It would not come as a surprise for many people that the world economy is deteriorating drastically. The industries that contributed most to the national economy cannot properly function because of the pandemic. For instance, the travel and tourist industry is under huge debt. Most of them do not have enough bank balance to pay their workers during their lengthy leave.
Unemployment rates have skyrocketed over the past couple of months. People are struggling to feed their families and fear for the loss of their rental housing if the situation persists. Currently, many businesses are trying to find ways to prevent loss and increase profit. For example, digital signage companies in Dubai are finding ways businesses can profit from applications while working remotely from homes.
With millions of confirmed cases over the past couple of months and hundreds and thousands of deaths across the globe, everyone fears as to what the future holds. It is terrifying in itself to see the national economy drown. The analysts predict that the companies would require a long time to recover from their losses. In the meanwhile, the only option that remains for enterprises is to shift their businesses on to a platform that would yield them some profit if not the same as before.
We are seeing a rise in e-commerce markets and entrepreneurs are coming with creative yet new ways to earn. The consumer behavior has also changed as their priorities revolve around their basic necessities. Along with that, many businesses are impacted differently because of coronavirus. As consumer’s priorities have changed, the impact on different industries has changed likewise.
The Technology Industry
The technology industries are the pride of a nation. Some industries cannot afford to shut down despite that the demand for certain technological equipment has reduced. The big technology industries may have a huge bank balance to pay their workers while they are on leave, not many industries have this privilege. Many technical industries are also requiring workers to work remotely from their home while they are still being paid.
One of the major challenges that the telecom and technology industries are facing is that many plants and manufacturing factories have shut down because of the coronavirus. The manufacturing of products has gone down which means a reduced supply of the products. Fewer people will purchase the products because of which companies will suffer heavily. Telecommunication equipment and circuit components are amongst the most demanded technological products, without which a lot of companies cannot be expected to function properly.
Numerous important technical conferences had to be cancelled because of the deadly pandemic. The cancellation of these major technical events has put a heavy blow on the economy. Despite the conferences could have been executed on a digital platform, it is difficult for marketers to share their ideas through live streaming. Ultimately leading to complete cancel or postponement of events and meetings.
The Media Industry
The media industry contributes heavily to the national economy and thankfully, the media is not suffering from the same heavy blow as other industries. Many businesses are being forced to shift their businesses on an online platform. They have no other option as they were failing to balance the supply of the products from industries with the demand of the consumers. The e-marketers expect ad spending to be raised by this year. However, the digital ad spending may be even more so favourable for the companies, many industries have pulled back on the ad spending. The concerns for the supply chain getting the products to the market are reasonable, as it will directly influence the company’s efficiency in meeting customer’s needs.
Certain companies, especially the ones with their supply chains dependant on China are choosing to cut down on ad spending. They find this to be an effective strategy to alleviate economic losses. Due to tighter cash flow for the sellers, they feel obliged to cut down on their ad spending. The trend is not as popular as of yet, however, if the economic crisis proceeds to deteriorate, many companies will choose to follow the same path.
Companies benefit a lot by sponsoring large-scale events. However, we are seeing that numerous events are being cancelled worldwide which is basically robbing many companies of valuable opportunities to attract traffic.
The digital media consumption has increased drastically across social media. Due to the lockdown, many people are restricted to the confines of their homes. Humans are social animals and they would find it extremely difficult to function without a healthy interaction with their friends and families. Social media platforms allow users to interact with others despite the challenges of large distances. Live streaming has also increased and conferencing apps are becoming increasingly popular. Many businesses and educational institutes are using the conferencing app to conduct meetings and classes alike. Though they go about their business, as usual, attributing to the digital media, many sectors do not find it the same as having the conferences live.
Entertainment and news channels are finding their rating skyrocketing as people have more time on their hands and they are turning to entertainment for distraction. At these uncertain times, there is a lot going on across the globe. Everyone wants to keep up with the latest news, because of which the news channel subscriptions has increased a lot.
The news channels keep everyone updated on the global crises, the stock markets, the on-going lockdown implications, etc. People are interested in knowing about the subjects as it directly affects their lifestyle. Even if the public is not keen on knowing the depressing news, they are still interested in knowing the changing rates of the products. This impacts their way of spending and their priorities.
The Health Care Industry
The health care sectors are in huge demand in these trying times. The coronavirus has infected millions of people worldwide. Apart from the coronavirus, many people were already seeking medical treatment for their ongoing diseases. The virus has come as an unnecessary burden to the health sector and they appear to be struggling with meeting the patients with proper healthcare services. The flow of patients is ever increasing and it is becoming difficult for healthcare workers to keep up with it.
Digital health industries are providing patients or people with no critical health conditions health services from the comfort of their houses. Telemedicine is a virtual care service that helps you self-diagnose and talk to specialists alike about the symptoms that you have. Through digital health services, you can get treatment, in case the disease does not require you to visit the hospital.
Telemedicine is especially useful for healthcare workers as the technology depends upon AI-powered remote monitoring tools. This allows the workers to reach their patients and track their health while practising social distancing. The technological advances that are benefiting the public are generally a success.
Telemedicine allows people to be more aware of the virus by updating them on ways to prevent yourself from catching the virus and its symptoms. Cloud computing can help researchers with the development of coronavirus vaccine. The innovative digital health firms are keen on speeding up the process while ensuring efficiency in the making of it.
The Banking Industry
The banking industry is striving to meet the expectations of their clients despite the national lockdown. The branch visits have been reduced considerably as the fear of the spread of the virus has restricted people from going outside of their houses. Banking is a necessity for many and especially the businesses. Customers need to access money and their banking necessities have increased for a number of factors.
Many businesses worldwide have introduced online banking facilities to allow customers with safe and easy money transactions. This has led to increased activity in the digital channels and call centers to provide efficient customer service. They need to make sure that their customer service is top-notch to safeguard their banking business. The online service is incredibly efficient as they strive on making the customer service efficient. The branch visits have decreased, as the customers are easily able to access various functions on a digital platform. Not only does this benefit the banking industry but also customers are satisfied with their performances.
The drowning economy is concerning everyone. Not all businesses have enough bank balance to pay their employees while they are on leave. Some businesses are struggling more so than others. However, at the times of uncertainty, it is crucial that we are mindful and responsive to the ongoing crisis. If we are at a place where we can easily sustain ourselves, we must assist others struggling to make ends meet. A lot of businesses have suffered heavily because of the crises and the recovery appears to be a long walk towards security.
Many businesses have found that digitizing their business can help them get back on their feet. Unfortunately, the same is not the case for all industries. Despite the coronavirus being the root of the problem, the only solution exists is practising social distancing and implantation of a lenient if not a strict lockdown. Coronavirus cases appear to reduce due to lockdown, yet the businesses still need to operate for the sake of keeping the national economy alive.
Count Miler is a professional digital content creator having years of experience working for many different industries and recently working in Digital Signage Company. He is a book lover, Miler is a reader in moon and a writer in the sun.