2020 has already been quite a year, hasn't it? Who would've thought that soon the world is going to be battling against an unexpected, new-born virus, which would soon cease human activities, almost all over the globe. This sounds like the story line of an old Sci-Fi movie, right? Corona virus crisis has hit our personal lives hard, but it has hit our professional lives even harder. People are advised to stay indoors and adapt social distancing as an everyday practice, till we have a better solution to deal with the global pandemic. There is no sugar-coating this situation. Thousands have lost their lives, and many severely affected.

People working in major sectors such as hardware manufacturing, logistics, hospitality, transportation and tourism have been critically impacted. They've lost near and dear ones, their freedom, their jobs, and have incurred huge losses in their businesses due to COVID-19 crisis. Aiming at keeping ourselves well informed on what is going on and how we can make conscious changes in our personal and professional lives, we have important information and advice to businesses on how to embrace the situation with open arms and transform the face of their businesses. To stay well informed is the first step to device the right path forward.

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Impact of Corona Virus Crisis on the Global Market

The corona virus pandemic has left most, if not all, businesses counting costs. World's major economies are suffering grave damages during corona virus crisis. Shares worldwide have taken a big dip since January. Investors, across the sphere, fear that the spread of the corona virus will destroy years of progression in economic growth. Consequently, unemployment, especially in the U.S., has hit an all-time high. The developing countries are suffering as well, with reduced labor and low cash flows, and poor healthcare facilities make it even more sketchy. The travel industry is going through loses due to movement restrictions and no tourism. Industrial production is suffering due to bans on imports and exports.

China makes up a third of manufacturing, globally. As a result, all of hardware selling businesses have suffered delays, customer escalations and lost opportunities. And so, the vicious circle continues indefinitely. On one end, if you had your business partners or suppliers linked to China, the impact to the supply chain and eventually customer satisfaction has been devastating. On the other end, customers, to begin with, are hesitant to purchase or do business due to budgeting or cost cutting measures due to the global crisis.

There's no denying that the situation is bad, and that we will take time to recover and get back on track. But if there's a silver lining in this emergency, it has to be this- the universal pandemic is nudging us to stay digitally linked with the universe and try to regain what is lost- connect, stay informed, and collectively work toward resolving the crisis. Despite of all the downfalls of COVID-19 at a macroeconomic level, all is not grey. This could be the birth of a truly digital culture that all old and new business owners must welcome.

Legacy business owners need a shift in their plan to keep their businesses afloat. If you had a traditional store with great customers, you suddenly find your profit plummeting. You're not getting much anything anymore, are you? So, at this point, do you accept defeat and relive all the good times your business has had in the past, or you put your energy in devising a plan to embrace the Digital era now more than ever?

If you're a fresh start-up owner, you had planned just the perfect road map focusing on growing your business and getting stability. The only thing that you didn't consider was a world crisis. Should you keep your blinders on and continue your planned path, or take a new approach?