Worrying about economic shocks, consumers are panicking lethal. Due to the COVID-19 outbreak in the world, people are getting panicked and terrified faster than the spread of the virus! Truly, the coronavirus epidemic has hampered both the demand and supply chain market globally.
If history is revisited, we can see that pandemic had always put a vastly negative impact on the business at every level. For example, the influenza pandemic of 1918, which is also remembered with the name Spanish flu, had a shocking impact on the European and US businesses. And, among the worst affected sectors remained the entertainment and service providers.
In 2020, the recent pandemic of Coronavirus again created more or less a similar impact which is suspected to cross the estimate of $1Tn.
How businesses ripple the effect of virus outbreak?
The impact of the Coronavirus outbreak in India and the whole world is not limited to a couple of sectors only, but it includes all the shareholders of the economy. The main reason behind that is self-isolation and social distancing which cut-down the chances for investor meetings. This has strike the ecosystem of India and the world. An adverse effect is noticed among both the white-collar and blue-collar sectors.
And, what haunts the most, the growing number of confirmed cases and deaths is only raising the fear in public. Over 2.83 million people dead, 198 K deaths, 196+ countries affected, and cities are under lockdown. No doubt, the worst days are yet to come! Hence, it is important to understand the situation right now.
Digital media industry
Ad spending in the global media is going to suffer heavy losses due to the coronavirus pandemic. As per the recent estimates performed by the revised eMarketer, all the current slowdown has been caused by China only. Beyond China, the impact of the ongoing pandemic is unclear, especially on global ad spending.
People are spending 24 hours in their house and thus they are spending more time on the internet and continuing social distancing. Hence, the feeding of digital media is probably on the boost.
The E-commerce industry has received a strong probability to grow and the public is avoiding physical-visit t the stores and social gathering. But it is expected that logical challenges may be created.
A probable drop in the bank branch visits by the customers can challenge the digital abilities of the banking concerns and also the experience of the customers. Along with reducing the total number of branch visits, the outbreak of coronavirus has forced the banking sector to either close their number of branches on a temporary basis or to keep them open for reduced working hours.
As interest rates of the Central bank are falling, this could hurt the savings bank interests offered by a few banks who follow business relying on driving deposits by acquiring clients.
Digital health organizations can fill in the gaps in assist and care for preparing the healthcare incumbents to diagnose the coronavirus. This may stop the increase of COVID 19.
Cloud developers play a significant role in developing a vaccine for coronavirus. In the process, they can make tie-ups with the cross-country drug makers and research workers for a quick and successful result.
The spread of this virus attack is forcing the government of India and the countries of the world to relax on providing strict restrictions for accessing virtual care. But, there is no surety that their actions are going to be successful or not!
As the outbreak of COVID 19 is continued to wound around, people should remain warned, prepared for the worst, and most importantly do not lose HOPE!