Throughout history, more billionaires and millionaires are made after a recession and economic crash than at any other time. So how do you take advantage of this time?
The global economy this year likely will suffer the worst financial crisis since the Great Depression due to the Covid-19 pandemic, says the International Monetary Fund.
The World Trade Organization also said that global trade will contract by between 13% and 32% this year. Also, the OECD has warned the economic hit from the virus will be felt “for a long time to come.” No one knows when the coronavirus pandemic will end for economic activities to return to normal. But even as uncertainty abounds, life-changing opportunities will rear their heads.
Throughout history, events such as economic recessions and pandemics have changed the trajectory of governments, economies and businesses. The Black Death in the 1300s broke the long-ingrained feudal system in Europe and replaced it with a more modern employment contract.
The SARS pandemic of 2002-2004 catalyzed the meteoric growth of small companies like Alibaba and helped establish it at the forefront of retail in Asia. This growth was fueled by underlying anxiety around traveling and human contact, similar to what we see today with Covid-19.
The financial crisis of 2008 also produced its own disruptive side effects. Airbnb and Uber shot up in popularity across the west as the crises forced people to share assets in the form of spare rooms and car rides in order to cover the deficit.
With Covid-19, we are already seeing early signs of a shift in how consumers and businesses behave. Remote working is being encouraged by tech and non-tech companies alike, supply chains are getting disrupted globally and retail stores are running out of ibuprofen, dry goods, and toilet paper en masse.
Some of these changes are direct, short-term responses to the crises and will revert to regular levels once Covid-19 is contained. However, some of these shifts will continue on, creating a long-term disruption that will reshape businesses for decades to come.
While it’s more important to focus on getting out of the health risks posed by the outbreak, you need to keep your eyes on what lies ahead after this pandemic because this global pandemic will shape businesses for decades to come. Here are 7 businesses that will boom after the coronavirus pandemic.
1. Digital Marketing
Digital marketing has experienced a boom over the past decade of the industry is recording some losses as businesses are now cutting back on their digital marketing spending.
However, the industry is likely to experience an even major boom after covid-19. Many industries have experienced a significant decline in digital marketing usage since the lockdown;
would travel transportation and hospitality being the most hit. Most businesses are currently shut down with no cash flow and companies are eating deep into their cash reserve.
when this pandemic is over and businesses resume, most businesses will need to get their cash flow back on track businesses will be open to innovative and affordable ways to reach customers and digital marketing will be there to the rescue this is an area you want to position yourself in. Take this lockdown as an opportunity to develop your digital marketing skills.
2. Online Education
The coronavirus outbreak has caused schools primary secondary and tertiary institutions to close down and no one knows how long students will have to stay at home.
This reality has forced the crash course for online learning plans and technology for students and faculty. The world is going through a mandatory giant online education experiment.
The aftermath could accelerate changes in the education industry that were already at play for over a decade there have been predictions of online education going mainstream to rival traditional education this change is sent to be gradual over the years but this virus outbreak may just online education the moment it’s been waiting for as digital learning goes mainstream in a hurry that’s going to upend current education practices models and processes going forward.
Traditional education will not go away but online education will definitely mean greater adoption of online training in businesses will boom post covid-19 and businesses that position in this space will benefit immensely from online
The Covid-19 crisis is pushing us to quickly adopt digital technologies and remote working in e-commerce. Alibaba a Chinese online marketplace founded in 1999 got its major boost at the time people in China had to stay at home due to the SAS current virus outbreak in 2002. The quarantine came just as Alibaba was preparing to launch to be an online marketplace for consumers that Jack Ma the company founder hoped would compete with eBay in China.
Chinese consumers who were stuck at home started turning to the Internet to order items. Alibaba benefited from the internet becoming increasingly necessary for doing business during the SARS outbreak as businesses and consumers were dreaming online to buy and sell goods.
Due to self-isolation people who normally go to physical stores are increasingly shopping online. The uplift and e-commerce may well become permanent if people remain wary of mingling in real life and increasingly replaced shop visits with online purchases. You may think eCommerce has already taken off but in most parts of the world, for example, only a fracture of the population has bought something online. After this pandemic and beyond e-commerce will likely gain more acceptance among the skeptics and will see faster progress towards online retail companies and organizations were realized have less need for expensive real estate. we can expect this trend to continue going forward.
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One of the biggest challenges with the coronavirus pandemic and lockdown is a threat to food security. while the lockdown may appear to be the solution to mitigate the spread of the virus a major consequence is a shortage of food and a hike in price. Covid-19 is disrupting agricultural activities around the world from farm harvesting to processing and supply.
The closure of restaurants, eateries, and hotels is creating low demand for aggregating agribusinesses that are looking to digital technologies to sell their products all tho digital technology is not a new concept, the necessity will get even skeptics to embrace it. At the end of this pandemic or lockdown we may face the risk of a low food supply this will create more opportunities in the aggregate sector to produce food to feed the surviving population.
5. Gig Economy
As many companies will not want to have a huge number of full-time employees and fixed costs after this crisis.
This will accelerate the gig economy freelance works and associated startups you also want to start preparing yourself to function in a gig economy over the longer term Covid-19 has irrevocably changed the way businesses will compete over the next decade. Businesses that choose to capitalize on these online changes will succeed and the ones that don’t will get disrupted. If you like this please share it with your friends and family.
Author credit: After School Africa.
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