The Coronavirus pandemic is a black swan event that has crippled the world economy.
While some sectors (retail, hospitality, travel, etc.) will bear the brunt of it, the pandemic will affect us all.
In these difficult times, IIM Ahemdabad’s CCBP (Creative & Cultural Businesses Programme) held a hopeful virtual discussion predicting the repercussions of COVID-19 on creative businesses.
Here are the summary points from our discussion:
1. Businesses will need to go digital.
2. It is essential to recognise that digitising business isn’t just creating a customer-facing channel (like an e-commerce website). A future proof business will be one that can digitise different parts of their process and increase efficiency through technology. For example, how can retail companies use technology to empower their manufacturing/labour workforce?
3. Creating technological solutions/strategies for India’s labour force will have a transformative effect on the country’s future.
4. Businesses of the future will be more localised and will bring their manufacturing on-shore.
5. Businesses should consider decentralising their supply chain to account for contingencies.
6. The coronavirus will have a dramatic effect on buying patterns; we hope to see people favouring sustainability and ethical products.
7. A shift in consumer sentiments will have a positive long-term effect on India’s craft communities. With a rise in demand for sustainable and ethical manufacturing, the Indian economy can benefit from our craft workforce. It is, therefore, fruitful for Indian businesses to align themselves with ethical production and empower craft communities.
8. There will be a shift from wellness to wellbeing. People will prioritise a more wholesome lifestyle over occasional wellness breaks.
9. Business travel might reduce, but there might be an increase in leisure travel. Travelling for personal wellbeing, to spend time with family and friends will become more common. However, due to the immediate paranoia surrounding international travel, it is predicted that people will prefer travelling domestically.
10. Coronavirus has had an impact on citizen surveillance in China. Similar surveillance measures might become more common across the world. Discussions and policies on the ethics of digital monitoring need to start taking shape. We should also become familiar with the impact of surveillance on International Relations.