by roc April 2020
by roc April 2020
Coronavirus ( COVID 19 ) has infected more than 135,000 people and killed more than 5,000 people, with the countries most affected being Iran, Italy, and China.
Due to the COVID-19 outbreak, several sports activities were delayed including the NBA, Series A, La Liga, and the release of movies, but the main harm was inflicted on the industries. There are, however, several sectors that have seen a significant increase during the pandemic, and this article covers three of those sectors.
“The crisis can be kind of a catalyst or can drive improvements on the way — it can almost act as an acceleration”, said Arun Sundararajan, a professor at the NYU Stern School of Business, studying how emerging technologies transform society. Once the pandemic recedes, he expects a new engineering model will arise.
The crisis is not only accelerating the transition to automation, but it will also fuel investment driving the change, according to experts. “There’s a lay opinion that automation could slow because the technology is costly and companies will hesitate to make capital investments in a crisis”, said Protocol Mark Muro, a senior fellow and policy director who is studying automation at the Brookings Institution. That is wrong. Over the last decade, economic literature indicates that these investments are made especially during a crisis.
Useless roads leading up to locked factories have become a common sight in most cities and towns, as businesses other than those producing/selling critical commodities have been temporarily shut down due to the 21-day lockdown to prevent the spread of COVID-19.
Because of the situation across the globe, a significant number of businesses are staring at unimaginable failure.
Most businesses have gone out of their way not only to address the growing health crisis but also to keep their company floating. Those including suppliers of video streaming services have a wide variety of content to keep audiences informed during the lockout.
Pharmaceuticals, FMCG, OTT platforms and e-commerce are several industries that have seen higher demand since the virus outbreak.
The whole world has changed in a little under three weeks and will never be the same. A virus that started in Wuhan, China, has spread exponentially all over the world and life has turned upside down as we know it. Much was destroyed, people were made obsolete, and hundreds of thousands died.
Yet would you believe there’s still space for tremendous opportunities, even after all of this? When things are falling apart, are things being cleared to come together too? That for those with the sense of looking ahead, taking action, preparing and making some bold steps, the months after this terrible pandemic could be prosperous or, at worst, a new one to start earning again.
While the health and safety of workers understandably remain the top priority, in such modern and unfamiliar operating environments, corporate leaders do need to consider the sustainability, size carefully, and reach of their corporate operations. Inevitably, as they operate in a constant state of flux with business strategies, investment in digitalization programs will fall well short of their priority list.
It is necessary not to lose sight of the new market opportunities that are emerging right now, without diminishing the devastating effects of COVID-19. Although these mostly lead to short-term demands, they can turn into long-term changes in the digital environment until the current situation is over.
While schools and learning activities temporarily stopped, most students were forced to stay at home. That’s particularly noticeable in Italy. For example, most video companies and the very popular Netflix, saw a massive increase in viewing, as many kids began watching lots of movies and TV shows.
One of the most unusual types of small businesses that have seen success in the coronavirus ( COVID 19 ) era recently is the drive-in movie theatres. For regular movie theatres seen as less secure (most are now closed) as they allow hundreds of people to crowd in small spaces, drive-in theatres enable people to take in a show from their car and offer a way for families to get out of the house.
California, Kansas, Oklahoma, and Missouri drive-in theater owners all told the Los Angeles Times recently that coronavirus business had increased. Although it is not clear if these drive-in theaters will remain open as many “non-essential businesses” are closed, the coronavirus crisis that reinvigorates these types of businesses in a new era in which you are advised to keep your distance away.
Casinos were significantly influenced as people were unwilling to go to public places where they met. But it has not in any way hindered online casinos and live games operations. Some of the countries that we can list are Canada, where coronavirus has not stopped people from playing live poker games that casinos Canada offers to its clients. The number of infected individuals fluctuates, but it can also be said that it is expected to increase, and casinos will be affected for the time being. Thus people continue to be more involved online, which means the online gaming industry is growing.
You may believe that the ongoing pandemic will not leave time to play online casino games, but this is not the case now as statistics show.
Online games like Fortnite, Overwatch, etc. are, in this era, very popular. They never missed the gamers on their website, but when many students and staff switch to remote service, they are highly likely to spend a lot of money on those games.
The city-based Call of Duty League, however, has changed to a new model amid the coronavirus pandemic due to safety reasons. The league announced in a statement that potential matches would be played online as opposed to significant events hosted by cities across North America and Europe.
Small companies that make board games and puzzles are popular as they help entertain families, with the novel coronavirus causing many people to stay at home instead of out. Craig Marney, Good Games Chicago store manager, told the Chicago Sun-Times that board games and puzzles were selling well, especially the timely cooperative board game Pandemic. Also, small video game developers working on children’s innovative games are seeing an increase in demand, with many children unable to attend school.
Due to the novel coronavirus crisis, the online gaming industry in India’s up-to-recently skyrocketing fantasy sports segment has plummeted and now almost wholly shattered over the last few weeks. It was kicking and bustling not so long ago, and during April-May of this year, it was even expected to see another massive increase in the number of gamers and around Rs 1,000 annual revenue.
The recession has occurred, although there is an overall rise in the number of online players, mostly because during the current lockout, people have more leisure time.
There are three main categories of online games with many types – casual games, e-sports, and real money games (RMGs) or skill-based online games that have been played for stakes. All the RMGs, in which fantasy games are a significant portion, are performed by charging a fee in sorts on certain esports and other genres. Some pay prize money as well. Both of these games are known collectively as transaction-based games (TBGs). Those are the industry’s growing source of revenue.
Immunity will be our greatest asset in the face of the pandemic. With this in mind and with strong guidelines from other government departments to stay clear of crowded areas, home workout services and the fitness equipment industry are expected to boom. Keep, a Chinese fitness app that provides exercise programs ranging from yoga to cycling, saw its ranking in the country’s iOS app store rocket up from 260th on downloads to the Apple App Store in mid-January, to 79th in early February.
Live fitness class broadcasts have risen by 513 percent on the online sports network PP Sport since the company introduced its courses late January. Indoor fitness equipment sales also saw an upturn. JD.com data shows that sales of skipping ropes grew 56 percent during the influenza outbreak, dumbbells grew 60 percent, and yoga mats rose 150 percent.
A newfound emphasis would be put on health care staff. With them will be the future, post-COVID-19. Governments would require professional nurses, doctors, and scientists/researchers who are specialized in fatal and infectious diseases and rare diseases.
Alternatively, there could be a drive for more hospitals to be established, and thus more personnel to be able to prepare for such a situation properly should it happen again. The healthcare staff would be in high demand in all regions.
With several fitness centers closed across the U.S., Americans switched to home gyms to help them keep fit during the coronavirus crisis. Although purchases of yoga mats are possibly the number one purchase for those working out at home, other fitness items are seeing success.
Small tech startups, such as Regatta, FightCamp, Mirror, and Tonal, that offer internet-connected fitness equipment are thriving. Such services allow users to receive live or recorded guidance from experts who are then coupled with patented equipment built to fit in with your home gym or spare room.
With millions worldwide in quarantine or lockdown, food delivery companies are facing growing opportunities and pitfalls. Mobile ordering and consumer loyalty applications related to on-site eating/drinking establishments have undergone significant declines, according to SenseTower. On the other hand, after China’s government ordered the people to stay home as part of the most drastic steps ever implemented, food delivery and recipe apps outperformed. For example, on February 8th, downloads for Alibaba’s grocery delivery app ‘Fresh Hema’ peaked, reaching nearly 100,000 downloads in a single day, compared to an average of about 29,000 per day during 2019.
Those who are afraid, or are unable to travel, have no choice but to call for delivery services. Coronavirus has opened up ways to provide more than just food or drop off a check. Already more companies offer delivery and pick-up services and believe it’s here to stay.
Some people may have gotten so used to the convenience and ease they enjoyed getting their groceries delivered, for instance, that they may not give it up after the dust has settled. So new jobs and new companies like these will be possible because the buying habits of the consumers will have changed.
Consumers who usually visit physical shops are increasingly shopping online due to self-isolation, with the result that eCommerce is booming, especially when it comes to tinned goods, pasta, health, and sanitary items.
The e-commerce uplift may well become irreversible if people remain wary about mixing in real life, gradually replacing online store visits with online shopping. Logistics companies like Bringoz, are now revamping their models to suit the current circumstances of the industry by allowing retailers to scale home delivery rapidly. We should expect similar developments to continue.
In the COVID-19 age, many people don’t want to leave their homes unless it’s necessary, and notably, they don’t want to go to medical offices where they could be exposed to the novel coronavirus. Thus, telehealth companies that allow patients to see doctors or therapists via their computers or phones have become more common, growing by an estimated 50 percent nationwide.
For example, Amwell, a Boston-based telemedicine technology firm, said it had seen more than five times the amount it encountered during peak flu season recently. We’ve been 624 percent higher than our expected volume for this week in the past seven days, said Mike Baird, Amwell’s President of Customers Solutions.
Although mask-making was not exactly in high demand in early 2020, it became a standard option for new entrepreneurs just a few months later. Americans around the country want to get high-quality (and innovative in some cases) masks to protect themselves and those around them.
For instance, Tokki, a reusable gift-wrap company based in Seattle, has pivoted its business and diverted all its fabric inventory to masks. After switching to mask-making, Tokki has seen extremely high demand. Furthermore, 20,000 shops are already selling masks on Etsy’s eCommerce site, demonstrating how quickly this market heats up.
If you’re an entertainer, it’s time to shine now. People feel intense depression and misery, and need to be distracted. Many now have much more free time than they did three weeks earlier. Entertainers now is the time to let your creative juices spill and let your star shine. The Bible states, “righteousness is good medicine.” Many would need to have a good laugh, hear an inspiring song, or be inspired by the art that you made during the quarantine.
As businesses move quickly — and in some cases even permanently — to remote work, the demand for digital communication tools like Microsoft Teams, Google Hangouts, and Zoom is likely to expand rapidly. Since the beginning of the year, Zoom has undergone a 50 percent rise in its share price.
What’s more, as staying in is the new going out, customers are opting for comparable AR and VR experiences instead of trips to concerts, museums, and sports, which can be comfortably enjoyed when sitting on the couch. Along with this, we are now seeing increasing demand for digital media and entertainment, including social networking, gaming, news, video sharing, and books, as people try to alleviate boredom and fill the time previously taken up with face-to-face travel and socialization.
Many citizens were left without work, and many were left in lockdown without enough resources to live even for a month. Many have now understood the importance of financial planning. After COVID-19, there will be incentives for those who can teach those skills — skills like budgeting, holding books, and investing.
There will also be a need for investing experts for the public, as people will want to learn how to quickly recover lost money while building a foundation for their future or their children, should another crisis of this magnitude occur.
People have got to have faith. Many people, particularly those in the areas hardest affected, would have lost a lot from this pandemic. Not everyone does this well. People may need inspiration, support, or faith-based motivation. Therefore, it is the time for those in these realms to step up. You have a responsibility and an obligation to support and assist people as they experience one of the most extreme and destructive global incidents we’ve seen in our lives.
Travel hasn’t died and we believe it will boom post-COVID-19. Why? For what? Okay, airlines may use discounts to recover some of the lost revenues. It may also be done to inspire people to fly to hard-hit destinations, which could still be suffering from a negative stigma.
Yet people would want to capitalize on those cheap seats, after the initial fear. Many people will also see that life is short and will be inspired by traveling and learning to go off and live their best lives immediately. Of course, the millennials and Gen Zs, who are statistically the least likely to be severely affected by the disease, will pick up those newly-cheap tickets.
With people bored and tired of staying at home, everyone would move out and enjoy the healed planet. The tourism industry will see a boom with travel companies pouring in with exciting offers. Not only this, but the online booking stores will also see a massive rise in their sales and bookings as people will love to move out and enjoy time outside their homes. We all know that the planet is healing after coronavirus bids us goodbye; it will be the time to breathe in the fresh air.
COVID-19’s threats to various industries mean it’s hard to generalize how to transform a crisis into an opportunity — for example, airlines and travel firms will fail to re-engineer their business models fast enough to mitigate the potential damage to their bottom line.
For industries less affected by the pandemic, organizations need to reconsider fundamentally what generates value, what is essential now and in the future, and what role digital innovation will play in making new things possible.
Companies that remain human and customer-focused and excel in quickly innovating new digital industries to solve challenges are ideally positioned to take advantage of any emerging opportunities.
Building and sustaining a strong and omnipresent digital culture is critical for businesses right now. When research becomes ever more distant, leadership styles, mindsets, attitudes, and ways of working matter more than ever before. Winning cultures include faith in individuals, job openness, compassion for others, and continuous learning. Through tough times, maintaining these vital ideals will ensure businesses maintain their digital assets, get things done, and continue to succeed.
Lastly, companies that show corporate responsibility and provide solutions to global health challenges will have an advantage over their cynical competitors who only aim to increase their EBIT and shareholder value.
At best, the COVID-19 outbreak will give rise to fresh, more flexible, more robust, more childlike, and more compassionate ways of doing business. Thus, allowing enterprises to withstand a wide range of risks, both predicted and unforeseen, while also taking care of the people who work for them and their clients.