Capturing opportunities through new business models and engagement after Covid-19

ECONOMIES across the globe are gradually restarting after months of tightened measures to combat the spread of the Covid-19 outbreak. The pandemic has irrevocably disrupted the way in which people work and live, especially in the accelerated adoption of technology in almost every facet of our lives and work. How will the way of running a business look like in a post-Covid world? What will this mean for businesses in the months and years ahead?

For one thing, digital services have become the first port of call for most consumers. Shopping, including buying of groceries, moved online at take-up rates never before seen. Goods and services purchased online by United Overseas Bank (UOB)'s credit card members in Singapore rose more than 50 per cent in March 2020 compared with the year before.

To serve customers who are now used to the convenience and accessibility of buying online, companies will need to rethink their business operating models and how they can engage customers differently.