The COVID-19 pandemic has changed the world and how we run our lives, business and economy. So what do we think of how the coronavirus pandemic will affect future business trends? (Also Read: Post Pandemic World Explained by my MBA Prof)
Here are some of our opinion points on how COVID-19 will affect future business trends:
Increase in Value of the Creative Industry
There’s a lot of consumption of creative content (music, TV, video porn) during the quarantine lockdown. There is huge demand in the industry nowadays, and with the rate of churn there will be massive pressure to produce new content to replenish used creative content…
Interior Design and Home Improvement
All of a sudden everyone knows what their colleague’s houses look like! There will be less reliance for shared spaces and be more self-reliant in many things, from gym, work, food, even food production (gardening or aquaponics), and it can even challenge the shared economy as a whole.
Less Reliance in Global Supply Chains
There will be production hubs per region and accelerate homegrown or bringing production closer to home. (Read more on other Lessons I learned in Business School)
End of Budget Airlines?
Budget airlines will have to rethink their business model. how COVID-19 will affect future business trends in travel? Particularly, how the common man travels? Warren Buffett has sold all their position in the airline industry (BBC), it doesn’t seem that he is optimistic in the industry, as well.
Just as Zoom has made its CEO a billionaire because of COVID, remote medicine will also be the new norm. Telemedicine, remote medical consultation, as well as OTC doctors and checkup kiosks to check your BP, temperature, small machines. Wearable diagnostics and detectors.
While Grabcar is down, Grabfood is soaring. Restaurants are down but caterers and food delivery services are thriving as we changed our dining habits from eating out to dining in. Products that are sold online and have access to transportation providers will survive. E-commerce is here to stay and will keep on growing.
Fintech developments and market penetration will accelerate because cash can carry germs and viruses. We are moving into a cashless or even check-less society, accelerated by the pandemic. This is how covid-19 will affect future business trends.
VR / AR Educational Gaming
Educational Game Development in VR and AR. As remote learning is becoming a norm, this will accelerate especially in its educational applications. Game developers should team up with universities to create gamified courses. The problem of online education so far is the zero to minimal social engagement and students lose interest quickly and drop out.
Game developers understand how to get people addicted to games. Games incorporate competition, level-ups, rewards, teamwork and collaboration. VR and AR are in its infancy in terms of educational applications. With VR you can travel back in time and see what it was like in Ancient Athens.
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