IMPACT OF COVID-19 ON VARIOUS INDUSTRIES
The last few months have been full of anxiety, uncertainty and financial downfall that has severely enveloped our country. This pandemic has left businesses around the world counting costs and wondering what recovery could look like. Businesses must navigate the financial challenges and accept the digital transformation by turning this complexity into a meaningful opportunity.
Here are some of the effects of COVID and how businesses overcome through it.
Over 7.5 million people have been infected by COVID-19 globally. In India, the
The number of cases has risen exponentially to lakhs, within a span of six months.
Despite the implementation of lockdown measures including travel bans in India and worldwide, there has been an increasing incidence of COVID 19. The number continues to rise as lockdown measures are being relaxed in varying capacities across countries.
Digital Transformation In Healthcare
There are three areas that healthcare marketing leaders should focus on
From a Payer perspective, a few of the payer organizations have started recommending patients move to virtual care – going so far as to waive copays for utilizing the service. Nowadays, Consumers are showing increased interest as well, according to SEMrush research report there is a 146.15% increase in searches for “in-home doctor visits” and a 53.97% increase in “in-home medical care” searches.
Urgent Care Centers are quickly becoming the front door in a person’s treatment journey. A study from the Urgent Care Association found that a median of 35% of patients utilizing UCCs do not have primary care physicians, reflecting the fact that Healthcare is shifting to much more of an on-demand service. Medicare and Medicaid patients made up almost 27% of UCC patients in 2018, confirming that the shift is not driven only by the young or affluent.
Almost everything goes online Medical conferences and congresses are a huge priority for companies in the Health sector. These events are valued by commercial organizations, advocacy groups, and healthcare professionals as key opportunities for medical education, peer-to-peer engagement, and the release of official study data.
The COVID-19 pandemic that has affected economies worldwide has also beaten up the education industry in both developed and developing countries.
Digital Transformation In Education industry. The impact has been transformative as education providers are looking forward to implementing technology solutions to enable remote teaching and learning. However, digital transformation in the education industry is not restricted
to online teaching and learning post-COVID19.
Digital Transformation aimed at enhancing the student experience include:
1. Allowing students to register for admission via the mobile app or web app
2. providing a wide array of online learning options
3. using technology to track student progress and run intervention protocols
4. allowing faculties to organize online classes.
2.E-COMMERCE AND ONLINE SHOPPING
Today, as B2B digital transformation statistics say, online shopping is the
fastest-growing slice of the pie, dominating the scene and continuing to invest in digital capabilities.
Digital Transformation In B2B E-Commerce
Digitalization had swiftly come into B2B E-commerce sectors a long time ago. But since recent times the situation has drastically changed, the technologies and trends have changed too. Although some things remain untouchable. Still, most of the E-commerce sales are made through mobile devices (73%).
Artificial intelligence, machine learning, personalized customer experience, and predefined analytics — all complement an evolution of B2B consumerization. Data remains the primary fuel for accelerating the development of any organization involved in sales. Focusing on eternal questions: what data to collect and how to process it effectively remains unsolved even today.
Around the world, COVID-19 is having a marked impact on media supply,
consumption, and advertising. Demand for content-streamed, live, and multi-layered — is skyrocketing while new content creation has been largely turned off.
Digital Transformation In Entertainment
OTT platforms have replaced the theatres in this digital transformation season.
NETFLIX, AMAZON PRIME, DISNEY HOTSTAR, etc are in a boom in India. Viewers are preferring to pay the subscriptions and enjoy the entertainment with their families and friends.
1.Demand for all forms of media — TV programs, short-form video, music
streaming, and online gaming, particularly in geographies currently under
stay-home instructions, has surged. Digital transformation in entertainment is
expecting more new turns in the foreseen future.
2.New TV series currently being launched were completed prior to production
sets shutting down.
4.RESTAURANTS AND FOOD DELIVERY
Despite some concerns, food delivery companies gain their momentum and
become a popular option as people practice social distancing. It’s hard to pinpoint exactly how much growth there has been in this sector, but higher demand has led to higher pricing in some areas.
Digital Transformation In Food Industry Fine dining establishments, small-town restaurants, and fast foods are now switching to offer delivery services to their customers. At the same time, restaurants that did not previously offer take-outs are now considering this option as never before. Some restaurants choose a third-party delivery service to partner with, and each offer comes with unique benefits.
1. New practices for social distancing in the kitchen or during delivery pickups;
2. Changes in food delivery guidelines, such as containers that allow for easier
disinfection or better customer experience.
5.IT & TECH INDUSTRY
The effects of COVID-19 and are having a significant impact on the technology
Digital Transformation in IT And Other Solutions
I. Companies with remote-working technologies already see increased demand as organizations accelerate their remote-working capabilities.
II. An increase in the use of tele- and video-conferencing software as more
companies encourage employees to commute.
III. Security software will see third-order benefits from a growing remote workforce. Organizations race to secure endpoints, cloud-based tools, log management, and VPNs. So, IT spending on security software will increase
IV. The need for ever-faster access to data and automation is expanding vastly.
Crisis often leads to changes. This time is no exception. The shifts in social attitudes and behaviors we see today pave the broad path to new opportunities and ways of living and working. Some of which is here to stay with us in the long run. Some of which disappear right after the crisis is gone.
Nevertheless, some changes show a positive dynamic. For example, we see a
greater focus on crisis preparedness, system resilience, social inequality, social solidarity, and access to health care. These attitudinal shifts could, in turn, be reflected in significant policy shifts in many areas, including trade, border controls, health care, crisis preparedness, foreign affairs, employment, and social welfare.