Role of IT & Upcoming Trends on Post-COVID
A first-generation entrepreneur, Hemal commands 15+ years of experience in managing teams and driving measurable results in the UX industry for marquee clients.
In the Pre-COVID-19 era, while technology had become a way of life, there were still several companies that did not harness the full potential of digitisation.
Many of them experienced slower growth on the digital channels for various reasons - not a strategic priority, not enough budgets or high inertia for customers to move to online medium (e.g. ordering online groceries, medicines, and others).
With the new normal, everyone – individuals and corporations are forced to adopt digital as much as they can. According to a Nielsen report, every day, 3.4 billion people approximately connect to the internet and spend, on average, six-and-a-half hours online. Here are the top technology trends that will reshape our post-COVID world.
1e-Learning: Post lock-down, most academic institutions have gone online and are looking to make it a primary way of imparting education. The World Economic Forum states that there has been a surge in the last three months with the distinctive rise of e-learning. The world is flat and will apply to this sector more so than other sectors. No longer will the quality of education be restricted because of the location. There are a plethora of Edutech companies that offer specific and quality learning. Schools will continue to impart education, but learning will increase many folds because of lack of boundaries.
2)Virtual Meetings: The first thing that the lockdown did was to force people to start using alternate ways to connect, communicate, and collaborate. Video calls, collaboration tools, and communication channels will continue to increase and improve in the post-COVID world. Most popular of all the applications, Zoom jumped from 10 million daily meeting participants in December to more than 200 million in March.
3)Digital Banking & Payments: The banking and payments industry experienced tremendous growth post demonetization initially and slowed down a bit after a while. But will now regain growth and increase the adoption across all age groups including the elderly population where the adoption rate was lesser than the millennials. According to a recent survey among Indians on the impact of the coronavirus (COVID-19) and its consequent lockdown, 33 percent said they used digital payments more than before, while nine percent made online payments exclusively (Source: Statista).
4)Entertainment: With time at hand and health concerns the top priority, the OTT industry experienced a surge in traffic. The growth rate will settle down once the lockdown lifts, but the OTT industry will continue to experience a faster growth rate than the pre-COVID world. Popular platforms like Netflix reached 182.9 million from January to March according to their official statement.
5)User Experience: With everyone in the industry looking to increase technology adoption and pushing the adoption of digital channels, there will be a strong need to differentiate. UI or UX design has gained importance as the focus has shifted to user experience in the recent times of pandemic (Source: Moneycontrol). Providing best in class user experience will become a way for companies to differentiate.
6)e-Commerce: While it is given that e-Commerce will become the primary mode of shopping, it will be important to adapt by making it relevant in this changing environment. Companies will need to rethink how they sell online. Users are now looking for larger packs, combos and safer delivery options to minimize their risk of getting infected via delivery partners. According to a recent study by Neilsen online grocery shopping penetration could increase by a further 20 percent to 87 percent in the next two years.
7)Healthcare & Wellness: With restricted or no access to gyms, pools, and spas, the wellness industry now has to reimagine how they can continue serving their customers online. Providing virtual services such as online tutorials, DIY kits, virtual counselling will be the new norm.
Hospitals and clinics will need to encourage usage of online channels to diagnose and prescribe medicines and treatments to ensure the safety of their own and their patients. Apps like CureFit claims that as many as two lakh people are attending its live classes every day on the app (Source: Financial Express)
For the companies to succeed in this post-COVID world, it will be extremely important for them to prioritize the initiatives that the customer wants and needs. Those who will do this well will succeed.
In the Pre-COVID-19 era, while technology had become a way of life, there were still several companies that did not harness the full potential of digitisation.
Many of them experienced slower growth on the digital channels for various reasons - not a strategic priority, not enough budgets or high inertia for customers to move to online medium (e.g. ordering online groceries, medicines, and others).
With the new normal, everyone – individuals and corporations are forced to adopt digital as much as they can. According to a Nielsen report, every day, 3.4 billion people approximately connect to the internet and spend, on average, six-and-a-half hours online. Here are the top technology trends that will reshape our post-COVID world.
1e-Learning: Post lock-down, most academic institutions have gone online and are looking to make it a primary way of imparting education. The World Economic Forum states that there has been a surge in the last three months with the distinctive rise of e-learning. The world is flat and will apply to this sector more so than other sectors. No longer will the quality of education be restricted because of the location. There are a plethora of Edutech companies that offer specific and quality learning. Schools will continue to impart education, but learning will increase many folds because of lack of boundaries.
2)Virtual Meetings: The first thing that the lockdown did was to force people to start using alternate ways to connect, communicate, and collaborate. Video calls, collaboration tools, and communication channels will continue to increase and improve in the post-COVID world. Most popular of all the applications, Zoom jumped from 10 million daily meeting participants in December to more than 200 million in March.
3)Digital Banking & Payments: The banking and payments industry experienced tremendous growth post demonetization initially and slowed down a bit after a while. But will now regain growth and increase the adoption across all age groups including the elderly population where the adoption rate was lesser than the millennials. According to a recent survey among Indians on the impact of the coronavirus (COVID-19) and its consequent lockdown, 33 percent said they used digital payments more than before, while nine percent made online payments exclusively (Source: Statista).
4)Entertainment: With time at hand and health concerns the top priority, the OTT industry experienced a surge in traffic. The growth rate will settle down once the lockdown lifts, but the OTT industry will continue to experience a faster growth rate than the pre-COVID world. Popular platforms like Netflix reached 182.9 million from January to March according to their official statement.
5)User Experience: With everyone in the industry looking to increase technology adoption and pushing the adoption of digital channels, there will be a strong need to differentiate. UI or UX design has gained importance as the focus has shifted to user experience in the recent times of pandemic (Source: Moneycontrol). Providing best in class user experience will become a way for companies to differentiate.
6)e-Commerce: While it is given that e-Commerce will become the primary mode of shopping, it will be important to adapt by making it relevant in this changing environment. Companies will need to rethink how they sell online. Users are now looking for larger packs, combos and safer delivery options to minimize their risk of getting infected via delivery partners. According to a recent study by Neilsen online grocery shopping penetration could increase by a further 20 percent to 87 percent in the next two years.
7)Healthcare & Wellness: With restricted or no access to gyms, pools, and spas, the wellness industry now has to reimagine how they can continue serving their customers online. Providing virtual services such as online tutorials, DIY kits, virtual counselling will be the new norm.
Hospitals and clinics will need to encourage usage of online channels to diagnose and prescribe medicines and treatments to ensure the safety of their own and their patients. Apps like CureFit claims that as many as two lakh people are attending its live classes every day on the app (Source: Financial Express)
For the companies to succeed in this post-COVID world, it will be extremely important for them to prioritize the initiatives that the customer wants and needs. Those who will do this well will succeed.
