We’ve seen early signs of a behavioral shift in consumers and businesses. Of course, this includes: remote working or work-from-home being highly encouraged by tech and non-tech companies alike, profitability of airline companies being affected due to low seat occupancy and continuous travel bans, and even supply chains have been disrupted globally and in retail stores running out of any human’s basic needs.
The Changes In The Next Years
These changes may be direct or only serve as a short-term response to the coronavirus disease (COVID-19) pandemic. However, we will see these shifts that have a significant jolt in economic standards. Basically, the supply of various essential products have been disrupted and demand for various products and services have dropped off. Understandably, if this continues COVID-19 will greatly affects the global GDP negatively.
With that said, there will be long-term innovation and huge changes when it comes to trends as consumers and businesses work hard to normalize the impact of COVID-19 on economic dimension when the containment is reached and the biological impact has been resolved. Understandably, to beat the great affects there will be macro innovations that will stick around after the pandemic.
Lowering The Risk
With global supply chains gearing towards quality relatively constant while driving lower costs at every steps, this has caused in significant concentration risk in terms of geographies and vendors for most companies. Thus, supply chains will surely merge into flexible environment. Aside from that, as governments learn from COVID-19, it will shift in favor of smart cities, as they should. This way, it would be easier to manage the next pandemic.