Areas of Technology Set to Boom Post-COVID

Although everything has come to halt during the dire time of COVID-19 pandemic, one sector that has seen a boost is digital technology. Now more people are resorting to online shopping, online payment, and digital wallets than before.

The pandemic has given rise to the use of VPNs for the private networks, an increase in bandwidth for greater internet speed, and digital transactions of products or money.

COVID-19 and Digital Culture

COVID-19 has definitely given rise to digital culture. The current pandemic is reshaping the global business environment with the UN anticipating that the crisis will result in a $1 trillion hit to the world economy this year.

It’s essential for businesses to create and maintain a strong digital culture. The work-from-home or remote work has risen in the past few weeks. As a strong leader, businesses should focus on improving remote culture, mindsets, habits, and ways of working. As people are resorted to staying at home, providing goods and services online is more than important. Nurturing these important values during difficult times will ensure that firms retain their digital circle, get things done and continue to thrive.

The pandemic has helped many industries to find digital gateway or liaison with tech partners to sell products or services. In sectors that are less impacted by the epidemic, businesses need to fundamentally rethink what creates value; what is important right now and in the future.

Many experts have estimated that digital transactions and digital forms of business will grow 10 folds post-pandemic. Companies that stay human and customer-focused and manage to quickly innovate new digital businesses to solve problems can seize any opportunities.

How COVID will transform the Technology Industry?

The digital landscape for most businesses and customers is already evolving. Many industries have adopted technology to help sell their product and services.

“The pessimist complains about the wind; the optimist expects it to change; the realist adjusts the sails.” William Arthur Ward.

Here is how COVID-19 will transform the technology industry.

Data-enabled healthcare initiatives will increase

According to the stat generated by NeilPatel.com, healthcare is one of the most thriving industries during the pandemic along with news, media, and food. Healthcare is a vital part factor of the economy that has helped generate trillions in revenue.

As the industry and consumers are resorting to the digital platforms to buy or sell medical care, tech companies have started implementing a data-enabled approach and A.I. to simplify digital transactions. With the right data in hand, it has given an opportunity for various data and AI specialists to develop useful solutions that will help reduce risks of contagion, relieve consumer anxiety while also providing reassurance to help them cope with these difficult times.

Examples of the sort of applications likely to spring up include Definitive Healthcare, which tracks hospital bed capacity in the US, while FluPhone measures and models the spread of flu.

Scalable digital business models will start to replace product-focused operations

When many businesses are transforming into digital models, it is inevitable that industries will start focusing on digital business models. Because of the pandemic pressurizing the global supply chains of companies such as Best Buy, Wayfair, and Nike, companies have increasingly started to build resilience in their businesses by complementing product-focused models with scalable and stable digital alternatives. This might include businesses diversifying from their core offer to sell data and AI assets to third parties.

The implications of digital business models apply to both B2C and B2B. The intermediary digital agencies are transforming business models by creating a digital environment. This fosters collaboration between two different businesses or industries.

E-commerce will experience a renaissance

Visiting the physical store around the world has come to a halt. Almost every customer who has access to the internet is resorting to the online shopping experience. Due to self-isolation, consumers who normally visit physical stores are increasingly shopping online. As a result, e-commerce is booming especially when it comes to food items medicines, and clothing.

Over 80% of smartphone users in the US resort to online shopping. The growth in e-commerce is preeminent; however, industries must facilitate easy access to online shopping. The advances in online payment getaways have helped shape the entire e-commerce experience. Post-pandemic, we can expect similar innovations going forward.

Digital collaboration and entertainment tools to see an upsurge

More people have resorted to watching Netflix over going to the theater. With pandemic looming and lockdown in place, Netflix and other digital streaming platforms are likely to see a surge.

Netflix reports that its 117.58 million subscribers watch 140 million hours of content on average per day.

The producers of movies and web series are spending more on an average which is regularly streamed on Netflix.

Netflix's high-budget shows, "The Crown" and "Stranger Things," cost $10 million and $8 million per episode, respectively, according to Variety

More people are binge-watching shows on Netflix, hence increasing the amount of time spent online. As most people are home, the online tutorials, e-lectures, and relevant videos on YouTube are rapidly increasing.

We are more likely to see production houses collaborating with digital media to produce high-value content. After the pandemic is over, people are still likely to spend more time online than visiting any nearest theaters.

How should Businesses perceive Post-Pandemic Digital Culture?

The businesses which have access to consumers through the digital medium are already reaping benefits. They are more likely to grow in the digital culture and find reliable digital mediums to cater to their future customers. Most businesses that are doomed in the pandemic such as airlines and travel would need to rethink their future business strategy.

Right now it’s essential for businesses to create and maintain a strong and pervasive digital culture. As work becomes increasingly remote, businesses should seek to ease work-from-home culture.

As pointed out by Mika Ruokonen, business director at Futurice,

At best, the COVID-19 outbreak will give rise to new, more agile, more resilient, kinder and more human ways of doing business that will allow companies to withstand a wide range of threats, both anticipated and unexpected, while still caring for the people working for them and their customers.

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