The pandemic has further pushed companies to go into temporary lockdown, or worst of all – bankruptcy. The negative effect of the pandemic has forced everyone to adopt the strategy of working at home, pivoting most companies to work, discuss and communicate virtually. However, this change has made technology sectors receive a big boost of sales; this positive effect will be expected to stay in 2021 and beyond due to a shift of consumer norms using online platforms and services.
With striving efforts, competition has also increased exponentially to break through this temporary falling market. Usage of services such as Zoom Video Communications has gained a significant increase when the pandemic hit. Internal meetings, virtual catch up, and games are shifting online. More importantly, many realize that a video call can easily replace your extra effort, time, and costly trips.
Similarly, online food purchasing has increased the convenience of everyone, having easily one click away for your necessities to have it delivered to your door without a hassle. Tesco or GrabMart has imposed delivery services, but even e-commerce websites adapt to selling shelf food for more comprehensive options. A future in which digital channels are the primary method of consumer engagement and automated processes are the central feature of productivity – and the foundation of transparent, flexible, and reliable supply chains. A future is agile enough as working methods are required to keep up with the daily changes in consumer behavior.
Schools and institutions began to look to virtual learning possibilities as Covid-19 spread throughout the countries. To fend off the spread of the virus, several colleges chose to move the remainder of the semester’s work to online learning, in addition to closing most campuses worldwide. Furthermore, schools are also turning virtual, leaving teachers and administrators responsible for ensuring that all students have access to the technology and resources they need to continue studying at home. Although there’s disruption by shifting to digital education due to the unforeseen coronavirus, educators and educational institutions need to prepare themselves better.
As a result of the pandemic, many in-person conferences, meet-ups, and events are being canceled worldwide, and they’re being replaced with virtual ones. Like 2020/21 Seedstars World Competition had to shift to virtual competition as most country representatives could not travel overseas and attend in person. Some firms are attempting to bridge the gap between in-person and virtual events by developing platforms that mix video, networking, and other features to capture the benefits of networking at an in-person event while also including the content and technology of virtual tools.
In the interest of public safety, organizers and company owners have been challenged to think outside the box to present appealing alternative solutions. This drive might lead to future advances in how people meet and engage more effectively due to the effort they put in.
People’s relationship with technology will deepen as more significant sectors of the population rely more on digital connections for education, work, health care, transactions, and social interactions. And, many call this a “tele-everything” world. Here are the expected significant changes that will happen:
- Aggravate economic inequality by putting those who are well-connected and tech-savvy ahead of others than those who have less access to digital tools and less training or aptitude for using them, as well as by eliminating certain occupations as a result of technological advancement;
- Boost the power of large technology companies as they make use of their market advantages and processes like artificial intelligence (AI) in ways that appear to undermine users further privacy and autonomy;
- An increased spread of misinformation as authoritarians and divided communities undertake conflicting information. The unstoppable manipulation of public perception, emotion, and action by internet misinformation – deception and hate speech can deliberately express prejudices and fears as it’s a significant concern for many respondents.
In the end, e-commerce rests on the private sector’s dynamism and initiative. Public policy can only play a supporting role in addressing market failures and cultivate an environment for digital entrepreneurship. The crisis has already shifted the e-commerce market, with companies and customers keener than ever to communicate online and try new services. Governments must play a significant role in ensuring that the e-commerce sector can attain its full potential.