After all that has been said and done, the COVID-19 has created a devastating effect across the world. Whether it is in terms of death rate or on an economical scale, everyone has been badly affected by this pandemic.
Getting back to business
These are challenging times, especially for businesses. All and every type of business are included and starting back will be difficult. No one is spared when it comes to restarting the business. It will take some time for things to go back to the way it used to be.
Travel and tourism
With the lifting of movement restriction, it takes time before it is entirely safe to travel. It will be very limited in the next few years and regulations will be very strict. There will be an increase in domestic tourism since most can only travel within the country.
Loss of jobs and employment
There has never been a time like this when millions of jobs have been lost. However, foreign workers will be reduced which sees jobs in those sectors will become scarce. This will see wages increase as there is now lesser competition from imported workers.
Good time to invest in property
The property market will experience steady growth. It is a good time to invest in property but it will take longer for prices to appreciate. It is better to invest in landed properties instead of condominiums.
Change in currency perception
In an unprecedented situation, online transactions have spiked. Lockdowns have driven consumers to pay for purchases online. Physical currency is not as popular anymore. In fact, consumers are using digital wallets around the world to minimize physical contact.
In the coming years, this situation will continue to grow and in time, physical money would even become obsolete eventually as people minimize any form of physical contact.
Rise of cryptocurrency
Bitcoin is not new but it has become central to purchases in digital platforms. As it is not dependent on a single economy, people with Bitcoin prefer to use it for transactions and investments.
The COVID-19 pandemic has proven that non-economy-dependent currencies and investments will stand the test of time and that is what cryptocurrency is all about.
Investing in the future
Consumers now realize the importance of having sufficient funds especially when they are stuck indoors and not able to get to work. Investing in long-term shares and other money markets become imperative.
It will take a while for the stock market to get back to where it was before the pandemic. But this is a good time to invest (buy shares).
Social distancing and online meetings
Most events have since moved to digital platforms. Meetings are carried out online with most platforms offering such features. Seminars and talks have become webinars. This is how things will be in the years to come. Venues and event management companies will have to change their modus operandi.
Government becoming proactive
No longer will governments wait for others before taking action. The Trump fiasco made showed that governments need to be proactive and make their own decisions. Waiting for the superpowers and following their lead will be disastrous.
Marketing digitally and smartly
Social media marketing has taken center stage. With consumers spending more time online (mostly indoors), they are connected more than ever. Brands and products use social media more to connect to their customers.
Hygiene and health businesses
There will be a sharp increase in health and wellness products. People around the world are now more health and hygiene-conscience. This business sector is now more in-demand than before.
Entertainment and social gatherings
Among the worst hit, entertainment businesses are losing ground. Cinemas, clubs, sporting events have all taken a back seat. It will not be how it was before in the coming years. The entire industry will be revamped.
Changing education entirely
When online learning was a facet of education before this, it has become the main medium. All levels of education will be changed. Digital textbooks, online platforms, e-lectures are just some of the most used applications. These tools are here to stay, permanently.
Localized business on the rise
Whatever business you are in, you now have to think locally. Your products, content and businesses are all around you. This is the time to reach them and make your products accessible. The buying process, delivery and support are all crucial.
What is the end-game?
You have to be result-oriented. With or without the pandemic ending, lead-time is vital to ensure your business stays afloat. Your customers cannot be denied of any service. Reach them, service them and fulfill their needs. That is all that matters. Or you will be out of business very soon.