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Hey there,
This is Mike from Treendly.com
What are some second, third-order effects of coronavirus on businesses?
We published a massive report highlighting the impact that coronavirus will have on different industries, if things stay the same.
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Here is the gist:
Manufacturing and Supply Chains
- Reduction of just-in-time inventory practices
- Closure of some factories due to lesser demand
- Rise of alternative supply sources to China
- Significant rise in robotics usage and automation to avoid any unnecessary human contact
- Product shortages will lead to proximity-based manufacturing making products more available, which would lead to significant price growth
Deliveries and Consumer Behaviour
- Growth of grocery delivery and farm-to-home delivery
- Many people will turn to local-to-local delivery services to support them
- Food will be delivered with a special focus on sanitary measures
- Staycations growth (vs vacations)
- Higher hygiene standards → low immunity kids
- Personal health trackers will consolidate as a trend → more biometric data → privacy concerns
Fashion and Retail
- Wearing masks all day + comfortable clothes → appearances become less significant
- Casual style and simple haircuts
- Increase in DIY beauty and clothing (the money is in the "how")
- Live filters will be used more to make people look more professional, and VR to try things on
- Physical stores and malls will be less and less. More self-checkouts. More online and in-app shopping
Entertainment and Events
- Increase in demand for content
- Increase in “watch parties” that friends and families could organize to socialize
- Faster development of telemedicine and online dating platforms
- Virtual museum tours, funerals, summits, and conferences
- Music concerts will be broadcasted online
Entrepreneurship and Employment
- Companies will prolong trial periods, offer products for free
- Employees will be facing immediate layoffs → increase in contract workers and outsourced teams
- Less disposable income for workers → Opportunities for charity organizations on one end, and pawnshop businesses and loan sharks on the other end
Work and Real Estate
- Decrease of the open office concept → change in meetings dynamic → less trust-driven transactions
- Office buildings' price will go down and be repurposed as affordable housing, student dorms, or health care popups
- Working from home will be the “new normal” → easier commuting → fewer accidents → global employment → more inclusive employment
Travel
- New safety measures → smart devices to test and track travelers
Energy
- Driving less → less demand for gas, oil.
- More people at home → more energy needed at home → increase of the alternative home energy market
Insurance
- Personal auto claims dropped, event insurance will stop being offered
- Auto insurance for delivery drivers will increase
- Demand for national pandemic insurances
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