“New Normal” is the terminology poeple have been talking about everyday since the end of last year. The term is widely interpreted for example unusual normality or new trend of business but for businessman, Covid-19 has changed how they view the situation, consumer behaviour, and customers.
The normal practices have gradually changed for instance the customers who used to meet up in person has looked for new channel of communication causing more difficulty in presenting the products or services. Business sectors need an adjustment and when the revenue decreases, they need to acquire new communication channels to present the product such as E-commerce and Line. The aim of every company is to increase profitability, retain the income level or at least cut loss.
Companies consider more about marketing and sales expenses and identify the unneccesary costs. An example of cost saving strategy is the reduced retal cost. The company allows employees to work from home in accordance to unpredictable government shutdown policy.
As we can see, most of the policies announced by the government during Covid-19 are tempolary and in the form of rehabilitation in example the revenue department extends the deadline for tax submission and speeds up tax refunding process, especially for exporting businesses. The next policy is reducing tax rate, clearly seen by the reduced withholding tax policy and lastly arranging the events and activities that lure people to spend more for example tax refunding via Promtpay account; it requires users to just link national identity numbers to any bank account in Thailand. Thus they do not need to prepare any document and go visiting the revenue department in person to receive cheques. This is how digital technology is leveraged. If the government sector successfully encourages people to use E-service, our country can become cashless. E-payment will become more common. Moreover, we anticipate the practice of E-Tax invoice which the banks, where the company has the deposited money in, will be the issuer, instead of the company itself. The business that is well adjusted to E-Tax invoice policy would benefit from easier loan approval and OD from the partner banks. In the current situation, we all should keep an eye on the business movement and historically low interest rate.