COVID-19 officially named pandemic turned people’s life upside down within several months. People now are largely confined to their homes, as governments took unprecedented measures to limit any movement so as social contact in order to stop the virus spread. These steps crushed global economy down, stopped massive production over the globe, disrupted all offline businesses, changing people ‘life and their mindset, the way they relate, work, entertain themselves for a long time.
Envisioning our world after the crisis and predicting the key trends in each industry is key in ensuring our life, restructure businesses and change for the better, not the worse.
So, what trends the future holds for all of us?
Supply chains changes
The first I would like to mention is the changes in the supply chain as I think is one of the biggest lessons many businesses have had during the pandemic.
As we know, China was known for its financial dominance over the decades. It was the largest manufacturer of products and goods over 30 years, massively supplying its goods to multiple countries making millions of profit. When the virus hit China, all companies, factories, logistic companies stopped to work, thus crushing the circle of supply chain down.
As coronavirus has spread, searches for new suppliers has doubled. And it seems like Mexico would be a great alternative, at least for Trump and the USA. It is to mention that sourcing will depend on what product countries would need. For example, furniture companies could turn to Mexico for suppliers, while electrical machinery could be sourced from Brazil. Nuclear reactors, boilers and parts can be produced in Chile or Singapore. Apparel and clothing can replace Brazil, Bangladesh or Canada.
In future global supply chains will be reshaped. This process had already started during the US-China trade war as companies tried to circumvent US tariffs, but it will now accelerate.
The emphasis will be through a diversification of supply sources, additions to inventories and some reshoring of production.
The Covid-19 has taught the world some hard lessons about supply chains – dependence on one source is never good for business.
The diversification of supply chains and additions to inventory will lead to more investment alternative countries, also put such a diversification produce higher costs as many of them cannot match China production costs yet.
The boom of TECH, IT and online businesses
It is obvious for everyone that as COVID-19, many offline businesses started to offer their services online. School start to hold online education, museums open online art exhibitions, food delivery, online workouts, etc. While people are at home, the only window in the boredom of isolation is their WIFI and smartphone. People do everything online, with the help of applications.
Many businesses will opt more for virtual meeting, so new tools such as Google Hangouts, GoToMeeting and Zoom. As a result, tech firms will become even more powerful
Telemedicine, unknown trend until now, is taking off. It allows you to discuss symptoms, medical issues, and more with a healthcare provider in real-time. Many hospitals, especially in advanced economies, have launched telemedicine services, enabling some sick people to stay home and still get treatment.
Talking about digital experience, we must mention the growth of e-commerce. As shoppers avoid visiting retail stores, restaurants and bars they must look for online shopping.
E-commerce also bring a lot of advantages to the customer, it is time-saving and AI algorithms can recommend personalized products based on shopper preference, cookies making its experience easier and more enjoyable.
This trend will convert to long-time purchasing habits and may permanently change our lives.
Suggested outcomes in the travel industry after COVID are positive. When the situation is over, travel leaders are expecting even more demand. They explained it as travel is a highly resilient industry that has always come back again and again from diseases and natural disasters.
Though there will be more people, prefer local travelling rather going abroad.
Also, there will be more deals for travelling. Hotels and tour operators would offer better value. So, you will have more opportunities with attractive deals with a higher value.
Right now, people are obsessed with hygiene, health standard. They start to be more concerned with environmental problems, as the problem of air pollution and global contamination as well. Many businesses will be obliged to meet all sanity requirements and must pay attention on ecological safety and health safety for customers as their primary desire will be to remain safe and care about the environment.
As an example, many shops and offices are purchasing a special air filtration system to implement. Other solutions will also be implemented.
Rising concern for safety nets
Current situation and crisis revealed the importance of social safety nets, such as unemployment insurance, universal healthcare, workers’ compensation, paid sick leave. Workers will be more concerned about social protection when choosing a company.
COVID-19 has reshaped everything that this year was going to be about. Nevertheless, businesses and entrepreneurs need to prepare for the world after coronavirus and adjust quickly to all changes and even take advantages of it.
Alessandro Rocco Pietrocola is an entrepreneur and investor based in London and operating mainly in Europe, Asia and Oceania with main focus on UK, Baltic Countries, Russia, China, Hong Kong, Malaysia, Singapore, Middle East and New Zealand as area of interest! At the moment is the Ceo of Astorts Group. He is an UK FCA (Financial Conduct Authority) Approved Person and is has great experience as director of regulated companies. He uses to dedicate part of his life to inspire others and help them achieve the most out of their life. Since he was 20, he had successfully founded and managed several companies operating in the field of management consulting, wealth management and fintech. He loves travelling, he is a cigars lover, an amateur golfer and a dapper man.