Emergence of a new world, after Covid-19

The world around us keeps changing with changing times and it may not be the same all the time, with consequences reflected in every industry and different sectors, and even the overall society as a whole. The unintended result of such changes would take a long time to heal. This is now evident in the form of novel coronavirus pandemic that has been raging in most of the countries in the world.

People would fear more for their lives, and they become more cautious, ultimately leading to a change in their way of thinking and living. In turn, this leads to a change in habits. With this, it again brings to the fore the reality that only those businesses based on innovation, will survive. For entrepreneurs, who share a burning desire to grow, this is definitely not a time to rest and they need to develop more ideas and create novel business plans.

Our lifestyle is becoming much more linked to mobile phones. On an average, people are now spending five hours more on their phones and this trend is being observed all over the world. In addition to entertainment, news, office activities and e-commerce that is being viewed through smart phones, other new services and platforms are being offered such as OTT (Over the Top) which compensates cinema experience through popular providers like Amazon Prime, Netflix etc. These platforms are all set to witness the release of many films for online audience, with a few such releases becoming viral during the lockdown. This is all set to replicate multiplex experience from the comfort of our smart phone.

When compared to mineral water usage which was confined only to the affluent till a decade ago, today it has become a common practice to see people drinking mineral water everywhere. The World Health Organization (WHO) has stated that we need to live with coronavirus and now, there is much more demand and awareness regarding the use of face masks, sanitisers, testing kits, PPE kits, protective gloves etc. Those who can produce such stuff at affordable prices, can certainly succeed in the market.

With the impact of coronavirus, which has become a global pandemic, people are rushing to buy insurance policies like never before. With the option to choose and even buy policies online, this sector is witnessing high growth. There is more awareness among people now, who are shopping more for organic products, ayurvedic and herbal medicines, millets and cereals, and unpolished rice etc. With an objective to maintain healthy lifestyle with fresh air, property buyers are choosing houses on suburbs, which is boosting property market in those areas.

Due to physical distancing norms, restaurants are expected to see reduced business. This has become a boon for companies that ensure safe and secure delivery of quality food at the doorstep. Some companies like Taj Group have already announced plans for 'Hospitality at Home' where a chef will arrive at home to serve food for bulk orders. Some players are also looking at contactless food preparation through robotic chefs.

While online banking has already seen a spurt over the last decade, even customers who used to prefer physical banking at branches are now expected to switch over to online banking. Banks are also deploying resources to offer more services online and this may lead to closure of a few branches, and reduced staff in the years to come. Some of the existing staff may have to look for alternatives.

The number of coaching centers and home tuitions may see a decline, accompanied by a consequent rise in online tutoring. This may even address the lack of sufficient teachers in the employment pool. Digital screens are expected to make a significant impact and virtual teaching will become the order of the day. In turn, this may translate into business worth thousands of crores, with even leading institutions joining the fray. There are many professionals and talented individuals who may have lost jobs due to the lockdown crisis. Many are now resorting to using their skills and unique talent, by making online videos, which is all set to propel the e-learning industry to great heights. The number of views and subscribers for such videos has grown tremendously during the lockdown period.

Remote working is an extension to the already existing concept of 'work from home' with team meetings, work coordination and discussions all becoming part of a unique, remotely operating experience. Soon, even political rallies, meetings and events may go the digital way. This is expected to exert more pressure on secure online systems, networking systems and cloud etc.

While players like Flipkart and Amazon have already taken online commerce sector a notch higher, the Covid-19 crisis is expected to further increase the prospects of this sector. Since most people are stuck at home and also since they are venturing out only if required even after the lockdown, online ordering and then delivery with precautions, is expected to grow further. Companies are also expected to offer even an enhanced 3-D shopping experience to customers, with attractive shopping playing a major role.

One major sector that is being anticipated to grow well is agriculture-based business. The current pandemic crisis has reinforced the importance of supply chain logistics and the key role played by it for food security. This has to be further improved since there is great potential for the food processing industry with particular focus on organic foods and high-quality foods.

The field of mobile gaming is expected to witness a higher growth due to this crisis. The gaming industry can be simply described as a quarantine king. People from all age groups right from employees to kids and students have become quite familiar and continue to enjoy mobile gaming like never before. There is expected to be more demand for new formats and varieties of gaming.

Moreover, we are able to see attractive videos in TikTok and YouTube where new talents are being noticed. In the coming weeks and months, they may get a chance to enter into the entertainment industry and many are utilising the current period to showcase their best talents to a wider online audience. Digital healthcare industry and business content apps are also growing by leaps and bounds. Team communication apps like Zoom, Microsoft Teams and Slack etc., are registering phenomenal growth and are expected to only grow further.

Overall, the current pandemic of the novel coronavirus is expected to significantly change the way we live and alter our lifestyle. While there are many negative consequences of it on the economy, still it is expected to create a new revolution of sorts in many sectors and result in new opportunities in quite a few sectors and segments of our society.

The earlier generations faced the scourges of cholera, leprosy, smallpox and many other diseases while even recently we have seen the onslaught of Ebola, SARS, swine flu etc. What once looked like a formidable challenge was eventually tackled by world leaders and the scientific community. Likewise, there is hope that the coronavirus pandemic too would eventually fizzle out with vaccine development and immunity in human beings. There is always hope for mankind, in even some of the most distressing situations.

Every crisis presents an opportunity as well and in the course of facing the situation, mankind is expected to grow much stronger and innovative. The overall experience of going through turmoil and emerging successfully offers a new hope for humanity and confidence. Businesses that can rightfully leverage the opportunities arising in the period and those who can innovate with unique ideas can certainly make their new mark, in the coming years.

(The writer is a Hyderabad-based entrepreneur)