Necessity is the mother of creation. When the pandemic hit, people were not in a position to face the inevitable crisis says, Michael Osland. The challenges one faced made them come up with unique ideas to beat the hurdles. New trends emerged and started shaping the world economy, and a new world was thus born. These trends are going to determine the future of world business in the coming years. Let’s have a close look at them.
To curtail the cost, many companies fired workers. People around the globe lost jobs. Many struggled to adjust to the new work-from-home culture. Moreover, many of us lost our dear ones to the deadly virus. In short, we were faced with many adversities. Until and unless men feel the dire need to create something, innovations are not possible. People came up with many new prospects and submitted patents. The same trend has been observed across all continents. What we are going to see in the future will be the result of the innovations and inventions that are taking place at present.
Michael Osland speaks of consumer behavior to be the second trend that is going to change the economy
Pandemic times have seen nearly ten years of digital progress in about three months. Not only that, even e-commerce spiked by five times than it was before the pandemic hit. Sectors like e-grocery and virtual healthcare will not turn back. People have got used to them. Real estate has seen a boom. On the other hand, education sectors will be much comfortable adopting the previous model of imparting knowledge. Even the live entertainment industry will return. So a change is seen in the pattern of consumer behavior.
Saving the environment
Due to the rapid climatic change, people are serious than before about artificial environmental hazards. Various industries are responsible for climate degeneration. It is an existential risk. We have started to see a change in the way we used to perceive things. But a lot of investment is required to make things look greener. Michael Osland says that change is on its way as business leaders are already shaping new ideas keeping in mind the environmental factor.
Everyone has witnessed how healthcare played a pivotal role in fighting Covid 19 virus. In-person consultations were replaced by teleconsultations. People saw how convenient that could be. Millions were spent on research work to avail us of vaccines and other medical facilities. The healthcare sector will not look back as it is on its track to take us to the future destination of a better world.
A shift in the supply chain
A shift in the supply chain is at work. Mainly geopolitics is responsible for it. Other factors are also involved in this. Pandemic changed the whole scenario. But one cannot expect to change everything overnight. It will take time, but a change is surely taking place.
We are all looking forward to revenge travel taking place as soon as all the travel norms are curbing. It’s expected that the travel industry is going to witness a rush in no time.
All things have accelerated their pace. However, nothing is the same as it used to be in the pre-pandemic era. By now, the whole world is ready to accept the changes for the better.