Southeast Asia has been a central focus for people all over the world this year. It is believed it is where the Coronavirus began before spreading all over the globe.
It was also one of the first areas of the world to have to deal with the outbreak of the pandemic and get through it on the other side.
Businesses all over the globe have been impacted by this pandemic and businesses in Southeast Asian countries like Thailand and Indonesia are no exception.
There is some good news; the World Bank is optimistic that Thailand’s economy will recover next year. But, for now, the business sector in Southeast Asia has had to undergo a few changes and adapt to people’s needs while promoting health and safety.
With that in mind, let’s take a closer look at how business is recovering.
A Focus On Digital Growth
Because of the effects of social distancing, many people are opting to stay home, and even work from home. Stores, restaurants, and entertainment venues across Southeast Asia were closed due to the pandemic, too, which caused people to start spending more time online.
As a result, eCommerce sites have not only become more popular, but more important. The top eCommerce site in Indonesia, for example, is Tokopedia, offering a variety of products from home cleaning supplies to clothing. In these uncertain times, people can not only find comfort in making purchases, but it can give them a sense of ‘normalcy,’ like they’re going out for a day of shopping.
Because people have also been looking for ways to entertain themselves, online gaming businesses have grown in popularity. Malaysian casino sites are very popular as they offers users the chance to get involved in traditional games and betting services for a chance to win money and prizes.
Business and Banking
People often forget that banking is a business. As a result, the banks of Southeast Asia, including Thailand, have had to implement some changes. Thai banks have responded to the pandemic by doing everything from cutting interest rates to providing liquidity support to financial markets.
These are more than major marketing techniques for banks, they are ways to keep customers on board and even to continue to draw in new ones, even through a time of crisis. Banks need to consistently gain new customers just like any other business, so it makes sense that they’re taking these measures to encourage new clients and to keep current ones happy and comfortable.
Though World Bank is optimistic (as stated above) about the economical recovery within Southeast Asia (and specifically Thailand), only time will tell how people respond to the effects of COVID-19.
Many people have gotten used to a new way of living, and it will be interesting to see if things can ever go back to normal, or back to the world we all knew before this began. In the meantime, businesses, banks, and even online platforms will have to continue to grow and adapt to meet the needs and desires of consumers in order to stay afloat.