How has COVID-19 impacted your digital transformation timeline?
New research from Barclays Corporate Banking* has revealed 15% of UK companies have created roles specifically to cater to an increase in digital sales and boost online capacity, believing the pandemic has accelerated a ‘technological revolution’ in retail.
| Aspect | Employee | Independent Contractor |
|---|---|---|
| Control and supervision | Direct control over how, when, and where to work | Freedom to set their own schedules and methods |
| Payment | Regular wages; taxes withheld by employer | Paid per project; responsible for their own taxes |
| Benefits | Health insurance, retirment plans, paid leave | Must arrange their own benefits |
| Termination | Often requires notice and may include severance | Can usually be terminated at any time without benefits |
| Tools and equipment | Provided by the employer | Typically use their own tools |
96% of UK enterprise decision makers believe the pandemic sped up their company’s digital transformation
The research found a substantial number of businesses have invested even further in technology under lockdown with a third (33%) of retailers upgrading their websites, with 32% starting to accept new payment methods and one in four (26%) embracing data analytics for the first time.
Twilio, through their Digital Engagement report*, found COVID-19 accelerated companies’ digital communications strategy by a global average of 6 years, with 5.3 years for the UK average. 96% of UK enterprise decision makers believe the pandemic sped up their company’s digital transformation, and of these 66% said it did so ‘a great deal’.
This plays true to what we have heard when speaking to clients. With social media and e-commerce being two key factors for companies in 2020.
With research from Klarna and Retail Economics* finding 71% of British consumers are reluctant to shop in store in the lead up to Christmas and 56% stating they expect to do more online shopping this year than then have in previous years .
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Sources:
* Barclays Corporate. Banking: https://home.barclays/news/press-releases/2020/09/online-shopping-growth-sees-surge-in-e-commerce-roles/
* Twilio, Digital Engagement Report: https://www.twilio.com/covid-19-digital-engagement-report
* Klarna and Retail Economics: https://www.theindustry.fashion/three-quarters-of-brits-to-avoid-shopping-in-store-this-christmas/
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