New Business Opportunities Emerging Amidst Covid-19
Published on : Sunday 05-04-2020
The Covid-19 outbreak has sent shivers down the spine of the global economy. The virus has hit hard the global supply chain network, and extensively hits automobile and manufacturing sectors around the globe. In such a scenario, not all businesses have been disrupted; some other business opportunities are making its way along it, such as Drone Delivery. As the outbreak of coronavirus Covid-19 began from China and to spread all over the world now, tech companies especially MedTech companies are rolling out drones and robots to fight off the virus and deliver services and care to those isolated or following social distancing.
Drones are not just using for delivery purposes but also for maintaining rules and regulations. In India, the Karimnagar Commissionerate of Police in Telangana used drones to ensure effective implementation of lockdown in the town. In the times of a social distancing environment, authorities have found drones as an effective technology. Drones are scalable, work 24/7, everywhere. So, this tech can be used to deliver goods, along with other purposes across locations and can be controlled remotely.
Virtual Exhibitions are events where people visit virtually rather than physically. As technology advances rapidly, conferences and exhibitions will no longer require a physical presence and will enable people to come together under a single roof, regardless of their location. In the coronavirus time as the entire world is under lockdown, this concept is emerging exponentially limiting the spread of the virus by enabling social distancing. For example, last year, Art Basel’s March Hong Kong edition of the world-famous art fair drew in a record crowd of 88,000 visitors. But this year due to the pandemic it had no choice but to go fully virtual for the first time, with Online Viewing Rooms, which hosted galleries’ collections for buyers and collectors to peruse and purchase. So, there will be tremendous opportunities in the area of virtual exhibitions where corporates can come together, network, watch live events, and much more.
As the world is facing a severe pandemic, the Masks market is on the rise. Since they cover half of the face the demand for creativity in designs is increasing. Several companies are rushing to increase their production amidst Covid-19. On the other hand, if the market demand augments, most of the apparel brands might start manufacturing masks especially luxury or designer brands.
Vending Machine is an automated machine that provides items like snacks, beverages, lottery tickets, and others to consumers after money, a credit card, or a specially designed card is inserted into the machine. In Europe, the European Vending & Coffee Service Association (EVA) has emphasized that vending machines across the continent remain safe and open amid coronavirus fears. According to the association, operators and technicians of vending machines have employed measures which ensure that vending machines remain hygienic, including heightened cleaning and disinfection of surfaces such as buttons. As these machines are available 24/7, they don’t require human intervention or contact and can be deployed anywhere within limited space.
After seeing the high demand of Hand Sanitizers because of Covid-19 outbreak, the market sees a massive rise of new players in this field. As the coronavirus has led to a huge uptick in the demand for hand sanitizers across the globe, the major CPG companies are also ramping up their production and optimizing their supply chains to cater to the sudden spike. It has largely being grown because of people are started panic-buying hand sanitizers as a preventive measure. As per reports, the global marketplace is witnessing high demand of health and wellness products, including sanitizers, floor cleaning products and other cleaning products that reduce the impact of infectious diseases like Covid-19. This has resulted in substantial growth in the global hand sanitizer market due to the shift in consumer preference towards convenient hygiene products.
So, the Covid-19 outbreak has not just impacted businesses globally but also fuelled new business opportunities and innovations. Since airline profitability, tourism and others are getting disrupted globally, remote working, on the other side, is being encouraged by tech and non-tech companies. Thus, we believe that some of these changes are direct, short-term responses to the crises and will revert to regular levels once Covid-19 passes. However, some of these shifts will continue, creating a long-term digital disruption that will form businesses in the future.