Outbreak of global pandemic and its impact on the digitalization of business

world
The Coronavirus (COVID-19) crisis have caused exceptionally negative effects on economy,
health and business setups globally and thus is known as Black Swan event which was
responsible for influencing every single aspect of human daily life (Bai et al., 2021; Qiu et al.,
2017; Verma & Gustafsson, 2020). This catastrophe was a sharp reminder that it can continue to
happen in future hence we should be prepared to dampen its effects on economic growth through
introducing new ways of organizing and working by using innovative technologies and new
ways of digitalization, that can make it possible (Donthu & Gustafsson, 2020a; Faraj et al.,
2021).
According to a recent study ripple effect was seen in business due to crisis in this pandemic
which caused 61% decreases in sales and cash flow, 46% inability to continue normal business
and 52% inability to serve customers (Nezhyva et al.,2020). Fusion of advanced and innovative
technologies in physical and digital systems is characterized under digitalization, which on its
own is not a new phenomenon but it continuously changes under challenges. Emergence of
COVID-19 provided it an opportunity and an environment of natural breaching experiment to
expand and develop quickly (Almeida et al., 2020; Faraj et al., 2021).
Due to various restrictions imposed on social events and congregations business organizations
faced calamity in a distinct way. However continuously evolving digitalization either in business
or healthcare is helping in active control on damages caused by this outbreak (Khan et al., 2020;
Seetharaman, 2020). Throughout time it is seen that some internet based business are thriving
and doing well yet some which include physical work and labors are struggling to make it
through. Hence dynamicity in global market can be seen in this pandemic which has great
capability of rapid evolution with respect to its challenges and it will be helpful for better growth
and facing difficulties in future as digitalization will become key element in business processes
(Donthu & Gustafsson, 2020).

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