The roll out of vaccines around the world has been going well, however, full economic recovery is something that could be a long time away for a number of industries. It remains, though, that certain industries or businesses who are planning ahead for what will come in a new kind of normal, are more likely to be those that are going to perform well. Navigating a business after a pandemic is something we are all going to be getting used to, as it is something that is new for us all. With that in mind, here are some of the ways that some industries are likely to react and develop in the coming months and years.
Restaurant industry
Dining indoors is not something that is likely to return to ‘normal’ levels for a while now, with many indoor restaurants still closed, and some anxiousness from customers. But for any full-service restaurateurs, the future will mean looking to develop a long-term economic model. For example, as many have been showing to us already, there are still great opportunities for takeaway or drive-thru options, with simpler menus that are more cost-efficient.
Healthcare industry
The healthcare industry is no doubt one of the industries that has become the most battered through the pandemic. As a result, the pandemic has accelerated the need for healthcare in a digital way, with many customers having consultations on the phone or via video call, rather than in-person. There are also a range of apps that have been used more and more, such as LIVI, that allow people to access healthcare remotely, which may have not been quite so popular had it not been for the pandemic.
Hospitals, though, need to look to improve on the losses that they have made, with costs spiraling over the past year and a half. With the right planning in place enabling hospitals to improve the bottom line, it can be a time for growth and a time where hospitals will be able to get back to where they were before. Some public and private partnerships could also work to improve the future of healthcare.
Financial and banking industry
For any financial institution, the pandemic has changed a lot of things. Teams that deal with risk management, for example, are going to be working hard to be able to catch up with the credit risks that will have accumulated over the past year, as well as other challenges that come from such uncertainty. Something like automated underwriting could come into play, as a way to help many small businesses who have made huge losses.
Automotive industry
The pandemic caused a lot of disruption to the profits of many automotive industries. There were some challenges coming up for this industry, with electric and driverless cars, so it is something that they were needing to adjust and change to anyway. Going forward, these changes will be a big improvement to the industry, with people keen to spend after a year of just being at home.
