In the last year, businesses have had to rapidly become more adaptable in the face of Covid disruption. This transformation has led to business models of a new normal, focusing on digitalization through a post-Covid economy.
Events were one of the worst businesses to be affected by the pandemic. 83.7% of event organizers believe their event budgets will be impacted by COVID-19 in 2021 . The financial benefits of digital events have shone like beacons within lockdown, allowing businesses to save vital resources to secure their future prospects. Hotels, flights, food, and car rental budgets have all been saved whilst still continuing with productivity, a win for business in this tumultuous time.
While the pandemic has understandably secured the top spot in business concerns, a digital transformation is proving to be beneficial to more than just financial gain. Facing the challenges of the climate crisis has been a returning discussion for businesses to move towards more sustainable operations.
There is now a pressure more intense than ever before for businesses to commit to going ‘green’, as Gen Z and Millennials are making sustainability an important factor in their decisions. In The Deloitte Global Millennial Survey 2020, three-fourths of participants said they intend to take action to be a positive impact on communities and won’t hesitate to penalize companies whose practiced values conflict with their own . So not only are customers focusing on reducing their carbon footprint through sustainable purchases, employees want to work for innovative companies that are leading positive change.
Corporate social responsibility is being scrutinised more than ever, with generations speaking up about their beliefs for a more sustainable future. Digital events offer the opportunity to reduce finances as we navigate through Covid, whilst meeting the needs of people looking for sustainable practice. It can’t be confirmed how the future of in-person events will develop, but the benefits of going digitally are verified.