Covid-19 pandemic has caused a huge disruption in all industries and businesses. Some of it has been negative, while the other has been positive.
But what we can all agree on is that this pandemic has shifted most businesses online and transformed their work to be digital friendly. Ongoing COVID-19 outbreaks could see high demand for telco services. However a weak economy could see low customer purchasing power and strict regulations on prices. So how can Operators accommodate for this trend?
Telecom Industry Impact
But, according to a recent study the telecoms industry has suffered limited damage as a result of the COVID-19 pandemic in comparison to other industries. Although revenue figures for most operators have fallen slightly, few have encountered anything that is particularly severe or long-lasting. As a result, few operators have made significant changes to their strategy.
But one of the aspects of the telecoms sector that have been significantly affected by the pandemic is obviously business services; revenue in this segment declined sharply for most operators in 2020 and prospects for 2021 are uncertain.
It is important for such Operators not to wait it out but instead act immediately to stop these losses. Operators may have to rethink important parts of their strategies related to these aspects.
Operators should not ignore the areas where the pandemic will have a more significant longer-term impact. It is time for a change, and the pandemic is offering Operators the right opportunity to apply such a change.
What are the changes needed?
The assumptions of stable economies and unchanged customer behavior are long gone. This is especially applicable with the year that we just all had. For this exact reason, Operators should rethink their strategies to be flexible in any situation.
As some disruptive trends have emerged due to the pandemic, new opportunities have developed as well. However, operators may struggle to respond. They may need to change their strategies or develop new initiatives to benefit from these changes, including:
- The adoption of new virtual services for entertainment, healthcare and education.
It is now clear that many types of services can be delivered virtually. The new ways of interacting are likely to continue to some extent now that consumers have become comfortable with them.
- The disruption to consumer spending trends.
Consumer spending on telecoms has been largely unaffected by the pandemic. But operators may need to adapt their strategies to reflect uncertain economic conditions. Some people have found themselves in need of more telco services while others have seen a decline in their businesses and had to let go of some extra services they had installed. In such cases, flexibility should be a guiding principle for operators. Customers may value a particular service and be willing to pay more for some extras, but do not want to commit on an on-going basis.
- The shift to remote working by many organizations
The shift to working from home and the accelerated adoption of cloud services change the nature of the opportunity for operators. Pre-pandemic, the focus for many was on providing connectivity to business sites such as offices. To be a major player in this shift, this focus needs to change and connectivity needs to be a top priority for telcos at the moment..
What can be done?
The combination of multi-wave pandemic and massive economic contraction has never happened before, and this, more than ever, means that Operators must be ready to service their clientele as they might be the only constant communication stream available for them.
As COVID-19 slows and the economy recovers, the shift towards digital may make telco services more valuable for consumers and businesses.
To be ready for this scenario, telcos must invest in each of research and development, mergers and acquisitions, and network infrastructure to capitalize on the tailwinds. They also need to have the needed services to work in different scenarios and diversify their services to retain customer loyalty.
Thanks to our big portfolio of VAS, Fintech and IoT services, Monty Mobile is ready to accommodate all needs and changes of Operators at ZERO risk and guaranteed extra revenues.
Contact us today to find out how Monty Mobile can become your trusted partner today.