Nothing is forever; it is a proverb that strongly expressed the state of the world economy during the past two years, as that simple period was very sufficient to change the features of the top / summit of the global economic powers list. It is obviously clear to all the emergence of new companies on the list such as DeltaElectronics(Thailand) and (TSLA: US), and the falling of other companies from the list such as Petro China.
This amendment / modification was not a choice, but rather an urgency for all categories of companies because of the COVID-19 crisis, which affected the world in all fields, and whose impact on the global economy was not limited to just a change in the market values of the companies. Moreover the impact of the crisis in the global economy extended to destroy the economy of many Economic Entities and many governments faced bankruptcy.
The economic problem caused by COVID-19 crisis did not centre on the danger of a health and epidemic threat, but rather the economic problem the world faced in the state of trade stagnation and the suspension of many markets that were bringing huge incomes. That was enough for the sudden deterioration of the economic state for many companies all over the world.
Undoubtedly, the crisis was a surprise to everyone, but not everyone dealt with the crisis alike. There are many institutions which gave up the conditions imposed by the crisis. Those institutions did not deal with the situation wisely. Most of those firms’ and commercial entities’ fate was the same; which is bankruptcy.
On the contrary, many companies were able to escape the impact of the crisis by adapting to the surrounding circumstances and taming the conditions imposed by the COVID-19 crisis to achieve colossal successes and massive profits that they would not have achieved in other conditions. It is worth noting that new global markets have emerged, on which dependence has increased during the crisis time. The dependence on them is still increasing day by day.
The main factors that commercial enterprises relied on not only in avoiding the COVID-19 crisis, but also in maximizing and doubling profits which the institutions which gave up, ignored them. These factors are the digital and technological one. That was through companies’ orientation to the digital solutions to sale and communication with customers to address them, know their desires and their goals at that period.
Digital technology solutions such as electronic stores, websites, mobile applications and smart management systems are the best way to adapt to any surrounding situation. It is not only adapting, but the digital technology solutions help overcome crises and benefit from them as well. That is because the digital technology provides innovative solutions to any problem that people may face in their lives.
Some major companies were able to keep their positions in the list of the largest companies in the world in terms of market value. Also, some other companies were able to catch up with these companies and move closer to their market value with the large companies. The largest companies that maintained its position in the list are:
Thanks to the quarantine imposed by the governments around the world, people were forced to stay home for long periods. That helped a boom in the use of smart phone applications, including Facebook, Instagram, Messenger and WhatsApp applications. This led to increase the number of application users by 11% and the company’s profits in the first quarter of 2020 only by 10%.
The huge increase in users and profits for Facebook was due to the company’s dependence entirely on digital technology. It is a technology company that earns through ads. The development of the company’s applications was the most important manifestation of Facebook’s adaptation to the COVID-19 crisis. The updates and developments in the company’s applications provided more comfort and flexibility for users.
It is one of the companies that managed to have a seat at the top of the list of companies with the largest market value. It should be noted that Tesla was not on that list before the period of the COVID-19 crisis, but its exploitation and harnessing of the crisis was the main reason for reaching that global position.
At the beginning of the crisis, all the possibilities directed at Tesla and the value of its shares was estimated to depression. But what happened was a complete surprise to everyone, as the company’s stock prices increased because of increasing in the demand for Tesla electric cars in the largest global markets such as the American, Chinese and European markets.
The world became aware of the importance of technological transformation. Those who count on traditional technique won’t have a place in the future anymore. Therefore, users and buyers are turning to digital products and goods that satisfy their desires. This is what happened recently in the car market, where the largest percentage of car buyers has gone to electric cars. Whereas the largest percentage of car buyers has turned to electric cars, and this has led to decrease the percentage of demand for traditional cars.
Currently, it is recognized that digital technology solutions are the most important and best means by which to achieve massive commercial and economic successes, not only at the level of large commercial entities, but is basically the only way away from the current crisis for small and medium businesses, and it is the smartest way for emerging activities as well.
The role of alalmiyalhura for Information Technology is based on providing its clients with the best technical solutions that enable them to face the current and future crises by a more flexible and professional way. Through the technical services that we offer, our clients are able to develop and manage their businesses and commercial activities with greater control and ease.
By depending on the digital technology solutions offered by alalmiyalhura for Information Technology, you can open up to your business new multi-directional markets in different countries. We can provide interactive professional applications which serve your business and help you to communicate with your customers easily anywhere and at any time, which increases your business sales and profits even in times of recession and crises.
Now you can cope with the tops by following their same professional way, alalmiyalhura for Information Technology provides you a method and development tools to make you take steady steps on the path of success.