Xigem Technologies (CSE:XIGM, OTCQB:XIGMF) Corporation noted that the impact of the digital revolution in business was likely to continue even as coronavirus (COVID-19) restrictions ease and highlighted a number of examples.
The firm is a software-as-a-service (SaaS) technology company focused on its patented iAgent offering, which provides organizations, businesses and consumers with tools necessary to thrive in a vast array of remote working environments.
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Citing various sources for a number of examples and trends, Xigem noted the following:
- It was now estimated that 20% of all labour in the US may be satisfied by remote workers, up from 5% before the pandemic;
- In a recent survey, 40% of US consumers said they expect to continue to use telehealth services going forward, compared to 11% of consumers, who used telehealth prior to COVID-19;
- Overall online penetration remains about 35% above pre-COVID-19 levels. In the grocery sector, online penetration tripled during the pandemic levels to 9-to-12%, representing an acceleration of three to five years compared to prior expectations;
- A recent survey found that 92% of B2B buyers prefer virtual sales interactions, up 17 percentage points from 2020, and 79% of sellers realize its effectiveness compared to 54% last year;
- The pandemic represented an inflection point in the adoption of digital payment technologies, with 78% of global consumers adjusting the way they pay for items. The digital payments market is forecast to grow at a compound annual growth rate of 13.7% between 2021 and 2026, driven by greater convenience, favourable government policies and evolving consumer behaviour, as well as COVID-19 disruption; and
- After falling by two-thirds in 2020, business travel may only recover to 80% of pre-pandemic levels by 2024. Hotels and airlines will need to re-evaluate their pricing, marketing, networks, digital strategies, and investment plans to compete.
Brian Kalish, the co-founder and CEO of Xigem, concluded: "Behaviours have changed across all segments of society as a result of the pandemic, and those businesses who are adapting, are those businesses that are reaping the rewards from the opportunities created by our rapidly transforming global economy,"
Contact the writer at giles@proactiveinvestors.com