Reshaping Our Economic Future: The Rise of Social Commerce in a Post-COVID World

Introduction

In the wake of the COVID-19 pandemic and its far-reaching economic repercussions, the traditional employment landscape has undergone significant changes. As unemployment rates soared and inflation took its toll, individuals worldwide found themselves seeking alternative income sources and innovative ways to navigate the challenges of the modern world. In this article, we'll explore the diminishing purchasing power of the 40-hour workweek, the rise of automation, and how social commerce is emerging as a powerful solution to these economic challenges.

The Decline of the 40-Hour Workweek

Over the past century, the 40-hour workweek was considered the norm, and it often provided a living wage in many industries. However, factors like inflation and other economic variables have led to substantial increases in the prices of goods, services, and rent, while wages have not kept pace with these rising costs. The result? A significant decline in the purchasing power of the average worker, especially for those earning minimum wage.

To put this into perspective, when adjusted for inflation, wages from the 1920s would equate to approximately $12 per hour today, whereas the minimum wage often falls well short of even $8. When we factor in the actual cost of living, a true living wage for a 40-hour workweek would require a minimum income of around $15 per hour. This figure is not arbitrary; it reflects the amount necessary to cover the basic necessities of life in today's world.

The Struggle for a Decent Standard of Living

The inability of traditional 9-to-5 jobs to keep pace with the cost of living has forced many individuals to seek additional employment or work longer hours—sometimes as much as 60 to 80 hours per week. This has become a grim necessity to make ends meet. In essence, the cost of labor has not adjusted for inflation, and workers have paid the price while larger businesses have benefited from margin boosts.

The Automation Revolution

The next decade or two will likely see a surge in automation, replacing many entry-level jobs. Why pay $8 or $15 per hour for an unskilled worker when you can deploy robots or AI systems that work tirelessly without fatigue? We are already witnessing the emergence of technologies like Google Duplex that can handle phone calls seamlessly. Soon, companies like Amazon and various eCommerce businesses will transition to automated customer service systems that are indistinguishable from human interaction.

The Impact of COVID-19

The pandemic accelerated the shift away from brick-and-mortar retail, dealing a massive blow to traditional businesses. Many companies have embraced online sales and shipping, reducing their reliance on physical stores. The transformation is likely here to stay, with only a few key locations maintaining a physical presence.

Enter Social Commerce

In this evolving economic landscape, social commerce is becoming a lifeline for individuals seeking smart ways to improve their lives and secure their financial futures while ensuring a quality of life for themselves and their loved ones. Social commerce differs from typical eCommerce as it taps into the power of social networks and community building.

Spemai Empowering Social Entrepreneurs

One initiative at the forefront of this movement is Spemai , a toolkit designed to help individuals start, manage, and scale their businesses within just five minutes and with no initial investment, except for a mobile device with internet access. Spemai allows Small and Medium Business Owners to create eCommerce websites and sell across multiple platforms such as Facebook, TikTok, Instagram, and Shopify, all while maintaining a single product inventory. It also streamlines expense tracking and facilitates global payments without the need for coding skills.

Moreover, Spemai enables business owners to automate their selling processes through conversational AI, providing customers with a seamless chatbot experience. This innovation has been instrumental in connecting Asian social entrepreneurs, enabling them to thrive in an ever-changing business landscape.

Conclusion

As we navigate the challenges of a post-COVID economic crisis marked by unemployment and inflation, the traditional 9-to-5 job is no longer sufficient to provide a decent standard of living. Automation is on the horizon, reshaping the job market. In this shifting landscape, social commerce and innovative platforms like Spemai offer individuals the opportunity to take control of their financial futures and thrive in the modern world. Together, we can build a brighter and more prosperous future for all.