The Coronavirus pandemic has shocked the world and put every country’s economy to a standstill. People have been forced to stay at home to avoid large gatherings to reduce the rate of infection around the world. The virus has gone on a world tour from Wuhan to New York and even to India. The virus has been compared to the Spanish Flu which broke out in 1918. The Flu has affected almost 500 million people. The transmissibility of the virus is another factor that has caused governments to go into a state of complete lockdown. This virus unlike the SARS virus which broke out in 2002, can also be asymptomatic and a person can have it even without showing the symptoms of the disease. Most small businesses have taken the brunt of the damage. This virus has resulted in the loss of livelihoods for a huge population of the world. Restaurants, airlines, and all other businesses in the service sector are stuck in a state of limbo. There is uncertainty in the air for these businesses. Most states in India are against the opening of inter-state travel, beauty parlors, and restaurants.
The lockdown presents new opportunities to businesses that wouldn’t have been there before the virus hit the world. The new trend is staying at home and doing all daily activities at home, working from home, online classes from educational institutions. After this pandemic, the signs show that the future of the world is digital and the world is changing. Until the pandemic is fully extinguished there is going to be a reduction in human interaction. The future businesses seem to be without human interaction, stressing on digital transactions, and online catalogs. Online businesses like Amazon, Swiggy, Zomato will thrive during these times, as they are bringing things home to the people and reducing the number of people leaving their homes and reducing the chances of the transmission of the infections. Virtual platforms also seem the way to go for products and services. Most recently, Xiaomi partnered with Billibili to do a 72-hour stream to launch their new MI 10 5G. This launch was done on February 13th, at the peak of the coronavirus lockdown in China. This opens up new dimensions for business during this lockdown period.
The virus might have a lot of negatives but has actually improved innovations and has helped enhance creativity due to the extra time people have on their hands. This has opened up a new dimension and provided a new outlook for all companies to go digital and thrive. This might just be a game-changer for the digital markets.