Insider Business Coronavirus forces rapid business evolution also in Cyprus

Coronavirus forces rapid business evolution also in Cyprus

The recent coronavirus outbreak is forcing a rapid business evolution and reinvention of infrastructure and processes as almost everything shifts online.

Studies have shown that the digital switch for Cypriot business was and remains a challenge and the current crisis will certainly test their strength, Phileleftheros reports.

Public health guidelines urge anyone who can work from home to do so. Technology solutions companies re on their toes helping businesses, while IT technicians spend their days enabling company employees to work from home.

Analysts believe this is something that has come to stay, since teleworking was the next stage of technological development. And it has come to Cyprus as well in a forceful way.

In addition, businesses are confronted with another big change to their system because of the increase in General Health System (Gesy) contributions. This implies additional administrative costs, but also a boost to their liquidity.

The broader market is also changing, with deliveries – food, clothes or other goods – now being on the rise. Local companies had been recording low figures in online product purchases because Cypriot customers preferred physical contact considering the high number of stores as well.

Now that stores are shut down, online shopping will be boosted with many companies already advertising on social media that they accept electronic orders.

At the same time, video conferencing and distance learning are in progress at nurseries and private schools, while online games have been popular for a long time.

Global mobile game downloads shot up 39% in February, with China accounting for a major portion of the boost, data from app analytics firm Sensor Tower showed.

Television and movies in general are also quite popular these days, with the US recording a 60% increase in viewership lately. Unsurprisingly, epidemic movies dominate the viewership of Netflix subscription platform.

By Demetra Landou


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