Throughout history, more billionaires and millionaires are made after a recession than any other time. So how do you take advantage of this time? The global economy will this year likely suffered the worst financial crisis since the Great Depression due to the Covid19 pandemic. The heat of economic from the virus will be felt for a long time to come, no one knows when the pandemic will end for economic activities to return to normal, but even as uncertainty abounds life-changing opportunities will appear.
The financial crisis also produced its own disruptive side-effects Airbnb and Uber shut up in popularity across the West, the crisis forced people to share assets in the form of spare rooms and car rides in order to cover the deficit covered. We're already seeing early signs of a shift in how consumers and businesses behave remote working is being encouraged by tech and non-tech companies. Supply chains are getting disrupted globally and retail stores are running out of goods on mas some of those changes are direct shut term responses to the crisis and will revert to regular levels once covered is contained. However, some of the shifts will continue on creating a long term disruption that will reshape businesses for decades to come.
It's more important to focus on getting out of the health risk posed by the outbreak. You need to keep your eyes on what lies ahead after the pandemic because this global pandemic will shape businesses for decades to come. Here are 7 businesses that will boom after the virus pandemic
1. Digital Marketing
Digital marketing has experienced a boom over the past decade of the industry is recording some losses as businesses are now cutting back on their digital marketing spending. However, the industry is likely to experience even a major boom after Covid-19. Many industries have experienced a significant decline in digital marketing usage since the lockdown would travel transportation and hospitality being the most heat most businesses are currently shut down with no cash flow, and companies are eating deep into their cash reserve when this pandemic is over. And most businesses will need to get their cash flow back on track businesses will be open to innovative and affordable ways to reach customers, and digital marketing will rescue this is an area.
2. Stock Market Investing
The world's richest investor Warren Buffett is fearful when others are greedy and greedy when others are fearful, typically market crashes. When people out of fear of losing their money start selling off their assets and cutting back on their spending stock price goes ridiculously down. This is usually the best time for smart investing, you can buy stocks at cheap prices and right through the market recovery but there are no guarantees that every stock will recover after a recession, some companies may go bankrupt, be sure to thoroughly research the stocks to invest and seek expert advice.
3. Online Education
The current virus outbreak has caused the school's primary, secondary, and tertiary institutions to close down and no one knows how long students will have to stay at home. This reality has forced the crash course for online learning plans and technology for students and faculty. The world is going through a mandatory giant online education experiment the aftermath could accelerate changes in the education industry that were already at play for over a decade. There have been predictions of online education going mainstream to rival traditional education, this change is sent to be gradual over the years but this virus outbreak may just online education the moment it's been waiting for as digital learning goes mainstream. And processes going forward traditional education will not go away but online education will definitely mean greater adoption online training in businesses will boom and businesses that position in this space will benefit immensely.
4. Online Collaboration Tools
How will the cover pandemic alter the future of teaching and learning? The Covid-19 pandemic is forcing schools and learning and development professionals to sheep from rapidly in-person to online learning. The global lockdown has focused people in large numbers to embrace the digital form of connection and online collaboration tools have seen huge growth over the last few months, in some cases also permanently move towards remote working. The market for digital collaboration tools such as Microsoft Teams, Google Hangouts, and zoom is likely to grow quickly that we're already seeing growing demand for digital media and entertainment including social media gaming, news, video streaming, and books as people seek to relieve boredom and fill the time previously taken up by traveling and socializing face-to-face.
The crisis is pushing us to quickly adopt digital technologies, remote working, and e-commerce. Alibaba, a Chinese online marketplace has a major boost at the time people in China had to stay at home due to the SAS virus outbreak. The quarantine came just as Alibaba was preparing to launch Taobao, an online marketplace for consumers that Jack Ma the company founder hoped would compete with eBay in China. Chinese consumers who were stuck at home started turning to the Internet to order items. Alibaba benefited from the internet becoming increasingly necessary for doing business during the SARS outbreak as businesses and consumers were dreaming online to buy and sell goods due to self-isolation. People who normally there are physical stores are increasingly shopping online and e-commerce may well become permanent if people remain wary of mingling in real life and increasingly replaced shop visits with online purchases.
You may think e-commerce has already taken off in most parts of Africa. For example, only a fracture of the population have bought something online after this pandemic and beyond e-commerce will likely gain more acceptance among the skeptics will see faster progress towards online retail companies and organizations were realized to have less need for expensive real estate. We can expect this trend to continue going forward.
One of the biggest challenges with the current virus pandemic and lockdown is a threat to food security, while the lockdown may appear to be the solution to mitigate the spread of the virus. A major consequence is a shortage of food and a hike in price covering is disrupting agricultural activities around the world from farm harvesting to processing and supply. The closure of restaurants, eateries, and hotels is creating low demand for aggregating agric businesses are looking to digital technologies to sell their products.
All digital technology is not a new concept the necessity will get even skeptics to embrace it at the end of this pandemic or lockdown. We may face the risk of low food supply which will create more opportunities in the aggregate sector to produce food to feed the surviving population.
7. The Gig Economy
There are many companies that will not want to have a huge number of full-time employees and fixed costs after this crisis, this will accelerate the Gig economy, freelance works, and associated startups. You also start preparing yourself to function in a Gig economy for a longe-term. The way businesses will compete over the next decade that chooses to capitalize on online changes and the ones that don't will get disrupted.