COVID-19: Industries Will Be Reinvented

Jul 11, 2020

Affected by COVID-19, many people are layoff or work from home, people use online shopping more frequently than before, the global industry has been impacted, and our world is changing rapidly.

(Photo via Pixabay.com)

Geneva, Switzerland (Merxwire) – COVID-19 not only brought countless deaths to the world, but also severely affected the economies of various countries and drove the transformation of industries and working models. The Internet has become one of the safe shopping options. The Internet also allows humans to work from home, and the future development of the Internet and artificial intelligence will also replace people’s work.

The world industry is changing rapidly

According to the International Labor Organization (ILO), at least one in six young people stopped working during the coronavirus pandemic, and those who continued to work reduced their labor time by 23%. The economic crisis of COVID-19 hit young people faster than any other group.

In the United States, more than 40 million people are unemployed. The Becker Friedman Institute at the University of Chicago published a paper in May 2020, predicting that 42% of unemployment caused by coronavirus pandemic is permanent.

It is difficult for these people to return to their original jobs, and companies may close or permanently reduce the number of employees, or even the industry is reinvented. In the future, humans will rely more on the Internet and artificial intelligence, and the traditional working mode will be replaced by new trends.

(Photo via Pixabay.com)

Online store grows faster

Restricted by COVID-19, people try to avoid going out and avoid contact with other people. The online store has been favored by young people and business people, and it is a convenient and safe choice during the coronavirus pandemic period.

According to the data observed by ccinsight.org, based on the data of consumer participation in more than 100 countries, e-commerce in North America, Australia, Romania and many regions have grown during the coronavirus pandemic period.

Due to the influence of COVID-19, many physical stores have already closed or are facing closure. Apple also closed its stores in Florida, which indicates that physical stores are facing a major impact. Many companies are therefore more actively investing in e-commerce.

(Photo via Pixabay.com)

How has the industry been changed?

COVID-19 reduces the number of job opportunities, but before that, human work had many risks of being replaced. In order to ensure safety, convenience and cost saving, human beings will have more and more technologies to replace manpower. For example, in 1950, elevator operator was a common occupation, but now this position almost no longer exists.

With the rapid growth of software, robotics, automation, artificial intelligence (AI), many economists predict that automation, not outsourcing, will lead to the loss of more than 1.5 million jobs in America’s manufacturing sector. In the future, Sonographer, Taxi Drivers , Pilots, Translators, and some customer service staff positions will be replaced by machines.

Can machines really replace manpower? We don’t have to be too pessimistic, there are many retail industries now looking for ways to survive. For example, some American companies have combined the concept of a supermarket with a truck to launch a service that delivers fresh produce to desert areas.

The environment has brought many challenges to mankind. Cherish the loved ones and friends around you, love the earth, and protect the natural ecology is a must. Let us grow and improve our competitiveness in different challenges and protect the next generation together.

Reference materials:
https://www.bbc.com/news/business-47691078
https://www.bbc.com/worklife/article/20200707-how-covid-19-has-changed-grocery-shopping
https://www.kake.com/story/42335873/jobs-that-might-not-exist-in-50-years

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