3 changes in the Australian market that you need to address right now
Okay, I must admit this title is not among the most unique and enticing ones. But what I’m about to tell you is going to be highly useful if you are running a business in Australia right now. Well, change is inevitable. We already know that. But some events bring a massive impact on how we think, feel, and react. One prime example will be the 2008 global financial crisis. I am not going into detail today. But if you quickly google it, you will know how it negatively impacted the financial situations of many developed and developing nations. But the more interesting part is that many economies, including Australia, found new opportunities to climb up the ladder.
Every crisis brings new opportunities, and whether you are going to grab them or not is up to you. The covid pandemic has changed a few key things, and they are opportunities in disguise for you to utilize.
Remote working has evolved.
- You can hire someone who is a perfect match for the role, even if they are located far away from your business.
- Remote working is less expensive compared to traditional onsite working. You don’t need to maintain a large office for employees, and employees don’t need to spend money on travelling. It’s a win-win.
Using digital technologies is now essential.
What smartphone revolution has started through apps and cool features, the pandemic has accelerated and turned it into a necessity. What am I talking about? Digital technologies and digital transformation. Okay, these two widely used terms can sound vague sometimes. Let me explain without using some generic keywords. If people are working from a remote location, they are using computers, tabs, or hybrid devices. And they are definitely using the internet. Students, office workers, everyone is using apps and tools. What does this mean? A complete overhaul in working methods and operations. Every business is reducing offline activities and replacing them with online services. Employees are acquiring new digital skills. Results –
- A faster and more transparent system.
- Tracking progress in real-time is now easier than making instant noodles.
- Multi-tasking and efficient workflow have become the new talk of the town.
Digital transformation has changed how businesses operate and interact with the market. And if you don’t catch this train earlier, you may regret as I did, by not investing in cryptocurrency. Anyway, that’s a story for another day.
Your customers are now looking at an electronic screen.
Unless you or someone else has taken a physical print of this blog post, which is highly unlikely, you’re currently looking at an electronic screen. And so do your potential customers if you are running any kind of business. For my parents work meant a physical office and a bunch of papers. Entertainment meant playing games, listening to the radio, music players and going to the movies. Reading meant buying newspapers, magazines, and books. Hanging out meant sitting together with family and friends. And most importantly shopping meant going to the nearest market and buying products that were available in physical stores. Today all these mean one single thing. A smart device that is connected to the internet. Everyone is spending a great amount of time before a screen. Whether that is harmful or not is another discussion. What matters right now for your business is to be present on that screen and make sure you have a better appearance than your competitor.
Well, we have almost reached the end. Where is the conclusion? Here you go. The conclusion is that the pandemic has changed everything about the market. Because the market no longer indicates a physical location. It is everywhere. Whether you are at home or in the middle of nowhere, if you have a smart device with an internet connection, you can be a buyer or seller. While the digital revolution gave birth to the online market, the pandemic has ensured the online market is the dominant market. It’s not the place where buyers go when they can’t find something near them. Now it is the place where buyers go first. The market has changed. Whether you take the new opportunities that came with the change or let them go is up to you now.
