COVID 19 pandemic has caused unprecedented disruptions impacting businesses worldwide and wiping out more than $ 20 trillion of the value of global equity markets.
Businesses across various industries have been forced to rethink and readjust their strategies and respond in new ways to survive through this period. The timelines for implementing new emerging technologies have changed where companies have had to accelerate drastically to cope with the pandemic. Early implementers of digitalization have seen their investments paying off now and others have realized that digital capabilities need to be enhanced to stay resilient through these times.
The nature of the pandemic is helping certain industries succeed even after the restriction like remote working, social distancing is in place. Let us get an insight into the industries that are creating opportunities and are likely to thrive post the pandemic.
- E-Commerce: Due to restrictions in place and fear of going to public places, the online marketplaces are booming. E-commerce companies have seen a huge growth in transaction orders despite the challenges faced with the supply chain. Many companies are expected to turn profitable in the next 1 year. This remarkable shift is not expected to retreat to the pre-COVID levels once things get back to normal.
- Remote Working Technology: With billions of people working from home offices must stay connected. Schools around the world have moved to remote learning models making telecommunications and remote working platforms more important than ever before. Businesses that provide video meetings, file sharing, webinars, and other mobile collaborations have seen exponential growth. They are looking to hire more people to cope with the surge in demand. This new trend is likely to become the default method of communication for many industries in the future.
- Industrial Real Estate: With growing interest in bringing industries closer to customers for better control in times of disruption, as well as for increasing safety stock, the demand for industrial space will likely grow. To accommodate more complex pick-pack systems and provide access to a greater variety of products, typically associated with any e-commerce distribution facility, the real demand for such a space will be thrice the size of a regular B2B facility. The change in the model could also see management either working from the distribution facility and/or from home.
- Health Industry: The healthcare and pharmaceutical industries around the world are most essential in current circumstances. Companies are providing delivery services for medical supplies not just to individuals but to private clinics as well. With people switching to teleconsultations as a preferred way, companies that provide a platform to book appointments and consultations with doctors have seen record-high traffic and it is likely to grow in the future. The enhanced flexibility and convenience that this platform provides both for the patient and the healthcare provider will ensure the continuous growth even post the pandemic.
- Product and Service Delivery: Companies that cater to deliveries of essential supplies has seen a huge spike in demand. Third-party services are being used by restaurants e-commerce, F&B companies to fulfil the substantial growth in orders as their current delivery infrastructure cannot cope with the surge in demand. In the post COVID world, it is anticipated that the delivery service will continue to stay in high demand.
- Automation: Robots have been viewed as a threat to the workforce. With the current need for social distancing and least human interactions, the benefits of using such technology are superseding its threats of replacing humans. Warehouse operations have been transformed in current times. Companies are looking for low-cost, flexible automation solutions to replace humans where it is possible to do so. This trend will continue and diversify in the future. Many jobs will be lost, but once the companies switch to these technologies during current times, it is highly unlikely for them to revert to pre COVID times.
- Augmented Reality: AI was incorporated into many online channels to cope with restrictions imposed due to COVID leading to a fall in sales in-store. It is likely to replace the need to feel and touch goods before making a purchase. The industry will see growth in the future with technological improvements and lower costs.
- Online Grocery Stores: Online sales for grocery items have seen a drastic rise in orders in current times. Many companies have had to hire personnel to cope with high demand and ensure deliveries are made on time. With restrictions easing this trend is likely to stay with people opting for the convenience of the online stores.
- Cloud Kitchens: a concept referred to as e-commerce of food where there are virtual restaurants and food can be ordered online and delivered to the customers. Centralized kitchens can serve as a hub for many restaurants who can reduce their cost of having a physical restaurant and staff to run it.
- E-Learning: With children across the world forced to continue their education from home, e-learning has become essential. This holds true for colleges and universities as well. With this shift and the integration of information technology in education, it will make online education an integral part of the education industry.
Countries have increasingly felt the need to have their manufacturing rather than relying on other countries to have more resilience in their supply chain. This socio-economic trend to reverse globalization will ensure that no organization faces challenges like those that the pandemic presented.
The Post-COVID road is certainly going to be bumpy and unpredictable, but it is in these uncertain times great opportunities arise. The pandemic has compelled many companies to evolve, transform, and digitalize to conduct business. Some businesses will survive and emerge strong, transformed reshaped and some will not survive. The key lies in bringing about the changes necessary to overcome any future challenges.