Nothing is inherently good or bad. A good action can have bad consequences and likewise, a bad event can also have good consequences. For instance, if we think non-judgementally, we will notice the silver lining in the coronavirus clouds hovering over the world. Put simply, if we reframe the situation and look at it from a slightly different angle, a more complete picture can emerge. Yes, indeed, the new abnormal is not altogether bad.
We’ve already heard that COVID-19 is going to cause a deep economic recession and there’s absolutely no doubt that. But, let’s slowly shift the perspective and see the other side of the new abnormal …how the business landscape will change for the better in the post-COVID-19 world. Welcome to the new abnormal. Here’s a light-hearted look at how the various industries will be impacted by the new abnormal:
1. Aviation: Fewer number of bird hits means so many avian species will be saved from extinction. Not to forget the drastic cut in the airlines’ carbon footprint.
2. Retail: Mom & Pop stores will make a comeback while organized retail goes into hibernation.
3. Real-estate: Affordable housing won’t require government subsidy anymore.
4. Lifestyle: it will be life sans style.
5. Fashion: Will change gears…slow fashion will become the new trend.
6. Alcohol: the best anti-depressant drug to get a big boost in consumption.
7. Print media: Newspapers & magazines will shed a few pounds while forests will heave a sigh of relief.
8. Big Soda: Nothing to fear. It’s going to be business as usual because kicking alcohol addiction is easier than cola addiction.
9. Software: increased demand for simulation software for managing business uncertainty and gaming software for the unemployed youth.
10. Venture Funds: Time to convert into vulture funds because there’s gonna be blood in the streets.
11. Mutual Funds: No more need for separate ESG or impact investing funds.
12. Road Transport: Decline in the number of road accidents means thousands of human lives being saved. Also, one of the biggest contributors to CO2 emissions will see a significant decline in its share.
13. E-com: Increase in market share means the business model can now become sustainable while cash burn changes to cash earn.
14. FMCG: Soaps & sanitizers to emerge as the new sunrise industry with a separate ministry.
15. IT Services: It will be home-coming.
16. Apparels: Customers can look forward to the end of EOSS and start of SOSS. The garment exporters can utilize the idle capacity for manufacturing face masks.
17. Footwear: Brands can save hugely on marketing costs.
18. Banking: On the deposits side there will be an increase in CASA ratio and retail term deposits. On the lending side please ask RBI.
19. Life Insurance: Mortality awareness and the resultant demand for pure insurance cover will see a marked increase. Now the core business of risk management will become more profitable than asset management.
20. Accounting & Legal: Bankruptcy professionals, merger and acquisition experts, and legal advisors to be in great demand.
21. Business Schools: The new pass-outs will be more humble and down-to-earth.
22. Big Pharma: Will be under tremendous pressure to shift focus away from lifestyle drugs. So, it’s urgent to find new ways to make antibiotics and antivirals business more lucrative.
23. Healthcare: The war heroes to get plenty of budgetary support from the government.
24. Hospitality: There’s a lot in common between hospitality and hospitals. In fact, a very rare opportunity not to be missed.
25. Big Tobacco: Making a big attempt to become small and boost its ESG credentials by developing a potential plant-based vaccine for COVID-19. Also doing some real CSR… less tobacco consumption means few people die of lung cancer.
26. Tourism: China might lose the tag of ‘Factory of the world’ but Wuhan will surely emerge as the top tourist destination in the world.
27. Entertainment: Disney World to add one more theme park called ‘Corona Kingdom’.
28. Movie Theaters: So what if cinemas are closed? The people are binge-watching on Netflix, all from the comfort of their homes. Therefore, the best option is to enter into a tie-up with a food delivery app and deliver pop-corns right at customers’ door-steps.
29. Ad Industry: There will be enough spare time to embark on soul-searching and do what’s good for the people and not just what’s good for the business. Why not start championing purpose-led creativity instead of helping brands create their superficial purpose?
30. Contraceptive Brands: The new tagline is: “To stay safe, please avoid playing safe”.
31. Shopping Malls: Just wait for a buyout offer from the Blackstone.
Eventually, this too shall pass and the new abnormal will soon be normal. But, a few years down the line, when we look back, coronavirus would probably be regarded as our savior. Everyone would agree that despite the high price paid, the contagion could not have struck at a better time. Indeed, it has done a great favor to mankind as detoxification of economic activities was long overdue. But, what for? Perhaps, to provide a much-needed pause to the materialist world and make it a little better for the coming generations.
Also Read: Key Insights And Learnings From COVID-19
