COVID-19: Changing the World as We Know It
While the coronavirus epidemic increases sales for health-related products, other industries are impacted in different ways. Let's take a closer look at how the world's activities change due to the worldwide pandemic we're currently facing and how we can help businesses affected by it.
Why and How
When the first news about the novel COVID-19 reached the rest of the world, it seemed like a simple pneumonia outbreak happening far off in China with not much information about it and definitely no clue about what would happen a few weeks later. What we are witnessing nowadays is being compared to the 1918 Spanish flu, but while the Spanish flu had a worse outcome health-wise, COVID-19 might affect the worldwide economy more than expected.
We’re All in This Together
Firstly, we should understand that we’re all in this together and that everyone should partake in limiting the spread of the virus so that our lives can go back to normal, faster. People need to stay as much as possible at home, and understand why quarantine is a necessary measure for all, healthy or sick.
Secondly, proper hygienic practices are the best way to counter this and any other virus, for that matter; today and always.
Thirdly, although the coronavirus pandemic has gotten everyone anxious and concerned, we need to focus and continue to work as usual as well as find innovative ways to overcome this difficult period, both economically and logistically.
The World Is Moving Online
Businesses that used to work in-person need to find ways to move online, and fast.
Businesses need to keep their data more secure than ever, since even the World Health Organization has been a target for hackers.
Businesses need to lower costs during this time of crisis, given the ongoing economical changes.
Which Industries Are Most Hit By The COVID-19?
The pandemic has caused general disruption and nearly all industries have been impacted, but the most affected industry by far is tourism. Worldwide and local travel restrictions have massively impacted the tourism sector, with airlines, hotels, resorts, malls and restaurants being closed. Some have found ways of coping with the new reality. While airlines still generally keep a number of flights ongoing, some hotels have turned into hospitals to offer more rooms and beds for coronavirus patients, and restaurants are turning to online business strategy for food delivery instead.
The education sector has also been struck, a number of countries having kindergartens, schools, high schools, and universities closed for an indefinite period of time. E-learning has been on the mouths of everyone in recent years, but now it has to become the norm.
The entertainment and cultural sectors have also been affected, but some already found ways to stay relevant and implemented virtual reality museums visits, started streaming theatre plays, or put up virtual libraries.
The tech world is also experiencing a period of downfall. With events and conferences cancelled and no in-person business meetings, sales are going down and innovation is at a standstill in the tech industry. Although online conferences have started to pop up, it will take a while until online conferences can offer as many social and business benefits as offline ones. People need to get accustomed to this being the only way of working for now and adapt
Small family-owned businesses with no online presence (except for mom & pop local stores) are also impacted due to the population switching towards a social distancing and minimizing contact mindset.
You’d think that e-commerce will certainly be one of the industries that sees a growth due to the lockdown. More time online means more time to buy, right? In a survey from February, according to Digital Commerce 360, 36% of retailers surveyed said their ecommerce business will suffer due to the coronavirus, while 26% said ecommerce will be as projected. However, we need to take into account the type of shops.
Online grocery shops and supermarkets will definitely see a growth (and perhaps a logistical problem along with it) but can we say the same about luxury goods e-commerce stores? This depends on the economy as a whole, but the bet is mostly on no. A person earning now less due to organization restructuring might not be so keen on spending on unnecessary luxury items. Sales for smartphones and vehicles are already going down.
Who Can Help During COVID-19?
Social networks will be both a major beneficiary and a major influencer during the lockdown, as people turn more and more to these online platforms to connect with friends and family. At the same time, however, people will also get a high percentage of their news and information from social media. It can become a double-edged sword, as fake news and misinformation are all around, and people should trust only official news and reports.
As mentioned before, event planners and marketers are exploring the potential of virtual events and conferences, which can keep different industries in the loop to continue innovating and educating. Streaming video services and gaming will also both benefit and help, as people seek out more online entertainment or news content due to the lockdown.
With most of the population working at home, VPNs will see a definite growth in the near future. Working securely from home is a top priority, especially for tech firms. Live video conference platforms, such as Zoom, have also seen an increase in popularity and usage. They help employees interact and maintain work collaboration and efficiency while also shedding a light during these difficult times.
Food delivery, online supermarkets, and other transport services will gain a major increase in sales, but need to be careful about other aspects, such as logistics, website high availability, server capacity, and so on.
How We Can Help Keep Your Business Safe
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The Coronavirus pandemic poses a great threat to human lives, as much as it does to the economy. The COVID-19 outbreak has become one of the biggest threats to the global economy and financial markets.
Worldwide changes are already happening, and we believe the need for internet-based services has never been higher, as food delivery, online conferences, e-learning, online supermarkets, e-commerce, gaming, and more, will be in great demand.
Stay at home. Plan ahead. Focus on business. Move online. Lower costs. And most of all, stay safe, online and offline!