If the Coronavirus pandemic Corporations, governments, and other organizations adapted to the new normal earlier this year by rearranging many activities online.
The transition, part of the digital transformation that has come over the years, has been a boon for companies like cloud messaging providers Twilio, whose CEO Jeff Lawson told CNBC on Tuesday that the stay-at-home environment had accelerated the trend by several years.
“The trends in our society to already digitize these processes, to streamline them with this technology and to convert so many interactions into digital ones have been accelerated by Covid,” he said in an article.Bad money“Interview with Jim Cramer.
Twilio found in a Study on digital engagement This coronavirus response sped corporate digital communication strategies by about six years. The change in focus can be illustrated by looking at this year’s shares of Twilio, which are up 277% since the start of the year. The stock rose 1.6% to new highs on Tuesday, closing at $ 370.75.
The company has faced headwinds due to the impact of the pandemic on the travel, hospitality and hail industries, which account for around 10% of its business. However, those challenges have been offset by the new business that Twilio brought in from other industries, which offers long-term opportunities in healthcare, education, nonprofits, retail and other sectors that rely on digital engagement, the company said.
While Twilio’s growth has slowed over the past few quarters, the company saw revenue increase 52% in the most recent quarter, generating revenue of $ 448 million.
Lawson said Twilio helped Nike strengthen its direct customer business prior to the pandemic, an investment that has paid off this year. When retailers were temporarily shut down as global governments responded to slow the spread of the coronavirus, Nike’s app enabled in-store employees to communicate with customers online, enabled sales reps to work online and to communicate with customers remotely .
“All of these people became digital sellers virtually overnight,” Lawson said.