The world is on the brink of the new order once again. This third shift is not rising because of war but a pandemic is the core reason behind it. The year 2020 is going to be a lot different than our imagination and the colossal efforts to prevent the novel virus from spreading is a true struggle now. With China, global shipping, and travel, shutting down automatically affected the global economy.
The supply chain already is suffering from the worst-case scenario but what about the rest of the business world?
Pandemic has left a huge mark on the business world. It is likely to change and bring the new world order in business terms as well.
Telehealth
The first and foremost hit was taken by the health clinics and hospitals where doctors and all healthcare staff are responsible for treating an outbreak of this epic. Many lost their lives in their service and many had healed other patients as well.
Telemedicine/telehealth is a new trend on the horizon. Where a patient can virtually consult the doctors or specialists, it will reduce the traffic in the hospitals, and the patient won't have to leave their home until recommended.
This reminds of the period when Skype was first introduced for video conferencing. Now it is highly recommended to do consultations over a video call. Remote care is much safer and enables a clinic to serve at various time zones too. This helps to spread awareness as well as doesn't restrict patients to one region only.
Translation Services
Professional translation services have been part of the global business from early times. To better be able to understand the rising or decreasing demand of consumers is of the essence for such businesses who earn millions due to their foreign audience. Do you think this is easily achievable? Professional translation services are key players to make things happen for their clients.
Now that everyone is communicating online, especially in the medical industry, reliable information sources are vital. Translators and interpreters are proving to be an asset to deliver and interpret the right message across oceans. Because of this one can say translators are on the rise and have better chances to soon stabilize in the post-pandemic business world.
IoT and Big Data
We have seen how powerful pandemic can be. Medical science is even clueless on how to solve this issue quickly. But this is the lesson we needed to learn; to plan and monitor any rising pandemics in the future. With the help of the internet and technology, a lot is possible.
We may not have been able to produce a vaccine yet, but we may be able to predict the upcoming pandemics. These apps that can track and record the waves and their warning systems can alert us, track those with symptoms, and GPS can be used to track the infected individuals. It sounds like a far fetch idea, but it is not.
This will also maintain the privacy of the diagnosed individual and monitor data more effectively.
Online Shopping
If you think customers were eccentric before, now they are over the top with extra loaded carts. But if you own an online website or marketplace what is there to complain about?
One of the fastest emerging trends for the year is entirely based on online shopping. Every sector is different. Clothing has more demands online or offline, cosmetics compete, and so on. Now common things like groceries and household goods are being sold online to save you from the trouble of stepping outside.
It looks like, the digital economy is going to take a major credit on keeping things floating for a while now.
The longer the quarantine and social distancing period prolong the more people are going to bury themselves in online shopping from personal care products to households to apparels and so on.
Small Inventories
The concept is not relatively new, but it is foreseen in the coming days that companies might want to produce only a current stock rather than causing any disheveling. The companies that maintain small amounts of finished goods can sell easily in the market, assuring profits than the company producing the goods in bulk quantity.
In the current situations, it's a smart play to produce less to earn a confident earning. This way the products move faster in the market and don't stale and shelves are restocked just in time. To work on short term goals rather than long run is an effective strategy for now.
Loss of Production Schedules
China is the world's most dominating market so far. The world has seen the Chinese market can be quite unpredictable. As the pandemic forced the quarantine rules at hand, factories shut down which made the rest of the world suffer.
China is already deep in the bottleneck, meaning it will suffer to thrive once he pandemic is over. Millions lost their jobs and companies can't rely on china anymore to produce sample sales or even promote them. Once the pandemic subsides, it is predicted consumers may look somewhere else for the final products and so will other retailers.
Businesses will go for more careful strategies and will not rely solely on Chinese developers from now on. Will this affect sales? It will.
New Content Strategy
Content is the queen of business. Customers are often laid back because of their disappointment in a particular brand or a service. If the content game is strong, you can generate new leads (for future business) and attract new customers.
Because customers are unable to experience the physical touch of a product, quality content aggravates the need to sense of touch far more easily. Many companies offer bogs post and product reviews to entertain the customers' mind. This brings the desired clarity on customers’ part enough to influence their buying behavior.
You need to offer the audience what they want to hear and see under the current circumstances to make them feel valued and create an affiliation. That's where videos, articles, guides, and other online sources can be of great help.
Reinventing Restaurant Business
The food and beverage industry has weathered due to pandemic like every other industry. With the restaurants and cafes shut down, it had a huge impact than anticipated. Since the world is still under the lockdown, one needs to eat food, and not everyone is born with a skill to cook.
Governments in different countries have restricted the restaurants and allowed only the takeaway and deliveries. Doesn't it put the delivery man at risk of being infected? It sure does. To nimble over the fact, in coming days, frozen food, ready to eat meals, prepped food boxes, and online groceries are now readily available for the customer.
Online cooking classes are merging on the internet to appeal to the audience. Many franchises are organized and working via app orders and deliveries. Some even collaborated with tech companies to experiment with bot deliveries.
Wear and Tear in Depreciating Economy
To admit we are losing by the cents sounds more than humiliating but the fact remains intact, that business world is changing. Many companies are now shut down permanently for better or for worse. As production output has slowed, it is more than urgent to bring new innovative ways to be able to meet demands. COVID-19 maybe testing us at our weakest but this is the time to drive with determination and come up with the best possible solutions that will reshape our economy.
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