POST CORONA BUSINESS TRENDS

The coronavirus has taken the world by storm. It has made its way from China all the way around the world. Countries are currently unable to control the spread of the virus. The first case was registered in December, 2019 but some news outlets have reported that there were cases as early as August,2019. The virus originated from Wuhan, China. All businesses have been affected due to the lockdowns imposed by countries to combat the spread of the virus. The hospitality sector and the tourism sectors have seen the most damage along with the healthcare sector which is every nation’s last line of defense against the virus. After this outbreak is contained, everything is expected to go digital. Anything that can help prevent a second wave of infections. In India, businesses are suffering due to the lockdown restrictions. Local businesses are going bust and expect to shut down forever if there is another lockdown for 50 days. Economies are being destroyed due to the virus and the measures being taken by the governments to combat the spread of the virus. The post corona world will be a different one with a lot of new changes that we have never seen before or we never expected to see.

Branding in the post corona world will be an entirely different game as right now, most companies are in survival mode and damage control mode just so that they can get past these lockdown times. The main aim is to see the other side so they can finally get past to working in full swing and think about going for profits again. The Advertising Research Foundation writes,” Brands that ‘go dark’ take almost 5 years to make back their market share.” The above statement means that the companies which don’t perform any damage control and just try to wait it out until the end of the pandemic will have to wait 5 years to get back to where they are today. That essentially means that the company is pushed back to 2015. And will return to 2020 levels in 2025 only. There are a few trends that are expected post the coronavirus pandemic. First and foremost, The decline of China as a trading superpower. Due to the origination of the virus from Wuhan, in China, most countries are promoting their own homegrown products. In India, the Prime Minister addressed the nation to promote and support “Make In India” and try to help India reach self-sufficiency. This is due to the almost stoppage of global trade due to the travel bans for all products and people in the world to help curb the spread of the coronavirus in the world. The second trend that will occur is increased localization, something that was promoted by USA and India in “Made in the USA” and “Make In India”. This trend will be noticed because every country shut its borders and brands could not transport their products due to the lockdowns. Localization helps the brand ensure the manufacture and sale of the product is at a close range and can easily be controlled. This might be the end of “Assembled in X”. All products will soon be made and sold in the same country. The third trend that is expected is the Boom of Online Shopping. Since the 1990s the online shopping market has been scraping a minimal percentage of the market. But in 2019, the market saw a major boom that saw this sector outperform offline retail stores. But in 2020, to minimalize human contact and reduce the exposure to the outside world, the online market might just see the boom they were waiting for. Online giants like Amazon have already started providing groceries on their online store to reduce people going out of their houses. People have still not hopped onto the trend but in the near future to cope with social distancing and quarantine situations. The fourth trend to be expected is Everything Digital, As all major cities are currently facing a ban for gatherings, most meetings, launches etc are expected to be livestreamed to the public, just like Apple’s WWDC event which saw the launch of iOS 14 and other Apple OS on 22nd June,2020. Reducing human contact is the way to go to reduce the spread of the virus. The fifth and final trend, distributed workforces. This trend is being seen currently where jobs that can be done from home are being promoted to be done from home. This helps in many ways, less sick days, enhanced productivity and safety and comfort in the boundaries of your home. This reduces the risk of contracting the virus and reduces gathering of people. Work from home and e-conferences are the future and are the safest ways back to normalcy for a while. We truly are going into a new world after this pandemic. With this new world, we might see the digital boom that all of the world was expecting. Digital is the way forward for all businesses. It is the logical way forward. It will help reduce human contact and promote staying at home. Most movies are expected to release on various streaming services like Netflix, Amazon Prime and Disney +. The world is changing and we should too. Companies that do not adapt to these changes are in the danger of being left behind due to the changing landscape of the market. The pandemic has caused the biggest shift in the markets ever witnessed, even bigger than the 1918 Spanish Flu. Due to the advancement of technology, the change in markets can be implemented more easily and people can be educated more on the virus and the changes it has caused. These changes that we have spoken about can be implemented but the question remains, can the internet manage it? Is the internet a safe space to post some classified information? Until those questions are answered the changes might be minimal, but we hope all of our predictions might come true and we live in a digital world. Live long and prosper.

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