The COVID-19 crisis is far from over. Even as countries begin to reopen their economies, the threat of a second wave still looms on the horizon.
In the wake of an unprecedented crisis that saw millions entering a state of extended quarantine, many ask the question - will things ever be the same again?
The answer is a resounding no. Even with potential vaccines being developed, the infectious and virulent nature of COVID-19 make it extremely difficult to stamp out.
Hence, instead of going “back to normal” most of us are adjusting the “new normal”. Social distancing, mandatory quarantines and avoiding crowded areas is likely to be the order of the day.
In this new normal, technology is set to play a much larger role in our lives and in the post-covid economy. With all of that in mind, here’s what we can expect to see in the near future.
1. Remote working as the new normal
As many have already seen over the past several months, remote working is likely to be here to stay. What was once viewed by many as a perk has become a requirement.
With their close proximity and shared surfaces, offices are a prime location for the spreading of COVID-19. As a result, most employers have opted to allow their employees to work exclusively from home for the time being.
Some employers such as Twitter have even offered employees the option to permanently work remotely. Concerns over the spread of COVID-19 will likely result in an increasing number of employees shutting their offices and allowing employees to work from home.
This shift will likely result in an increase in coworking spaces as businesses begin to downsize. For retail and walk-in businesses in the city areas, this could prove to be disastrous as customers move out of the city.
2. The online business boom
With customers locked in and sheltering in place, physical retailers and most brick and mortar businesses saw a plunge in revenue.
However, the online economy is booming with folks staying in and taking to the internet. Online betting is on the rise and even if events like the Kentucky Derby were postponed, we know that horse racing enthusiasts will have additional time to bet on TwinSpires: it’s a win-win situation.
The ecommerce boom has injected much needed cash into the faltering global economy and introduced millions of consumers to the convenience of online shopping.
We can expect to see an increase in demand for warehousing space as online retailers struggle to cope.
The ability of a retailer to fulfill orders on time and in full, can have a dramatic effect on customer perception. Hence placing additional pressure on the supply chain and logistics providers.
3. An emphasis on buying local
With a massive economic downturn on the horizon, governments have been incurring debt at an unprecedented rate in an effort to subsidize their economies. However, the rubber has to meet the road eventually and, in an effort, to stave off a recession, there has been an emphasis on buying local.
By encouraging the consumption of domestic goods, governments are hoping to encourage growth and create jobs. With the current economic adjustment, a new generation of entrepreneurs is likely to step-up and take advantage of the situation.
4. The rise of the gig-based economy
In the wake of falling consumption and crashing oil prices, businesses both big and small have struggled to keep afloat. To help slash costs, employers have begun furloughing and laying off employees.
This is likely to be the new normal for most businesses. In an effort to obtain top-quality talent at attractive rates, organizations have turned to outsourcing as a means of reducing their costs.
While the gig-based economy has always been an active one, the impending financial crisis will likely spur additional growth. Coupled with the push toward remote-working, the future of employment could be very different indeed.
In the modern-day world, technology has become an essential part of our lives and influences our choices, behavior, actions, and decisions.
The supply chain network is a fundamental part of eCommerce, it centers around obtaining raw material, assembling, and delivery of the goods on time.
It incorporates overseeing and controlling: Product manufacturing Order processing Inventory management Storage and warehousing transportation Importance of Supply Chain in eCommerce business: The E-commerce field has become highly competitive over the past few years.
Due to lockdowns worldwide and health risks, many people prefer to do online shopping then go to physical stores.
Modern customers demand transparency and order tracking and for that retailers are already using digital unboxing as an important piece of their packaging process.
An eCommerce business supply chain management reduces the number of phases and this way saves cost.
