We are past the midpoint of 2020. Yet, there’s much uncertainty in every sector, including workplaces, education sector, businesses, and at the personal front too. There is so much we don’t know- when the COVID-19 pandemic will finally end, it is surging, or are there chances of it coming back once gone? There are many theories we can find on the web, all different from one another. Though we do not know what and how the future’s going to look like. What we all know for sure is that this pandemic has hit everyone at some level or the other. Most of the businesses have had their share of low and bad. Experimenting and adopting new ways to operate have constantly kept everyone on their feet. Amidst all this, everyone has been wondering about the emergence of new trends as a result of the COVID-19 phase. Some of which have started to become clearer. So, let’s take a look at a few trends that have come into existence as a result of the pandemic and are most likely to continue further for quite some time:
Technology On The Rise
It won’t be wrong to say that the rate of technology evolution has seen increased growth in the year 2020. With big and small countries adopting digital schooling, work from home trends, to shift of local brick and mortar businesses to digital platforms- every sector is undergoing a technology transformation. It not only ensures the industry’s continued growth but also ensures that the pace of digital evolution has taken a huge leap than ever before. New and old businesses, companies, and services have rapidly emerged as digital platforms. Of all the trends, the one that is growing mightier as a result of the Covid-19 crisis is ‘technology’.
Getting Back to Business More Headstrong
On one hand, every business has hit new rock-bottom this year. On the other, it has taught each one of us to be ready for the worst, be equipped for inadequacy, and besuited to adapt new ways to sell as and when required. Things changed quicker than one would have expected. But, it has also made everyone headstrong than ever before. It is why businesses are emerging back quickly and reasonably fast. Still, it may take months to hit the high on profit graphs. But what’s commendable is the impressive rates with which businesses are emerging back globally.
The Comeback of ‘Survival Entrepreneurship’
Apart from technology, shipping, and a few other sectors, every business has taken a hard hit due to the Coronavirus pandemic. The financial instability and detrimental high unemployment rates have led to the boom of what’s called “survival entrepreneurship.” This is not the emergence of survival entrepreneurship as it has already been a part of history. It’s why we refer to it as the comeback of survival entrepreneurship. The increasing financial crunch due to COVID-19 is one of the reasons why this trend has made a comeback. The goal of this activity is to survive a temporary phase to stay in the business for the long-term. It can include anything from cost-cutting, employment freezing, to more that can help a business survive in the long-run. The financial obligations of various companies/businesses is a clear indication that this trend is here to stay for the foreseeable future.
Increased Dependency on Local Supply Chains
With China being hit first by the Coronavirus, it had to shut down external logistics to the entire world. Countries across the world had no other choice but to be self-reliant. China has been the hub of global supply for years now. But the supply disruption that has been caused due to the pandemic was never foreseen. Nevertheless, many companies and businesses have come to terms with supply issues. Businesses have started managing with local supply chains and have got a grip of the situation to some extent. With no assurance of when the pandemic might end, the increased dependence of companies/businesses on local supply chains is yet another trend that is here to stay for quite some time.
Embracing The Reality of The New-Normal
The way businesses, workplaces, communities, and people have embraced the reality of new-normal is commendable. The shift from traveling to being quarantined in homes for months, meeting our loved ones every day to not being able to see them for days together, not stepping out of the house without a face mask on, to incorporating several safety-equipments at workplaces. The new-normal has been demanding in many ways. Yet, people across the globe have been coming up with new solutions to tackle the problems that the Coronavirus has been throwing at us each day. From savvy businesses, front-line workers, to people at the individual level have been quick enough to cope up with the reality of the new-normal world. For all the businesses who are looking ahead have already incorporated the required safety measures and have got back to work. The rest will be doing so sooner or later to cope up with the evolving world.
These are some of the most evident trends that have emerged and have been adopted by the world as one. Yet, there is much to perceive. We are yet to see how businesses, markets, and newer technologies will unfold as the year moves ahead. Let’s be prepared for new inventions, adoptions, challenges, and trends.
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