The business success story
Eric Yuan left China to seek opportunities presented by the internet boom in the United States; yet, the journey here was not an immediate one. He was turned down for a visa each of the first eight times he applied for one. After eight previous failures, he was successful on the ninth try, but the entire procedure took two years.
Yuan established the communication platform Zoom in 2012, following several years of prior experience while working at a Silicon Valley communication business. Yuan explained the origin of Zoom as a daydream in an interview with Thrive Global. He was looking for a solution to a long-distance relationship requiring each partner to take a train for ten hours to see the other.
Now, over 750,000 businesses use Zoom to keep their employees linked through video and audio conferencing, collaborative workspaces, chat, and other features. Zoom also supports a variety of languages. The real-time, face-to-face feature of Zoom makes it easier for organisations to keep in touch, making it possible for workers to effortlessly work from home or stay connected when working remotely or across different office locations. Zoom also makes it easier for firms to hold video conferences.
Role of Covid in Zooms success
The epidemic did not yet exist at the time that Zoom became popular. In the past, it had completed a significant number of tasks. As a result, it should not come as a surprise that Zoom was a huge hit when people were sent home, and WFH got underway. However, it was present at all times. What might be the cause of this?
And it appeared that something had been stolen from the scene already. Additionally, there was Google, Microsoft, WebEx, and GoToMeeting, to mention a few of the competitions. However, none of them provided a comprehensive answer to the problem. Unquestionably, Zoom was unable to foresee the pandemic in any way. Nobody is going to do it. The entire world was taken aback by this scenario, which increased the number of people looking for virtual private networks (VPNs), video conferencing software, and webinars within days, if not hours.
Therefore, all of those years spent labouring to develop the capability of making video calls finally paid off at the right time. People needed a tool that could handle the challenge of remote work and online communication, and there was one that stood out from the rest: Zoom. People wanted a tool that could handle the challenge, and Zoom was able to deliver that.
Future of Zoom
Particularly at this point, no one can accurately predict what will occur. On the other hand, several potential areas of risk for the company have been identified by specialists. The first is the equity of the company. Even if there has been an increase in consumption, the value of the stock cannot be predicted.
Late in March, it was trading at a valuation 37 times more than the corporation had anticipated it would be in 2021 because of the similar rise in use. Alternatively, Zoom continues to be an attractive option in the market, as businesses will be looking for ways to lower their costs and increase the productivity of their employees. The most important thing for them would be to transform all those new free users into paying consumers dedicated to their brand.
Despite all of its strengths and weaknesses, Zoom has succeeded in the market, and it is hoped that this trend will continue to grow.
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