The world would have changed; dramatically after COVID settles down ; like the AVENGERS Endgame or an X Men movie the time-line for the future seems to have altered.
The world economic order would have changed, the social interaction, recreation, education and even relationships would have undergone a transformation. The most pressing question is – what will be the new normal?
I am listing some trends that have taken centre stage in these uncertain times, and might possibly become the new normal in a post-COVID world too-
Social Distancing –
Concerns on safety today will get people used to meeting less and interacting more through technology. There was a time when everyone felt that technology and apps were irritants and interruptions; they have now become the basis of any information and communication. Even “Social Distance” marriages are getting formalized and celebrated online!
Productivity & Efficiency –
Meetings on Zoom, Microsoft teams, Google Duo is making people understand that even through distances trade & commerce can happen… it is difficult to learn all of it immediately , but work from home and learn from home will be the new drivers of various business models . Enterprises and students are realizing that unnecessary travel, meetings at brick –mortar locations apparently has been a drain on “human energy & finance”
An Exploding Digital Economy –
The digital connect for commerce will be the way to go around and possibly the time of a global currency, “contact less exchange of value “will again take route. The penetration of smart phones and mobile connections which is over 80% globally is set to grow https://www2.deloitte.com/content/dam/Deloitte/us/Documents/technology-media-telecommunications/us-global-mobile-consumer-survey-second-edition.pdf.
Sweden has already started exploring digital currency, even before COVID took centre stage, it will only gain more traction. https://www.reuters.com/article/us-cenbank-digital-sweden/sweden-starts-testing-worlds-first-central-bank-digital-currency-idUSKBN20E26G
Disruption in Industry Structures & models –
Travel agents will perish at the hands of sites like booking.com, Expedia and so will any industry which has middle-men as an integral part of their model. https://disruptive.asia/covid-19-digital-disruptor/
Businesses and industries will be struck by creative disruption and even creative destruction.
Education will possibly evolve & have new online models, where the best of University education will be available from home and companies will build their recruitment along these lines, factoring in the practical experience which would be brought in by guest lectures and interactive gaming.
Shifts will happen from discretionary spending to essential spends, brand trends , online news will become the norm and so will be the association with social causes. Distribution reach will not be the key anymore, as market places like Amazon will help innovators reach to the consumers.
Consumer Behaviour Shifts –
Consumer behaviour will evolve and buying sentiment would change ; and it would be even more difficult for brands to build & retain leadership. Testimonials will drive consumer opinion and purchase patterns. Every consumer holding a mobile connection will need to be targeted individually and the product, pricing will become extremely customised. Possibly the only thing which will remain constant is the “brand look & feel”. Gen Z, Baby-boomers , Silent generation all of them being poles apart in their buying behaviour , will further experience “distancing” as companies will strive hard to have “Audience Specific Marketing “ & product offerings .
The question is, are we preparing for it? Psychologically, technologically & upgrading our skill sets? Are we enhancing the skill sets of the ecosystem we live in , work in ?