When the coronavirus was first identified in December 2019 in Wuhan, China, no one expected that it was going to have such mega impacts on a global scale, talk more about limiting business opportunities. On March 11 2020, the World Health Organization (WHO) declared the COVID-19 virus a pandemic. As of April 23 2020, the virus has infected around 2.65 million cases in 210 countries. While 185,440 deaths have been recorded, 730,039 people have recovered.
Despite the number of recoveries, the ease of contacting the novel virus has led countries to take drastic actions. Many countries have enforced nationwide lockdowns, which has resulted in massive negative impacts on the global economy because of sharp drops in consumption, production, and ultimately revenue loss.
In India, the government placed 1.3 billion people on coronavirus lockdown: the largest lockdown in the world. According to a survey conducted to understand the impact of the COVID-19 on Indian startups and SMEs, a majority of respondents stated that it would have an impact. About 30 percent of respondents felt that it would decrease demand for their products or services.
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When the lockdown was put in place, it, as expected, brought heavy implications on businesses. Organizations were forced to either shut down or manage operations remotely. Goods were stranded at ports, civil and commercial transportation began to experience cuts, delays, and cancellations like never before. People resorted to panic buying of essentials and re-evaluated their expenses based on level of need.
However, despite the doom and gloom of COVID-19, several companies have ramped up their business resilience and evolved with the situation. They have adapted like chameleons by expanding their brand, reshuffling their production lines, and catering to new needs. These companies have recognized new business opportunities and have made COVID-19 the main propeller for new growth in some sectors while reviving dormant potential in others.
While there’s a reduction in business activities, there exist business opportunities in some sectors. Although the coronavirus lockdown affected many businesses, those that cater to the everyday necessity of people were left to run, albeit under strict social distancing regulations. The food industry is thriving due to an uptick in demand which is a direct result of the large number of people staying at home. Pharmacies are also in operation because they’re a necessity for providing good health to people. The good news is that businesses in these sectors are also hiring through the use of remote recruiting systems.
Digital technology and innovations make it possible for people to keep themselves entertained and stay in touch with family and friends without having to step out of their homes. The lockdown and implementation of social distancing guidelines mean that there’s going to be an increase in demand for remote services and contactless systems. Digital solutions have also made virtual classrooms and online fitness classes a possibility. The shortage of labor in the ICT sector and an expected increase for digital products will translate to industries experiencing an increasing surge in hiring.
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The service industry, now more than ever, is experiencing an increase in the dependence on technology to enhance service delivery. With physical call centers and operation centers closing down, companies are left with the need for agents to take customer and technical support calls. And now that there’s an increase in remote work, a large number of people will need support with setting up and pairing devices or troubleshooting errors.
References:
- 2020 coronavirus lockdown in India by Wikipedia | April 18, 2020
- 4 Industries That Are Still Hiring In The Midst Of COVID-19 by Ashley Stahl | April 1, 2020
- Coronavirus Economy: These 5 Industries Are Currently Thriving by Nataly E. Yousef | March 15, 2020
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