nCoV will give birth to Economy 2.0: Pumpkart CEO

nCoV will give birth to Economy 2.0: Pumpkart CEO

Agency News

Chandigarh, Apr 16: Pumpkart, region's leading startup, on Wednesday averred that work from home will be Indian economy's new mantra even post COVID-19 scenario and will give birth to Economy 2.0.

"Work from home will be the Indian economy's new mantra during and even in the post COVID19 scenario, which will give birth to Economy 2.0 in which innovation will be the key to success," said K S Bhatia, CEO of Pumpkart, one of the region's leading start ups, on Wednesday. According to the Pumpkart CEO, the Indian economy will witness a new phase post COVID 19. He said, "I would like to call this phase Economy 2 as it will be a new economic model.

This will see potential consumers continuing to avoid public places due to the fear of the virus. Instead they will like to look for digital services to fulfil their needs beyond retail, which will include delivery of food and other essential goods. This change will present an opportunity for startups who have workable B2C models with them. In this new phase there will be huge demand for online grocery, essential consumer durables, important customer services and & even hospitality-which will mainly be in the area of home delivery." However, he said, startups having B2B business models will stand to lose because of their high dependency on offline retail structures.

According to Bhatia, "The 'India Lockdown' due to COVID-19 is slated to lead to a decisive shift of consumers towards the digital platforms which will further give a push to sales on Ecommerce platforms for a longer term." The Pumpkart CEO said, "Under Economy 2, work from home will emerge as a new Industry where startups will contribute through tech innovations. Consumer business too could get a fillip as more and more people start working from home.” (UNI)