Digital Transformation of Enterprises in the Post-Pandemic Era

Abstract

The sudden outbreak of COVID-19 has brought great impact on China’s economic development. How to scientifically and effectively help the economy has become the most important economic issue at present. During the COVID-19 pandemic, the service industry has been directly affected, while small and medium-sized enterprises (SMEs) have also been seriously hit, and the negative impacts on export-oriented enterprises cannot be underestimated as well. It is critical and urgent for these enterprises to quickly recover from the crisis and find ways to secure a viable competitive position in their respective industries in post-pandemic era. The Coronavirus (COVID-19) pandemic has not only brought unprecedented impact on China’s economic and social development, but also provided new opportunities for traditional industries to achieve digital transformation. Taking service industry, foreign trade enterprises and small and medium-sized enterprises for example, this study focuses on how China’s industries and enterprises in the post-pandemic era can recover from the impact of the pandemic by taking advantage of digital transformation opportunities: (1) Transferring services online and promoting upgradation of online business; (2) Cooperating with e-commerce platforms to transfer exports to domestic sales and catering to the need of domestic consumers; (3) Applying flexible production and shared manufacturing to better cope with external changes and reduce operation costs of small and mediumsized enterprises. Fintech also helps to reduce financing costs.