Covid19 changed the path of Life-as-we-knew-it.
We at Danger Farms know that as difficult as things might seem for most businesses and the people that make them work, we believe that the world will thrive again.
Starting from this thought, we sat down and identified 5 trends that we believe will emerge post coronavirus.
Increase in number of startups
A large portion of the workforce has been furloughed and is now at home. Whilst not an ideal situation for many, some might see this as an opportunity to dedicate this time to their passions. In addition, all of us have come to the realisation of how important technology is in the modern world. We believe that these two factors will lead to an increase in number of ideas and startups.
Innovative products and services will be introduced and new companies will enter the market, generating new sectors and business models.
Spaces will be revisited
Many commercial spaces, such as pubs, offices and hotels are now empty and will probably remain so for some months. These spaces are likely to be used for different purposes; for example, hotels might start offering their rooms as on demand offices.
Events sector will become extremely digitised
Before the crisis, remote events were a thing. Now, they’re THE thing. Whilst the in-person events have more positives than their remote counterparts, virtual meetings have two things going for them that on-site can’t compete with – affordability and accessibility. For that reason, they will only become more prevalent.
E-commerce will boost
The majority of people will increase their shopping online. E-commerce will boost and will have to create more experiences for their users, maybe implementing virtual fitting rooms where they can try on multiple outfits in minutes or virtual shopping assistants able to give pieces of advice and support.
Diversification will be everywhere
We’ve already witnessed established companies diversifying their business models to ride out of a storm. For example, Fujifilm escaped the turmoil that involved the photographic film industry some years ago, by diversifying its business and by investing in different sectors such as cosmetics and pharmaceuticals.
We think that diversification will be the most effective business strategy for companies that want to survive and thrive.