The novel coronavirus pandemic has swept the globe, causing uncertainty and upheaval. These are tough times. Business leaders are not just worried about the health and safety of their families, colleagues, and employees – but are also concerned about business growth challenges.
As far back as April 2020, the International Monetary Fund predicted that the effects of the Great Lockdown in 2020 could lead to the worst recession since the Great Depression of 1929. This will be far more than the Global Crisis of 2009.
IMF – World Economic Outlook April 2020
The post-COVID-19 recession will lead to fundamental changes in the buying patterns of consumers, supply chains, and outdoor culture. However, it is not all gloom and doom. Junglepreneur has identified the following trends from the World Economic Forum’s report that are going to positively impact business growth across different sectors through 2022.
- Even after the vaccine is available, the trend of working from homes is going to continue. Thus, the demand for new technology for employee engagement and remote working will see a massive boost. Any new investment that businesses do in 2020, should, therefore, be made with this trend in mind.
- Supply chain optimization will be a key area with scope for innovation, employment, and development. We’ve all seen how relying on a single geographic region can backfire terribly in times like this. Thus, the seamless integration of end-to-end digital supply chains is the need of the hour.
- Big data analytics will also be in demand extensively – to allow business growth with smarter decisions pertaining to investments and innovations.
- Mobile app development will be on rising. More and more companies will be on the lookout for digitizing their business processes. For this, they’re going to need feature-laden mobile apps.
- Artificial Intelligence (AI), will also play an important role in assisting managers in handling their teams. Companies will use AI to boost efficiency, increase productivity, and enhance performance.
- Social wellness apps will be in demand – to continue community interaction and wellness along with social distancing. They will satisfy the need for more human interaction, without compromising the wellness of users in real life.
COVID-19 has had an impact on all facets of our lives including how we work, business growth, and leisure. Embracing the new normal will only be possible with planning for contingencies and taking the help of technology wherever we can.