Since the announcement of lockdown in March the pandemic has created a huge range of challenges for businesses of all sizes. Those that do not qualify as essential businesses have been forced to close their premises and others that can stay open face a completely changed economic landscape that they are trying to survive in.
The response to contain the spread of coronavirus has brought economic loss and uncertainty. The main reasons for the economic decrease are being caused by the direct effects of business closures, reduced trade, and the shift toward online consumerism. The second half of this decrease is due to increased uncertainty for businesses and households as they think about long term investments.
This uncertainty also makes it difficult to predict which industries will survive and thrive in the long run. However, there is a real possibility of structural changes in the global economy which allows some businesses and industries to not only survive but thrive during this period.
How have things changed?
As one door closes another one opens. Businesses across the world are evolving as they deal with changes in supply and demand. During these unprecedented times It’s critical for organisations to stay up to date with the latest tech platforms and state of the economy to ensure they are able to make the right decisions to move their business forward. For example, some of the sectors that are currently thriving;
Ecommerce marketplace; Increasing figures for people shopping online. Amazon reported excellent performance with customers spending a reported £8,845 a second on its products and services. And to keep up with customer demand the company also reported hiring 100,000 new employees.
Health & fitness; Tech has enabled health and fitness brands to share home workouts via videos and apps. The sector has seen an increase in demand with more people choosing to stay active. It was reported that even after lockdown some operators expect only 25% to 30% of people to go back to in-person classes, with the rest working out via online videos.
Food& Drink; With people no longer panic buying, and suppliers finding their feet with more manageable online platforms to meet consumer demand. Smaller start-up cafes to food producers have utilized online and social tools, such as optimising their businesses to offer gift vouchers, food delivery, and collections.
The tech sector
The technology sector has seen exponential growth even before Covid-19 many of us used online platforms but now I’m sure it’s fair to say that during this time we have all learned something new one way or another. Technology has opened the doors for us all, as it has helped organisations to adapt to working from home, remote learning, reaching out to people, and more.
Over the last few years, the UK tech startup scene has seen unprecedented growth, emerging as ‘the’ place to build a business. In fact, Britain is seen as one of the leaders when it comes to digital innovation and technology. More than a third of Europe’s fastest-growing tech firms are based in the UK, thanks to the highly-skilled workforce. With endless opportunities and enthusiasm, there seems to be no sign of things slowing down in the near future.