The United Nations have ruled that the world economy will go into recession and have predicted a loss of trillions of dollars. Every industry is suffering the brunt of this virus and is standing at a threshold. Countries have gone on a lock-down to protect themselves from this pandemic, and in such times the economy is struggling to keep-up for the worried subjects of the world. Firms functioning within various industries will either emerge victoriously or succumb to the infection of this nasty virus. When all of this is over, there will be over millions of people without jobs and other necessities.
In such dubious times, it has become difficult for any of us to foretell what the future holds except for the worse. As a consequence of this major lock-down, companies have adopted the work-from-home pattern and have begun their operations with great optimism. CEO’s have started brainstorming their next move to find their opportunity from such an adverse situation.
I remember reading in one of my marketing classes that business opportunities never come to you on a silver platter. You must find it just how you would find a pin in a haystack, and now, years later, I find the statement surprisingly true. The world may have slowed down in its functions, but it hasn’t ceased, and it never will. As rational beings, we must make use of this opportunity to create something new or to re-create a failed project. We might be in the vortex of the storm right now, but the sun will shine again. We must make use of such a time to ponder over various ideas that could help us earn and survive in the plummeting economy. Here are a few ideas that we can consider.
If there is something that this pandemic has taught us, it is that our future holds great contingency. We can not accurately predict the course that it is going to take, and in such times, convenience is going to be at the top of our list of necessities. E-commerce websites offer us the freedom of sitting at home and having our essentials delivered at our door-steps. They have gained popularity over the past couple of years, but after the COVID-19 hit, they will gain twice the momentum. We could consider the SARS pandemic that mobilized the entry of e-commerce and retail in the Asian continent.
Digital Transformative Agencies
We live in the digital era; every news comes to us via our handy gadgets even before the word-of-mouth spreads. In these quarantine times, these handy gadgets are the only source of information and entertainment, and can also help us build a business. Domains like E-learning is are on the up-rising because of the COVID-19 pandemic. Businesses already functioning within this domain must make use of this opportunity, and others who have been dreaming of creating a digital firm of your own, here is your chance!
Food and Pharma
These two may fall under different industries, but during unprecedented events, their growth chart agrees with each other, 9 out of 10 times. People move away from home in search of better job prospects or for studies, and in such times, food is their major concern. COVID-19 has brought in demand for home-cooked and hygienic food, which provides a huge market for small catering businesses.
Needless to say, the medical industry has been working day and night to fight this infectious disease. Pharmacies’ have been selling masks, sanitizers, and other sanitary products by the minute.
Learning and Development
E-Learning platforms have seen tremendous growth in their traffic percentage during this quarantine. Industries have been implementing business continuity ideas irrespective of the field they’re functioning. Schools, corporates, and training institutions have taken the baton of perpetuating learning irrespective of the current situations. Let’s take a moment to introspect if we’re utilizing this time efficiently
Black Swans, like, COVID-19, SARS, and other pandemics before that affect the health of the economy, big time. Not only do they drain the financial health of the economy but also the physical health by affecting the highest form of resource, i.e the human resource, but business perpetuity also depends on the quick-thinking ability of the stakeholders. With the aim of productivity, digital firms must walk forward and capitalize on the opportunity hidden beneath this pandemic. Optimism is the only way to stop the economy from plummeting even further.