
COVID-19: Internet innovation and upgrading
April 20, 2020
April 20, 2020
The unexpected outbreak of COVID-19 around 2020 is exerting enormous impacts on China’s offline retail, services, and travel industries, and the current rapid spread of the pandemic is threatening the global economy.
However, we foresee the crisis as a rare opportunity for internet-based enterprises to accelerate bringing production and service activities online by widely employing digital and intelligent technologies. This will facilitate innovation and upgrading of B2C solutions as well as lead to an explosive development of B2B/2G solutions.
Traditional industries are subject to impacts of the coronavirus outbreak in varying degrees. This in turn is impacting internet enterprises differently, from demand dynamics to the operational mode (i.e. online, offline, or a combination of the two), bringing a sea of changes to some but not to others.
Should they stubbornly stick to their offline business, believing in cash as king, or make strategic adjustments for doubling their growth potentials?
Should they make breakthroughs in given areas emphasizing customer centrism or reinvent themselves by innovating across the board?
Should they rush into the game, aiming for sweeping success? Or be prepared in the first place and proceed steadily in a step-by-step manner?
What is the way amidst the COVID-19 outbreak? This question challenges the wisdom of the CEOs of many internet enterprises. Our suggestion is that this be approached comprehensively from a variety of perspectives as described below.