The year 2020 has been a year reminiscent of a rollercoaster ride, which combines a high altitude and several obstacles on its rail. One of the most talked-about events is the covid-19 pandemic, which attacked our civilization’s underbelly- the health sector.
Among the outcomes of the viral outbreak is a depreciating economy as most businesses have to close shop to deal better with the disease. The situation paints a bleak picture of what is yet to come as a lot of people plan on a comeback after the situation is under control.
Harsh Economic Situation Background
The disease was reported in late 2019, with China identified as the epicenter. The disease spread fast, and in a matter of months, it was a significant public health concern worldwide. The thing that makes the coronavirus outbreak so severe is the fast-spreading rate and the fatalities it leaves behind.
In a move to reduce the infection rate, many governments came up with measures such as the enforced community quarantine to restrict movement. The result is a reduced customer base for various businesses, which spelled losses.
International trade has also been on the receiving end as there are restrictions on air travel to curb the spread rate of this viral disease.
Sometime around March of 2020, the disease affected major world economies such as Italy, Germany, the United States of America, and the United Kingdom, among many more. The effect of the economic recession was evident in the financial market as stock prices began to fall.
While some company stocks are currently on the recovery path, many are still at the bottom.
With such a picture, it is impressive to see how things will turn out in the future business-wise. Let us look at some of the trends to expect in the coming years as we look forward to recovery from this pandemic.
The Work-At-Home Concept
Sometimes back, you hard to physically be at your workplace for you to be fruitful to your organization. Few jobs allowed you to work at home, as the environment did not seem to be much convenient.
Then enter technology, more so the internet and the tide changed its direction. The advancements made it easy to work from home, especially in journalism, content creation, and architecture.
One of the control factors implemented to control the spread of the virus was working at home to reduce personal contact. The concept has so far worked fine, and it is evidence that it can work once things get back on track.
It is a convenient way to work, but you need to maintain communication with your organization. Here is where the internet comes through to play a significant role. Emails, e-conferences, and webinars have been the way for many organizations to keep in touch with employees to get work done.
It is a great model that saves on renting office space and commuting costs, and an excellent working concept that many businesses may explore in the future.
Growth of Online Marketing
Despite the ravaging effects of the pandemic, especially during the early day of its onset, one field remained relatively untouched. This field is the online platform. Online traffic increased as the pandemic raged on, mostly due to the many people at home who turned to it to kill boredom, work and carry out business activities.
The higher the traffic fodder to your business (with the help of online presence), the broader your client base will be.
The following are some of the trends we might see in the coming years in internet marketing…
Many Businesses Opting for Websites
Diversity is essential for any business as it brings along an edge of versatility. A versatile enterprise is adaptable to any situation, such as the looming pandemic. With a website, you can tap from the sizeable online clientele-base that will see your business afloat.
With a website, you have an ideal front to advertise your products and improve your brand visibility. If you have an online store, the better, as your customers can make purchases straight from your site.
Growing Social Media Presence
Companies will also strive to have a presence on social media platforms where they can tap into the vast market. There are several social media platforms that we will look into later on in this article.
Buying Into Online Marketing Strategies
This pandemic has been the measuring stick for the preparedness of businesses. The situation highlights several strategies that many never paid attention to.
Some of the strategies include search engine optimization, where you want your website to rank top on search engine results. It is an approach to look at if you want to cement the online presence of your business.
Affiliate marketing works in tandem with online marketing, where you need more traffic to your site. The affiliate programs that may sites may have act as referral schemes, with the affiliates gaining a commission upon successful client leads.
Social Media as a Force to Reckon With
At the moment, social media is the place of refuge for many who do not have much to do due to the covid-19 situation. Many brands and famous figures noted the increase in social media usage and took their marketing or awareness campaigns to these platforms.
Lately, there are several social media platforms such as Facebook, Twitter, Instagram, and the new kid on the block, TikTok. The platforms boast of several users who are the target for the launched campaigns.
As evident by the George Floyd movement, social media is a reliable campaign tool propelled by Twitter and Facebook to demand justice against racial profiling. It is an expectation that many firms will take note of the power behind social media and use it as a tool for marketing excellence.
Brands scramble for their hash-tags to trend in platforms such as Twitter, and you can see how far they go in getting a loyal following. With the growing number of social media users, this is a hub many companies should strive to get a piece of the creamy client-base cake.
Public Health Within Organizations
Some of the proposed measures to control the coronavirus pandemic focus on hygiene. Cleaning hands and sanitizing are some of the moves which lower the infection rate of the disease. In the workplace, they may seem to be typical measures to follow, though many people have overlooked them for a long time. This tradition may continue in the future to make the working area more conducive.
Also, the labor force is dropping with the increase in the number of fatalities. To prevent such a situation in future, many firms may focus on the healthy well-being of their workforce.
The Evolution of the Health Sector
The coronavirus outbreak tested one of the essential elements of our lives, which is health. For years we have been able to make strides in the health sector and discovering cures for various diseases such as smallpox. We have also been able to control chronic illnesses such as HIV/AIDS through antiretroviral medications.
However, the COVID-19 epidemic has been so hard and showed us how unprepared we are for highly infectious diseases. The situation has had many health professionals frenzy as they try to control the disease, to prevent growing infection and death rates.
While the result is promising, it shows us that we need a vitalized health sector. Here, we need a boosted workforce among doctors, nurses, pharmacists, and other medical personnel. They have been the backbone of the control measures in the control of the viral disease.
The search for a vaccine makes many impatient as they wait for results that will deal with the virus. It shows the need for enhanced research regarding virology and other branches of infectious diseases in the medical field.
The corporate sector may also develop in the following areas.
Health insurance has been around for long and has come to the aid of many who need medical services. The coronavirus condition is expensive to deal with, and in such situations, the health policy can come to your aid.
With the high infection rates and accompanying fatalities, health insurance has been the lifesaver for many individuals. You can further weigh its importance in the face of the failing economy where many people lost their livelihoods.
From disease outbreaks such as the one we have presently, some advanced nations will emerge as the victors in controlling it. New Zealand has already made strides in controlling the virus, and it was the first country to emerge corona-free.
The countries which have proper means of disease control will witness a surge in medical tourism. Countries like the United States, Germany, the United Kingdom, and India are among the top medical tourism destinations. Their stable health sectors attract many people who want the best medical care.
It is a matter of waiting to see which countries will take the top spots as medical destinations due to their resilient fight against COVID-19.
Other health sectors that may develop include telehealth, which is virtual health care and the use of artificial intelligence in health care.
The Talk on Investments
One important lesson that we can get from the raging disease outbreak is that we should never put all our eggs in one basket. This statement is true for businesses, more so those that invested in one field.
The need for side jobs is evident, especially with the mass retrenchments from several companies as cost-cutting measures. For those who had diversified investments, the path has not been that rocky, and they can stay afloat for the time being.
The entire situation shows you the need for planning, especially in volatile situations.
Attention to the Financial Markets
The financial markets can be one of the most underrated sectors of the economy. It focuses on the buying and selling of stocks, and it is a reflection of the prevailing market conditions.
The financial markets started giving hints of the recession as early as January. Many analysts pointed to a looming recession, which came to be in March.
Looking at the predictions gives you the idea that it is a suitable place to invest or study if you are interested in the financial sector.
Despite many failing stock prices, there are companies whose shares remained stable and earned investors a fortune. Going back to the previous talk on investments, this is one area to explore for long- and short term strategies.
It is an expectation that many players may join the financial markets, primarily when you see that many brokers have online trading platforms. With many investors joining the scene, the market will be vibrant, and stocks may look at a sustained bullish market run.
The Entertainment Scene
The entertainment scene is among the most affected industries with the onset of coronavirus. Due to the social distancing rules, many entertainment joints have closed shop.
So what should we expect from the entertainment industry? Evolution is a must, especially if people buy into the social distancing rule, even after the pandemic is over. Concerts and the show business may face a massive blow if this is the case.
However, this is one scenario, with no consideration of humans’ socializing needs. The long periods indoors due to the quarantine build up the urge to socialize and appreciate good moments. In this vein, the entertainment scene may experience a boom.
The COVID-19 pandemic caught many people and businesses unawares. The business sector is one of the most affected, particularly with the recession around March of 2020.
There is still no vaccine for the disease now, though there are hopes that one will come by soon. Highlighted through this article are some of the things we may see in the coming days as businesses try to find their footing. It will be an interesting period signifying evolution as we see the strategies which will be at play.