Coronomy is an economic situation like the one we are in right now, and who knows when it will end, we don’t know yet.
Inevitably this Coronomy era has damaged so many business activities. Economic growth is predicted to plummet, and millions of people will lose their jobs and livelihoods.
What is dark is this: when the trend of epidemic cases in other countries begins to decline, the new mutated version of the virus is coming.
When the epidemic remains high for a long time, the economic recovery will take longer and longer. The patience and mental resilience of many people will be tested in this Coronomy era.
This time, we will try to explore the bright side of Coronomy’s dark attack: what are the business trends that will actually skyrocket in the Post Covid 19 era. Or what business trends will be more important in the future, after this pandemic.
In this post Covid 19 era, there are at least three business trends that feel increasingly important in the future.
1. The Rise of Digital Business
The pandemic has made people’s mobility very limited. For businesses that rely on crowds (think about the business of traveling, entertainment, cinemas, restaurants and malls), this policy will certainly hit hard.
On the other hand, the social restriction policy emphasizes the increasing importance of the business digitization process in the future. The digitalization process has actually grown very rapidly in the pre-pandemic era. Two prominent examples are mobile banking services and video streaming services a la Netflix.
Mobile banking services are undoubtedly one of the most beautiful innovations of the last 10 years. And in this Coronomy era, this mobile banking service is increasingly important. We no longer need to physically go to the ATM every time we want to make a transfer or transaction – a process that is very risky if the ATM booth is lined up and full of crowds.
Since mobile banking and digital wallet services invented, we almost never use an ATM or come to the bank again.
Streaming video services like Netflix were also booming before the Pandemic. But in this Coronomy era, when millions of people need entertainment at home because they can’t go anywhere, there has been an explosion in the increase in Netflix subscribers around the world.
Another digital service that is even more important in this Coronomy era is the online delivery service. During the pandemic period, we can’t freely come to restaurants physically. So the alternative is, we order more and more food for through online food delivery.
The digital business trend is a trend that will be increasingly important in the future, or the Post Covid 19 Era. However, at this time, when the pandemic is still actively attacking, this digital service is truly an elegant solution for many customers.
2. The Rise of Teleworker
The Coronomy era has forced many businesses to implement WFH (Working From Home) policies.
And surprisingly, many workers are finally able to slowly adapt and learn the process, so that performance can still be optimal even though they have to do WFH.
Few weeks back, I interviewed an employee who has been doing WFH for two months according to his office’s policy. He said so far so good and all work can still be done effectively.
Of course, there are a number of jobs that cannot be done by WFH, such as cleaning service jobs, factory operators, or bank tellers. But actually there are more than 60% types of office work that can be done from home, or anywhere as long as there is a broadband internet connection.
Before the pandemic era, there was actually an increasing trend in the number of teleworkers. Teleworkers are the workers who did their work from home, and didn’t have to physically come to the office every day.
The Coronomy era has inevitably triggered a dramatic increase in the number of teleworkers around the world.
We predict that many companies will continue to implement WFH policies even after the pandemic era ends (or in the Post-Coronomy era). At least they can allow their employees to work from home twice a week.
This teleworking trend really helps reduce congestion on the streets (and ultimately air pollution). Employees also no longer need to spend up to two hours because they stuck in traffic every day on the streets.
Studies from the Stanford University research team also show that teleworking policies will actually make employees more productive.
I personally have been doing WFH for more than 8 years – or long before the pandemic. And indeed I feel that my quality of life and quality of work have become much more optimal.
3. The Rise of Online Shopping
Before the pandemic, the online shopping trend had indeed experienced a boom. However, in this era of social distancing, the presence of online shopping has become even more important.
When we are reluctant to leave the house, now we shop for anything through online marketplaces or other online shops.
For example, during this pandemic, I have purchased more than 20 books through Amazon.
And this is happening to everyone else. Since they can’t go to the mall or leave the house, the online shopping habit is becoming a preferred trend.
Bottom Line
These are the three business trends that are accelerating in this post Covid 19 era, and may continue to skyrocket. The trend of business digitization, the rise of the teleworker movement, and the booming trend of online shopping.
Who knows that the impact of Covid 19 can actually eliminate what kind of business that can survive? If your business are not digitalized yet, now it is time to convert.
Further Reading:
The Process Business Strategic Planning Before Starting Any Startup
