The COVID-19 pandemic is wreaking havoc on daily life. Countless companies are going out of business or furloughing employees. That being said, some businesses, such as technological corporations, are thriving during this time, since social distancing has not greatly impacted their revenue. While some of these companies will only do well as long as the pandemic remains an imminent threat, others, such as video conferencing, electronic payment, and ecommerce businesses, might change how we manage our day-to-day lives even after the pandemic ends.
Video Conferencing:
Video conferencing has become an increasingly popular and productive communication tool in the world as a result of COVID-19. Employees working from home need to communicate with their colleagues, and schools need to teach classes remotely. Although it’s far from perfect, video conferencing accomplishes tasks like these easily and effectively. As a result, Zoom Video Communications stocks have risen about 200% this year. In addition, Google Meet announced that it is adding 3 million users to its service every day and has “seen a thirty-fold increase in usage since January.” Although video conferencing platforms will experience a decrease in usage once the pandemic subsides, these businesses will likely do better after the coronavirus than they were doing before. For instance, some companies and institutions such as Domino’s Pizza and Starbucks are embracing a digital transformation of their operations, and therefore, most virtual alternatives will be maintained long-term.
Ecommerce:
Ecommerce, in which electronic transactions are conducted on the internet, has been on the rise over the years. As long as people remain reluctant to go outside and shop during the pandemic, ecommerce businesses will only prosper; ordering online has become ubiquitous. Even if the pandemic is no longer a concern in the future, consumers will be accustomed to ordering online. This will result in benefits for ecommerce companies such as Amazon. Additionally, grocery delivery services are experiencing an all-time high at the moment, and with services such as Whole Foods offering free delivery to Amazon Prime members, such services will probably be valued even after the pandemic ends by working parents and college students. Retailers may also elect to conduct their businesses online rather than through brick and mortar stores since they can reach a wider audience without having to rent commercial real estate.
Electronic Payment:
As our world becomes more digitized, electronic payment cards such as Mastercard, Visa, and American Express are being used more frequently. Why carry multiple bills when all you need is a single piece of plastic? In a world where infection can be transmitted by proximity, people are more wary of handling physical cash, instead opting for electronic payment options. With so many businesses operating online only, physical cash has become less and less necessary. In fact, credit card transactions have increased 3.4% since January.
Aerial Drone Delivery:
Deliveries currently require an employee to collect and deliver an item to the customer’s home. However, businesses like Amazon are currently trying to program aerial drones that can deliver items in the same way that people do but at a lower cost. Even after the pandemic is no longer a constant threat, many will seek comfort in having items delivered to their homes rather than going to the store themselves. Businesses that manufacture aerial drones will do well post-pandemic.
Streaming Services:
Although watching a movie at a cinema is a favorite pastime and social event for many of us, the current pandemic has not allowed us to do so. As a result, streaming services such as Netflix, Hulu, and Amazon Prime Video have become the main source of entertainment during this time. In the last 70 years, the real price of a TV has fallen over 96%, making digital entertainment more accessible and giving many the leisure of watching a show or movie on a large screen. The versatility and flexibility of watching from home certainly have appeal and may decrease movie theater attendance in the years to come. The development of newer streaming services such as Disney+ and Apple TV seems to support this.
The COVID-19 pandemic is changing people’s lifestyles. Because of this, many businesses are failing, while a select few are prospering. As a matter of fact, some of these businesses that are prospering will do better after the pandemic than they did before the start of this unprecedented world event.
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Edited by the Spokesman Editorial Staff