COVID-19 has shifted businesses and consumers to touchless payments. The unexpected disruption caused by COVID-19 has made consumers change their behavior, and this isn’t the only change that occurred in 2020.
Almost every aspect of life has been affected by the disruption, and even views about the society itself have changed. It’s becoming more pivotal to work with an expert payment specialist like BestPaymentProviders.co.uk to succeed.
The year 2020 opened a new chapter both for people and businesses. For those in the eCommerce space, it created new opportunities, and for others, it meant closed doors.
Recent estimates point to a reduced world-economic growth: to an annualized rate of -4.5% to -6.0% for the year 2020. This year, a partial recovery is expected that could make up 2.5% – 5.2%. Global trade dropped by 5.3% in 2020 but is foreseen to see an 8.0% rise this year.
World-economic activity is dependent upon advanced economies by 60%. The operation of these economies is anticipated to be below their potential output level during at least 2024. What about banks? Many of them ended up with huge losses accounting for hundreds of millions to billions. The losses of several bigger banks have already exceeded the $10 billion mark.
In addition, world trade decreased by an annual amount of 9.0% or a bit less last year. Given the current global economic downturn, you should look for the best payment specialist that can spare you the ordeal of staying afloat in these challenging times.
That’s where a true payment professional like BestPaymentProviders.co.uk steps in to offer you cutting-edge technology, the most competitive rates and fees, and the excellent support you really deserve. And this is made possible through the most unbiased review of payment processors in the country.
COVID & World Economy
COVID is reshaping the way people make purchases and what they’re interested in purchasing. So it’s no wonder that businesses have undergone radical changes. Companies in consumer-packaged goods (CPG) are giving a new design to their supply-chain operating models. Otherwise, current consumer demands won’t be met.
The global economy is changing: from shareholder to stakeholder capitalism. Business owners are redefining their mission to create long-term value for their companies. The success of this new model of capitalism is conditioned by the following key factors: stakeholder identification, methods to serve stakeholders, and long-term outlook.
To navigate these challenging times and move forward, you need to make stress testing, the analysis of forward-looking scenarios, and risk modeling priorities. With an approach like this, you can be prepared for scenarios that may face.
COVID-19 has brought a destructive effect on the economies worldwide. Entire industries have been disrupted, and consumer behavior has drastically changed. Evaluate the different sides of this global change and turn to a reputable payment company to sidestep the current complexities with ease.
Author Bio: Payment industry guru Taylor Cole is a passionate payments expert who understands the complex world of payment experts like BestPaymentProviders.co.uk. He also writes non-fiction, on subjects ranging from personal finance to stocks to cryptopay. He enjoys eating pie with ice cream on his backyard porch, as should all right-thinking people.