COVID-19 pandemic and future business prospects: A conceptual study

Abstract

Unfortunately, the COVID-19 pandemic has disrupted the business environment worldwide mainly through the shift from physical to virtual (e-business) interaction. Yet, innovative ideas keep emerging out of this calamity. In this respect, this article aims to provide a rudimentary framework to understand business prospects that could arise through recognizing the changes in the business environment as a result of the pandemic. In doing so, we reviewed and conceptualized scanty works that are connected to the current research theme together with few interviews from business owners. We found that the COVID-19 pandemic has not only done harm to the business environment, but it led to a swift positive transformation (future business prospects) to both companies and customers. Major business prospects identified in the research study include - (1) Technology adoption and innovation, (2) Innovative marketing, and (3) Improved hygienic conditions in the business environment. The study, therefore, encourages business owners and practitioners to intensify the integration of technology to revamp their service delivery strategies. In other words, firms are recommended to engage in technological investment for their continuity and growth in the medium to long term.