Over the past month with hundreds of inputs from members of Global Chamber®, it's clear that we've all been impacted by COVID19, and most have already shifted their business to survive and thrive in the post COVID19 world.
Adapting to the new reality is critical. Resilience at the very least, and pivoting where necessary, are critical skills in these days of massive market transformation. The time to act is now to be ready for the next wave.
For example, some of the people who jumped into the protective mask business will make out very well. Please be careful not to be late to the game and be stuck with too much inventory at some point along the way.
We'll definitely be seeing the need for protective masks and other PPEs for quite a while. Also consumers are demanding hand sanitizer, disinfectants and more thorough cleaning by all vendors including food stores and other retail outlets.
Multiple members of Global Chamber® are bringing hand sanitizer products to market, including at least one with very unique chemistry and composition, alcohol free. These products look to be long-term successful markets.
This month we've devoted two globinars to e-commerce and included the topic in other virtual discussions as well. Q-commerce is important as well... getting products much quicker, more like headed to the store and getting the product without a delay.
Digital transformation has been here and now is expanding rapidly, from Industry 4.0, to Business 4.0 and now Cities 4.0. One compelling question raised by Matthew Hoffer in this recent globinar, 'does your city have a data manager'? It should.
Travel is down 96-97% in the US and may be down for years, and so virtual opportunities to do business including e-commerce, platforms like zoom and our own 'warm introductions' are seeing high interest by business leaders.
Technologies to bring track food, product and people to determine possible exposure to contamination will continue to evolve and grow. That includes temperature sensing devices to tell if people could have the virus.
How will businesses including travel and hospitality be able to ramp back up without testing, cleaning, tracking and more? These technologies are both evolving and will be essential in our post-COVID19 world. Watch for further developments.
Elderly and child care services have been transformed forever. In the short term, many will not survive without radical transformation. Elderly care is a major source of deaths across the globe, and that must be addressed.
Of course healthcare overall has been greatly impacted, and one of the key trends that is advancing exponentially now is telehealth and telemedicine. It's a technology that will finally see it's day due to the crisis. Daily healthcare practices are changing, and within those are opportunities.
Similarly online education and training has already ramped up considerably worldwide. The resistance to taking step to online, like with telehealth, has been pushed aside based on necessity. Opportunities will continue to evolve and grow.
Similarly the 'work from home (or anywhere)' trend in the past years is accelerating. This week Tata Consulting Services have communicated that over 2 years their workforce of 450,000 people may work from home or anywhere.
Recreational opportunities have already changed, and so in-home fitness options and business have multiplied. And speaking of in-home how about the cannabis market and the variety of ingestible options for relaxing away COVID19 stress? Hot markets!
Other growing markets include drones and drone delivery/logistics, including within the hospitality industry. 'Robot room service' was a novelty in recent years, but as hotels restructure, will those become the norm? We still need great service, and it will be delivered differently.
Like diamonds all around us at our feet, the opportunities are everywhere! Those of you in the global tribe get a first look because opportunities might surface in South Korea, or Germany, or anywhere... and be a candidate for business anywhere else.
Be global and UNSTOPPABLE! We encourage our members to stay in touch along the way. Reach out to be connected to new or existing markets. Join our League of Extraordinaries meetings. Talk soon!
Keep learning, adjusting and pivoting when needed.
"All failure is a failure to adapt, all success is successful adaptation." - Max McKeown
Doug Bruhnke - Global Chamber®