A COVID-19 outbreak declared a public health emergency of international concern by the WHO, can cripple a business for days, months or years; That is if it survives the wrath of coronavirus outbreak. Based on Trdinoo’s observations, we believe some of these following business opportunities available for trade under COVID-19 Outbreak.
Despite the short-run downward pressure on businesses globally; On the positive side, there are new opportunities emerging for trade and business. We can expect new opportunities for business in some sectors, such as media, film and television, entertainment, catering, medical supply, ecommerce and retail industries. Even some odd tourism opportunities are opening up during the coronavirus outbreak.
Incentives from Government
In addition, as central and local governments continue to roll-out policies to boost the country’s overall GDP performance in 2020, this will be a good opportunity for new companies. The increased spending by the government and incentives like tax break and favorable lease terms are to be expected. Authorities are working out stimulus and one-off cash injections to support business and local economy.
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Governments are more investing in technology to boost local production of surgical masks; the purchase of more protective equipment; and aid for various sectors including hospitals, property management staff, security guards and construction and cleaning workers and allied business in their fight against COVID-19 contagion.
Health Care Related industry
People’s awareness of life and health has been enhanced. This will promote the development of medical equipment, medical supplies, and pharmaceutical industries and stimulate domestic demand for health care products and life and medical insurances.
Medical Diagnostics & Telemedicine
During the epidemic, online medical platforms, have provided free online diagnostic services for citizens. This helps to screen out suspected Covid-19 patients from common cold patients, alleviate the shortage of offline medical resources, reduce the cross-infection risks caused by human contact, and enable more citizens to experience online medical treatment.
The virus outbreak also stimulates the growth of telemedicine. Hospitals are increasingly willing to try and benefit from telemedicine. In the next two to three years, telemedicine is expected to become more widespread.
Online Shopping and E-commerce
to avoid being infected by the Covid-19 virus, consumers who have formed the habit of online shopping are becoming more likely to order food and choose daily necessities and fresh food online instead of going to an offline supermarket. Fresh food e-commerce is seeing an explosive growth.
Consumer demand for the following products has also increased significantly:
- Facemasks
- Disinfection cabinet
- Dishwasher
- Sweeping robots
- Ultraviolet disinfection lights
- High-quality food and health care products.
Media & Online entertainment
The home economy, indirectly driven by the Covid-19 outbreak, not only boosted online shopping but also promoted movie streaming services, online games and live webcast. The media industry is the one to gain the most as people are in a lockdown. There are also trends showing consumption of more health related videos, exercises and entertainment online from the Crowdsourced Search Engine – Qreoo.com. Also online education, as schools will start later, have started to introduce online teaching and clock-in programs for students so as not to delay the teaching schedule.
Telecommunication
As all industries in media, telemedicine consume a loads of data; the telecommunication industry has a huge opportunity to offer its customers. The network infrastructure will see a huge growth in the coming years to support the vast online data flow from the entire society at the same time. New fiber optic routes, network capacity expansion and other similar technologies like 5G, 6G, etc. will advance rapidly.
This will facilitate the growth of the telecommuting related industries, including remote office tools, such as cloud services, voice over internet protocol (VoIP), web video conferencing, multi-person collaboration platform, and digital services, as well as IT staff remote services.
Local, Import & Export Industry
The difficulty for many businesses is that their reliance on Chinese exports isn’t always immediately apparent. Eventually they will see a supply chain problem. There is opportunity for other countries like India, Vietnam, etc. to complete the supply chain cycle. Exporters from these countries will have new opportunities to compete in the markets which was earlier dominated by china.
The break in supply chain will most business to source from local production. Which will intern aid the local business market. The demand & supply will simply aid growth of the local, import & export industry during the coronavirus outbreak disruption.
Travel & Tourism
As the coronavirus outbreak keeps visitors away from the historic streets of Japan’s former capital, Kyoto. A group of shopkeepers has launched an “empty tourism” campaign to lure them back. Read More on CNN Travel – Kyoto launches ’empty tourism’ campaign amid coronavirus outbreak.
Merchants from five shopping streets in Kyoto’s Arashiyama neighborhood, a popular tourist district on the western outskirts of the city that’s filled with temples and shrines – have devised an advertising campaign dubbed “suitemasu Arashiyama,” which translates to “empty Arashiyama” or “there are few people around in Arashiyama.”
The posters created for the campaign showcase how any would-be travelers could have the district’s most-visited spots all to themselves. As a consequence, the district’s tourism website states that shopkeepers are at the ready to welcome visitors with even more hospitality than usual.
Trade in the New Opportunity
It should be realized that for all industries, the outbreak is both a crisis and an opportunity; Bringing short-term pressure on some industries as well as opportunities to adjust the structure of the entire industry to meet newer needs. Use your business strengths to think about new service models and turn challenges into opportunities.
Do you know an other New Opportunities in Trade and Business under COVID-19 Outbreak? Share them on Trdinoo for others to learn and please share us with your friends and network.
