the buyers
digitally, it has removed the role of any mediator. COVID-19 is
affects the whole world and it create a social distancing among
the consumers, which in turns affecting a lot of businesses. A
broad categories of industries and business will affect because of
social distancing. In this study a perceived way out is suggested
as a concept of Digital Transformation. The buying culture and
the parameters might change due to social distancing. This
research is conducted to see how the consumer’s buying
behaviour will change after the crisis of COVID-19. The
consumer is transforming the traditional methods of buying
goods and services by using online tools and techniques.
According to the studies, the model of digital marketing has
entered in our visualization for learning the techniques which
are best for marketing strategies from various leading and
successful companies.
One thing is important that the demand and supply of
commodities will marginally remain the same after the recovery
of COVID-19, the only changes will come in terms of the buying
behaviour of the customers. Consumer will make a habit to buy
digitally and directly from the producers as precautionary
measure.
Keywords—Digital Marketing, Transformations, COVID-19,
Pandemics, Buying Behaviour.
I. INTRODUCTION
Those of us who ran businesses during 9/11, SARS
appeared in 2002 in China. In 2008, there was economic
recession observes and it took almost a decade to overcome
the trauma of this global recession. In the recent situations
where the people are facing the impact of COVID-19, the
companies are not able to plan the best for the development
and flourishing by combating the situation, protecting the
employees and then providing the satisfaction to the
customers in this chaotic situation. In past two weeks, the
public has been witnessing unprecedented orders to stay-home
have decimated few industries tragically [1].
Coronavirus has challenged the way we live and do
business, and in most cases, slowed things down. But could it
be, that, with cloud-based technology and the forced
virtualization of our world, this crisis has permanently speed
things up. While 2020 will always be known for its health
crisis, a very human tragedy, could it also be known as the true
rise of the machines? [2]
Or could it be that the challenge to connect, to sustain, and
to continue, and the human innovative spirit to adapt has
allowed us to leverage technology, capture lightning in a
bottle, and install it in our business practices like never before?
[3]
OBJECTIVES OF THE STUDY
1. To study about the digital transformation boosting
due to COVID-19.
2. To study various tools to transform the business
digitally.
We are seeing a digital transformation like never
before.
Steve Jobs famously compared computers to a bicycle - a
mere tool that could help humans achieve great things. This
supports the idea that humans should leverage automation to
achieve a higher level of quality and output not to replace time
and effort.
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Peter Thiel also talked about how technology
complements human effort, enhancing our capabilities. In
"Zero to One", he contrasted computers with lower cost
labour, explaining that, while people can lose jobs to other
people willing to work for less, computers can be used to
create and enhance jobs [4].
As workers, we do see the Microsoft Teams example as
quite clear. After all, videoconferences are the norm it’s the
most visible example of life and business in the cloud [5].
But the digital transformation will affect business in much
more impactful ways that drive profitable growth through
increased scale, lower variable costs and new capabilities.
Consider, for example, the medical practice that has
added telemedicine, and its base of patients who, under
normal circumstances would shun such technology. That
business will be forever transformed [6].
Or consider the massive shift from in-person meetings and
transactions to virtual and e-commerce. Consider the demands
that put on collaboration and presentation technology, CRM
systems, ERP systems and the required content to drive
understanding, such as video, 3D models and even augmented
and virtual reality. Such transformation not only makes the
world smaller as the in-person paradigm for big business
evaporates, but it digitizes more interactions. It makes
attributable the client interaction, closing the loop on
everything from marketing to inventory, and to innovation.
Consider the impact of place on business. In America, we
take pride in our manufacturing, and we debate the merits of
the global supply chain. But there is no doubt that in a global
logistical crisis, when supplies are short and conflict is
bubbling, domestic manufacturing, additive manufacturing,
3D printing and other macro solutions at the micro level will
become more attractive. Robotics can solve manufacturing
and logistical challenges that humans cannot—especially in
pandemic but in a way that complements human effort,
allowing us to achieve more. Mark Cuban recently
said robotics should be one of the biggest winners of
investment in our emergence from the coronavirus crisis.
That’s the kind of innovation that will transform business and
maintain our competitive edge [7].
And education. Nothing has seen transformation
like education, where, for example our tree-lined college
campuses have given way to digital transformation. Professors
scrambled, this spring, to move online. No doubt these times
favour the institutions who had already made great strides in
digital transformation, but we’ve seen participation like never
before in online learning, Learning Management Systems
(LMS), and new educational models. The Higher Education
market is riddled with debt and inflated prices, and the
education world at large struggles for funding, innovation and
ways to meet students’ needs. It is likely that the disruption of
the status quo in 2020 is the education world’s graduation to a
more commercially viable format. Whether this consolidates
institutions and also disrupts revenue streams, causing
financial strain, remains to be seen, but digital transformation
has taken place in education, and it is here to stay [8].
Lastly, consider that the distributed workforce may
actually be an advantage. America was built on the idea that
centralization runs counter to our internal locus of control our
free will to participate in the economy, move freely and
contribute our time as best we see fit. Mobile life, post-
pandemic, will offer strength in fragmentation, agility through
independence, and a new paradigm that drove mobile
productivity competence to the farthest reaches of the
diffusion of innovations. It would seem that B2B
professionals in all five phases of the below diffusion of
innovations graph have been required to adopt remote
collaboration suites, videoconferencing and mobile
technology, speeding up the pace of innovation and driving
digital transformation much faster than previously anticipated.
by Rogers Everett / Public domain.
As we close, it’s important to recognize that not everyone
has participated in the digital transformation of business, and
disproportionately, it’s our frontline and essential workers.
There is no doubt that this edition of digital transformation
favours those outside the critical medical, infrastructure and
logistical fields. But perhaps, in our transformation, new
models arise. New cures and vaccines are discovered through
digital transformation and better data. And a societal agility
based on our new capabilities gives us not herd immunity in
the medical sense, but herd adaptability in the technological
sense [9].
Digital transformation has profound effects on
profitability, scale and quality. Companies like Amazon have
proven that. And on the macro level, a cultural shift to new
models may yield a collective efficiency and offer capabilities
beyond our imaginations. As we’ve pointed out, digital
transformation is not an effort of machines alone, echoing the
recent sentiment of Harvard Business Review that “Digital
Transformation is Not about Technology.” But there is more
than a little irony and perhaps the greatest silver lining for
B2B, in that these very human times brought us closer,
through technology, making us stronger and more capable for
the road ahead [10].
The situation is undoubtedly extremely unwelcomed in the
economic history as well as transformation in the sector of
digitalization. Even though the COVID-19 effects are
prevailing, the life and economy will take time to normalize.
We are witnessing enforced impact of trends of past that are
creeping and will frame the future to make to run for long
period of time [11].
The world after Covid -19 will be known as “After-Covid-
2019”, and the world will witness how after this pandemic the
technology plays more evolved role which will frame and
reframe the conduct of business as well as the behaviour of
consumer. This digital transformation in the trends and
functioning of business models has proved to be one of the
basic themes of this global pandemic and will sustain in the
society that is ‘less-contact’. It will provide the prominence
impact in the coming time period.
II. DIGITAL AND CONTACTLESS PAYMENTS
Because of doubt of the cash carrying virus, various steps
were taken by the central banks in China, US and South Korea
for ensuring the virus free banknotes before circulating. This
is the reason for promoting contactless digital payments either
by cards or e-wallets, for avoiding the spread of COVID-19.
For making online shopping of goods as well as services and
even exchanging money faster, digital payments are being
enabled [12].
Although as stated by the World Bank that the count of
unbanked people is more than 1.7 billion whose chances of
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easy access to digital payments is less. Easy access to digital
payments also relies on the availability of internet also on the
devices and the network for converting cash into digital funds.
III. PROMOTED
For the transaction done digitally, the on-demand
economy plays an important role. Digital transactions are
surviving few restaurants and some are managing to open for
carrying-out delivery and generating revenue via the apps
such as Doordash, Zomato, Uber Eats and many more. Even
when the pandemic is in control some restaurants have chosen
to remain permanently a Ghost Kitchens.
Pertaining to the expectation of the restaurants, if new
adoption becomes a success then new style of business drive-
up or on-demand local delivery by restaurant will be
witnessed. Few businesses may discover this model to be of
low cost and it will help in managing the demands and hence
make revenue pretty obvious. But every time this model won’t
work because in such businesses surrounding & communities
may require to repay to minimize foot traffic in some
particular remote areas, and this would also be responsible for
the sadden job loss in the sector of retail as well as service
[13].
IV. IOTAS AN ENGINE OF DIGITAL TECH GROWTH
According to the findings in August 2019, there were
around 27 billion IoT devices all over the global. It is also
predicted to roughly increase up to more than 75 billion by
2025. At present around 8.4 billion devices are connected in
the world & as predicted by Gartner in 2013 around 26 billion
might be used by the decade end. It is obvious that count of 20
billion (in case 200 billion count as predicted by Intel by 2020)
could not be achieved at the end. The prime job of IoT is not
limited to have smart devices gathering data & then retaining
the data in a database [14].
The significance of IoT’s in the technologies are
predominant in 5G, advanced analytics, sensor tech & edge
computing including others. Because of the flow of huge data
emitting from the devices that are technologically smart, the
work is going on agitatedly by the companies on analytics
systems which is completely depended on AI & machine
learning and it also compiles the record of searched data to
create practical use of the same. These real-time data are used
by the companies as closely as possible; communications
firms require developing networks which swiftly as well as
effectively access huge data with the use of less time, resulting
in the introducing 5G networks. As IoT devices are being used
everywhere, it has become extremely easy to process data for
firms on the central server in this way it has given the path
way for growing enhancement for the system of edge
computing.
V. AI “GRADUATES”TO THE BOARDROOM
The various sectors have drawn a strong response for
artificial intelligence. Employees as well as workers may get
afraid after hearing it and they may fear of replacement with
robots for their jobs and positions. As the use of AI is growing,
the executives of c-suite may expect profits in coming future.
Presently, the utmost use of AI is being done in the
situations like consumer-facing situations such as Chabot’s
and it has not proved successful always. As the technology is
developing now a day rapidly, applications of AI would be
accessible for helping companies evolving from their base,
basically from the field of analytics, marketing, customer
service & robotics. The plans of business as well the their
strategies can be helped by AI by data reviewing , accounting
the information and then arranging it for the proper use which
can assist producers in making the output profitable. AL also
help the business in reviewing business as well as log files for
finding out that whether it is wasting time or money or it may
assist governments in using the funds & assets efficiently by
activating the authorities of cash-strapped to convert their tax
dollars. Al can also help medical researchers in analysing the
patients ‘cases with particular diseases and then assisting in
determining the best and effectual treatment. Fig.2. shows
most affected function areas across industries.
Fig.1. Most affected function areas across industries
VI. VIRTUAL EVENTS
The biggest prey to COVID-19 pandemic was events
industry as well as the industries of travel and hospitality
which supports each other business. For mitigating the
expansion of corona virus; trade shows, conferences, even
Olympics were cancelled or delayed. Some of the events were
rescheduling in the form of virtual events and this would not
remain as the phenomenon of 2020 but a greater experience
forever.
The success rate of these virtual events is not measured
and thus it is unknown. Its success is measured with the sales
generated by them and peer to peer connections established by
them, that is whyit is a matter of discussion if the virtual events
can produce business with the same success rate similar to the
physical ones. If they are successful in this mode then it can
be for long run. Because it will lead to lower costs for
attendees as well as the promoters. It will have flexible content
formats to promote virtual business in future also.
The cloud helps businesses handle the challenge
Because of all the disruptions caused by the outbreak
many businesses planned with the use of cloud technology
which enabled them to establish an instant communication
around the globe. As the digital transformation become
essential in this pandemic situation because it retained
millions of jobs and it also retained the virus spread, as well
as the digital transformation also catered businesses in
maintaining the normalcy level amidst the situation of chaos.
VII. TELECOMMUTING
After the corona outbreak, telecommuting has become the
massively adopted sector as a result. As the working from
remote has now become too normal in comparison to decades
Professional
Services
Public Sector
Health care
Financial
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ago. According to a survey done recently it was found that
49% of workers never worked from home. The objections
which businesses had previously with telecommuting and it
were favour done by COVID-19 to bring it to the mainstream.
It has also proved that if the leaders are provided with the right
technology, correct culture, as well as expectations; the
employees can be more productive as well as more effective
while working from home.
The work either being done from office or from-home
work has their own advantages. So, it is worth for businesses
to find out the path way for bringing the better of the two. The
ways like flexibility in working, shifts, or short working time
in office could help in minimizing the size of office and it will
also minimize commute hours. The online collaboration
practices will speed up the working cycles to balance the short
working hours.
VIII. ON-DEMAND FOOD AND SERVICES
To implement and execute the rule of social distancing
countless small businesses were compelled to close down and
many businesses could not survive on work from home.
Thousands stores of brick and mortar (especially cash-poor
small businesses) was forced to close down the business for
goods and many restaurants as well.
IX. TELEHEALTH
Fig.3. Tele visits Utilization (Minutes per day)
Fig.3. shows Tele visits utilization. An effective method to
control the expansion of COVID-19 can be Telehealth which
will provide the required basic nursing and the personal IoT
devices which can be worn to track the vital signs of fatal
virus. On the basis of the symptoms of the patients, Chabot
could diagnose initially.
Moreover, it’s of prime importance to get assured
telehealth to combat the high cost of medical treatment in
many countries which will be covered by insurance. The basic
requirement of Telehealth is a defined level of technology
knowledge for operating with fast internet speed. The services
of medical field are businesses which are heavily regulated;
medical treatment is typically provided by doctors to them
who comes under the same jurisdiction. The time when
regulations were written, the importance of telehealth was not
envisioned.
X. REVAMP SALES CHANNELS STRATEGY
Because of the lockdown imposed for COVID-19 and
social distancing; the buying behaviour of the consumer has
also changed and it may impact the buying pattern for a long
run. Some of the shopping pattern may remain the same for
time being but other businesses will look forward to get back
to normal style of market. The channel of online business and
transaction has been discretion for the companies like brick-
and-mortar companies but it may turn to be the mandatory
mode of transactions in coming future and for this purpose a
strategy that is well-crafted for digitalization is prepared.
XI. CONCLUSION
Finally, we can conclude that Covid 19 introduced the
complete shatter of the world’s businesses as well as economic
condition. Though, many new business opportunities were
some boons of these pandemic which flourished with the
support of new digital transactions where every business
exchange rests on completely contactless digital transactions.
Because of the pandemic Covid 19, the world has found a new
meaning and dimension of digitalization and this will flourish
and evolve more and more in coming future. The whole world
contemplates the best ways to execute the downplaying of
disturbance in the life human being. To change the condition
and accelerating the digitalization after understanding real
requirements; it is prime time for accelerating digitalization.
Digitalization will definitely promote the society with ‘lesser
direct human interactive’ or may be through this the ‘nature’
wants to docile the people who are responsible for harsh
damage to the nature and universe in every way. Similar to the
past, the people will learn to new methods to contemplate
counter the pandemic; but this is also certain that the new
World will not be the same world in the past. Afterward the
contribution of the emotions as well as togetherness of
contacts affixed with business relationships would vanish and
this is surely paving the path for a complete digitalization.
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