So much has happened since the beginning of 2020. Covid-19 has changed the way we used to think about things around us. It has forced most of us in to a sudden period of lockdown for which no one was prepared. Among all the changes of day to day life one major change is use of technology. The use of smart phones, smart TV and Laptops have displayed huge increase. The spread of pandemic has impacted every individual and worldwide economy. Many industries went in to complete shutdown of business activities whereas some actually have shown accelerated growth. Are these changes temporary and things will get back to normal or the current transformations will be the new “normal”?
Lockdown has resulted in to a lifestyle that we never thought is practically sustainable. IT infrastructure, Software applications, media, marketing, insurance, training, almost all the industries which do not have physical production are now working from home. However medical industry and companies which fall in to essential goods category are still actively working from workplaces.
With the transformed work culture the demand in communication technology has increased considerably. Work from home has established a need of communication apps to fulfill the requirements of virtual meetings, conferences, data sharing, chatting and many other activities. Also generating further requirements of server solutions and cyber security products. It is now almost impossible to imagine life without internet. We were never so much dependent on digital technology for our routine communications ever before. The world around us is transforming by finding solutions to current pandemic situation. But sectors which are not transforming will be forced towards end.
What all is flourishing:
The core technology industry is topping the chart. These businesses are evolving and forecasting for future advancements. Internet service providers are big contributor in industrial transformation and are growing fast. Telecom industry has shown some creative thinking and along with the data service have started offering various entertainment options free of cost, resulting in expanding user base. Tech businesses are not just video conferencing apps but also automation industry which is being innovative in developing solutions to encourage least human contact and social distancing checks. Healthcare and pharmaceutical sectors have also been using technology to achieve maximum results through technological advancements.
Industries which are creating and using technological upgrade includes, IT infrastructure, Healthcare, entertainment (online streaming), gaming, automation industries and few others. There is a significant rise in e-commerce business specifically for all essential deliverables.
What is suffering:
While some industries are flourishing there are few which are having a hard time. Lockdown being implemented worldwide the first industry to take a hit is travel and tourism. Travel and tourism industry was one of the major contributors in the economy and it is facing a complete shutdown. A closely related hospitality industry is also suffering, as most of the hotels are now vacant and restaurants are closed for dine-in. Fitness industry is in a lockdown too as the gyms are not allowed to open which also includes sports clubs, training centers, and sports gear shops. However some institutions are transforming and adopting online trainings and coaching methods for various activities making the lockdown impact less painful. Another industry is entertainment which actually has dual impact of shutdown. It can be divided in to two segments, outdoor and indoor entertainment media. Indoor entertainment which is all the of online streaming networks which is booming whereas outdoor options like movie theaters, play areas, events and concerts, everything is totally shut.
But there are some interesting examples of creativity and innovations, in outdoor entertainment industry, few Opera houses have arranged for online streaming of their shows introducing the concept of virtual Opera. Few movie theatres have gone back to drive-in theatres to meet the social distancing need of current situation. A zoo has come up with a creative idea of organizing a virtual safari keeping the business going.
Comparing both the industries flourishing and suffering, one thing is clear that the industries which are using technological enhancements and evolving to satisfy the new market requirements are actually flourishing. Now the question is, if it is all temporary or this is the beginning to new transformed world?
Even when the pandemic lockdown is temporary and the businesses will be open again, it is very less likely that everything will go back to as it was. Because technology is not just coming up with solutions but it is also changing consumer behavior. People are getting used to the new transformed lifestyle. Companies are now adopting the culture to work remotely and online streaming networks are the new home entertainment source. Technology has enabled us to do various things effortlessly which we were not expecting and now we are getting used to it. The future is all digital. This is the new “normal” and there is no going back.
If you are struggling to cope up this crisis, analyze your consumer behavior and forecast the future of your industry. Use technology, take your business online and promote it to get your potential customers’ attention. You need to be creative and innovative with your business ideas to stay in business. The impact on world that need to be understood due to Covid-19 is actually the accelerated growth of digitisation.