Industries & Technology Trends that are shaping our future after COVID-19

Since the COVID-19 pandemic, every industry, business worldwide, and even our daily lives, had been affected to a certain extent. In order to survive, we all had to adapt quickly to this unprecedented change towards the new reality.

During the pandemic, activities such as doctor appointments, school lessons in school, and health workouts, were forced to go online. As people have worked, exercised, relaxed, and adapted to the new normal, they have gotten used to what one can achieve at the comfort of their homes, compared to the pre-pandemic period.

Vaccines were developed and distributed worldwide to ensure that public health is taken care of accordingly while the community and the borders start to re-open progressively.

We do not know when there will be a complete return to normal as the future still looks uncertain for many, but what’s certain is that the pandemic accelerated and pushed forward several industries. One such case would be technological changes that further accelerated existing trends; for Example - Teleconferencing, Food Delivery, Contactless Payments, etc. Other cases would be 3D printing for medical equipment and telehealth which changes the course of the health industry, allowing companies and innovations to demonstrate their value now, as compared to previously the consumers were having difficulties seeing its potential.

Without further ado, let’s explore some of the trends of post-pandemic, and likely to change the way we live, work, learn and relax once it is over.

Health Care: Telehealth services, Remote Health Monitoring and Teletherapy

Covid-19 had pushed health services to go online. Doctors, Patients, and Psychologists had to adopt telehealth services (technology meets health care) to continue providing/receiving personalized care and advice remotely. It helps to reduce hospital capacity and the risk of infection that would further spread our community. Mental Health services and gym fitness training have also become prevalent, adapting to the online platform to communicate.

Source: McKinsey & Company

In July 2021, McKinsey had reported the usage of telehealth services had increased 38x as compared to the pre-pandemic baseline. Venture capitalists were quick to spot such trends, as they have even poured in 3x more money into digital health investments in 2020 compared to 2017. Virtual healthcare models are evolving. They have shifted from “virtual urgent care” to offering a range of services such as integrating with other health care solutions, hybrid care models, etc. Indeed, this is a perfect opportunity to tap on, aiming to improve consumers’ experience, ease of access, and affordable services.

Source: Newcastle Psychologist

Teletherapy & Online counselling is becoming prevalent in Singapore as life can get quite hectic and stressful here, especially for those constantly grinding to earn a salary, while juggling with other commitments in life. Soon, mental health stigma in our society had improved with gradual acceptance from the public, as getting professional help is not embarrassing and uncomfortable anymore. Still, some might not be comfortable communicating face-to-face but only require a medical professional to talk to for advice. Plus, some might be busy working from home, and time is tight on their schedule. Such an avenue saves them the hassle of leaving the house too. There are various counsellors and therapists, ranging from free of charge to subsidized rates in Singapore, do check them out if you require their services.

Education Technology: EdTech, Remote Learning and Online Courses

The job market had been harsh to the fresh graduates that graduated during the pandemic. With student debt to bear alongside limited job offers, students have turned to online training courses and boot camps instead to increase their chances of getting employed / to jump to new industries, etc.

Source: HolonIQ (Dec 2020)

You have probably heard of Udemy and Coursera, known as massively open online course (MOOC) providers. Beyond the traditional school context, companies have partnered with schools/universities to provide educational content for their students. We can either access the content for free / pay a fee to get the professional certificate.

What’s commendable about EdTech companies is that during the pandemic, their contribution helped to reduce the education disparity among students who could not attend physical classes and were unable due to high fees paid upfront for traditional schools.

What’s saddening to hear is that students from developing countries may not have access to proper/quality education. Hence, EdTech companies / potential investors can further develop new measures/opportunities to improve the accessibility of courses for students worldwide.

Fintech: Contactless Payment and Digital banking Customer Experience

The transition from traditional banks to digital transformation has grown steadily till now. You have probably heard of mobile financial services, contactless payments, insurance, and wealth tech at some point in your life. When social distancing and stay-at-home had become a norm worldwide, brick-and-mortar stores had been affected. It would be a perfect opportunity for companies to leverage existing customers and acquire new customers to use their mobile apps/websites, such as e-wallets/payments, to make transactions at affordable costs.

Source: York Link

The sudden shift had prompted companies to enhance their digital payment solutions and offerings to tailor to their customers more effectively. Payment leaders/Third-Party payment providers such as MasterCard, Visa, and PayPal have been in the market for the long term, and they are leveraging on the pandemic to further mainstream such services.

Source: The Straits Times (Dec 2020)

Digital payments and lending space are getting competitive and affordable as new entrants, Fintech companies, and even Technology companies want a share of the pie too. Those who can provide attractive rates and accessibility to those who could not get loans initially from traditional banks have provided alternatives for consumers to utilize. Banks will have to implement new solutions to match such demands else they might risk losing the market share to the new entrants.

Supply Chain & Logistics

Supply Chain & Logistics firms are involved in the movement, storage, and flow of goods. They had to facilitate trade and commerce activities while closing the gap between businesses and consumers. Still, the pandemic did not spare them as well.

Just-In-Time method and Just-In-Case Inventories

Disruptions have affected the supply chain, causing delays to product deliveries. Implementing an effective global supply chain while having a just-in-time strategy is ideal for optimizing margins – the goal is to receive the goods as close as possible towards the time they are needed to be ready and sent out for delivery.

The just-in-case method is a stock management and inventory strategy that companies implement in their daily operations, to ensure sufficient inventory to cover any unforeseen circumstances.

Source: Interlake Mecalux

By understanding the disruptions/changes within their operations, the manufacturer and logistics firms will stand to benefit from the pandemic. This industry can somewhat be considered a pandemic-proof industry.

During lockdowns, operations were ongoing as platforms such as e-commerce and merchants had to fulfil customers' orders. If they can further optimize and improve their flow of goods while reducing customer complaints, it would be a win-win situation for all.

Robotics and Automation

Having robots and algorithms to manage the operations is preferred in the industry. Compared to us, humans need time off, get sick occasionally, and require a vacation, which isn't that favourable in here when time is of essence to fulfil the orders. Robotics can be pre-programmed to perform routine tasks with little or no human intervention. Increasingly, with artificial intelligence (AI), they can recognize and learn from their surroundings and make decisions independently.

Source: IT Supply Chain

There are opportunities ahead for us to advance robotics and automation towards the supply chain. They can increase productivity, reduce risk, cost, improve data collection, especially when it comes to customer expectations.

What companies can do would be to focus on strategic and management aspects, while the mundane tasks can be accomplished by robotics/automation. Safety can be further enhanced while reducing work hazards as well.

To conclude, this is a general overview of the industries and technological trends that you might have heard of, and how it’s shaping our future. There are other industries with great opportunities that I may have missed out here while keeping it relevant and concise as much as possible.

Feel free to comment and share below which other industries / technological trends caught your attention and are shaping our future as well!

Disclaimer: The contents of this article are based on my research and for educational purposes only. It does not serve as investment or financial advice. Readers should do their due diligence and plan out their financial situation/goals first before investing in any financial products or the stock market.