Out of desperate attempts to fight the COVID-19 pandemic, most businesses and industries have turned to technology, triggering the rise of rapid digital transformation. Companies were forced to lower costs, hold business meetings on Zoom, speed up transactions through cashless payment options, hence testing the limits of what is possible and locating weak spots and cracks. Digital transformation will inevitably become a lasting part of our new normal even when the pandemic subsides, so we must invest and make continuous advancements in the technology sector.
According to the OECD, since the outbreak of the virus, online orders were up 50% in Europe and 120% in the US, indicating that in addition to those who were already accustomed to purchasing online, millions of new buyers were getting their first taste of digital trade. This has required various policy changes to ensure goods could be moved freely across borders and prompted many industry leaders to rethink their logistics strategies. Improving the digital trading experience will require collaboration from network providers, logistics operators, shipping companies, governments, network equipment manufacturers, and feedback from those who use these services.
The pandemic has shown us that when necessary, governments, industries, and companies can come together to collaborate in ways and at speeds we have not seen before. The question now is how can we get rid of impediments and make improvements to make it even easier for people to digitally exchange goods, services, and knowledge.
An eye also needs to be placed on how our goods and services are being made and how the people making them can work and collaborate in a time where many of us are forced to work from home. Connectivity plays a crucial role and has been leveraged in many countries around the world during the pandemic, but it is not as widely available yet in developing countries where people have limited access to the internet and other necessary resources. Prices also need to be addressed from the point of view that helps the global trading system, while governments in these countries need to reduce tariffs on the imports of digital equipment.
As discussions continue, one thing everyone can agree on is that digital trade has been the defining factor in recovery and growth, so the lessons picked up from here should guide us as we move forward. At this point, we should consider all possibilities and methods as we continue to improve our digital trading systems.
Learn More With Export Portal
Export Portal is a comprehensive global trade hub that has everything you need to trade safely and securely. We prioritize security, transparency, cost-effectiveness, and ease of use. Subscribe to our newsletter today and stay in the loop!