Editorial

5 Ways COVID-19 Has Affected Industries

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What started as a health crisis gradually became a synonym for uncertainty, complexity, and economic downturn. As it continues affecting the lives of millions worldwide, it has also impacted all the economies. Social distancing, travel restrictions, and lockdowns, all inflicted adverse impact on almost all industries. But, with passing time, strong countermeasures saved lives and stopped the failure of economies.

In this article, we are discussing how COVID-19 has affected industries across the globe.

1.  Growing Healthcare Demand

The novel Coronavirus disease triggered an unprecedented rise in demand for health-related commodities. People start storing various medicines like anvar, CBD vape juice. Anavar benefits can range from regaining weight to reducing bone pain in osteoporosis. However, the healthcare sector saw significant supply disruptions in global medical devices and pharmaceuticals. COVID-19 has been forced to tweak the healthcare facilities as per the convenience of the patients. Digital communications, undisrupted medical services, and extensive technological use provide new virtual salesforce consultant and digital care solutions.

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2.  Payment Processes

The economic uncertainty and loss of employment have adversely affected the payment services. The Coronavirus scare has transformed the purchasing behavior of the consumers, affecting various small-scale merchants. But while there is a decline in cash transactions, digital wallets became a hit. There is a 75 percent growth of card-payments, and many developing nations also focused on person-to-person money transfers through digital payments and mobile banking.

3.  Supply Chain

Global economic shutdowns and trade restrictions during the pandemic are the key factors that affected the supply chains of many raw and processed industrial goods. COVID-19 forced manufacturers to increase domestic production and supply. Firms are building new supply infrastructure in different locations to reduce similar supply risks in the future. The COVID-19s impact led the companies to switch to environment-friendly, economic, and technology-driven manufacturing processes.


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4.  Global FDI

Data shows that global foreign direct investment reduced by 49 percent in the first half of 2020 compared to the previous year. In various developed countries, recession-like situations hindered different projects. At present, most companies are still reassessing to start new projects and maintaining the business as usual. Digitization, robust on-time policies and support to SMEs are helping build the trust of foreign investors and recovering the market.


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5.  E-commerce

There has been a surge in e-commerce across all sectors globally. Most consumers focused on online purchasing from groceries to skin and health care services. In the third quarter of 2020, e-commerce retail sales rose to 14 percent from 11 percent from the previous year. Recent market research shows that in the U.S., the retail market e-commerce will grow to more than USD 800 billion in 2021 than USD 794 billion in 2021.

Conclusion

As COVID-19 subsides, there is an unfamiliar environment in terms of industrial survival and growth. Economies that monitor the risks and pay attention to financial and business models can thrive. Adapting to the new technology, analyzing consumer behavior, and resilient approaches will be the key for any organization to have a strong foothold in the market in the coming years.

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