All the events that have taken place over the last few months have turned the world on its head. No sector has been spared from the interference caused by everything happening. As an industry leader, it’s your job to consider the ramifications these unique circumstances have on your industry and the specific needs you need to fulfill on behalf of your business and your employees. Here is a brief overview of the ways certain sectors have changed to help you respond appropriately.
All levels from elementary educational institutions to colleges have shifted to remote operations. Because of this, education technology is on a steady rise. What once was an almost $107 billion industry in 2015 is now expected to be valued at over $350 billion by 2025. There’s a growing market for ways to innovate the practice of home learning, such as video conferencing tools, video lesson creation, and collaborative planning tools.
Although most schools have made a smooth transition to virtual classrooms, there are still some difficulties when it comes to adapting lessons that require physical equipment and locations such as a science laboratory.
Arts and Entertainment
The demand for digital media has surged with live streaming and video-on-demand content leading the charge. Access to these platforms has been offered either at a discount rate or for free. The production of new content has also come to a halt as studios and live sporting venues have been ordered to shut down.
Movie theaters, museums, galleries, and concert venues have also been asked to shut down for the time being. Some of these establishments have re-opened, but with understandable apprehension from the general public.
In response to this, the arts and entertainment industry has had to find alternative formats and approaches to content production. Most have taken to online simulated events and live streaming.
Retail and Consumer Goods
Consumer habits were one of the first things to change drastically. Due to a shift in priorities and income, most consumers are prioritizing the purchase of basic needs, food, hygiene products, and cleaning products. On the other hand, non-essential items such as luxury goods have taken a sharp decline, save for electronics such as video game consoles which have seen an uptick in sales.
This is because more individuals are pursuing leisurely activities to pass the time. Consumers have also changed how they purchase goods, with many opting to shop online, use contactless payment, and do curbside pick-ups for food.
Since traveling was identified as one of the leading causes of virus transmission, tourism, and foreign travel have understandably been the hardest hit industries during this entire ordeal. Airlines, land transportation, and cruises have halted international operations, but domestic travel has resumed.
Hotels and resorts have started to reopen to middling occupancy numbers. The future of the industry is still unclear but it will likely reopen in uneven stages. Safety measures and immigration will definitely be a lot stricter, and it will take much longer to get through immigration queues.
It’s necessary to keep yourself up-to-date about how each industry is responding to the current circumstances. This will help you and your business adjust to the rapid changes happening daily.