First off, I hope everyone is doing great. We are existing in insane conditions right now, and I want to let you know that we are here for you, and are all in this COVID-19 pandemic collectively. It is brand-new for each of us. So, I presume we are all treading into this amidst a diverse perspective/outlook, and it is influencing all of our lives in a lot of similar ways, but also in countless unprecedented ways, as well.
Today I am going to partake some time offering an update on the standpoint of the "online" world, how this will impact the state of the world economy in the near/mid-term future.
Numerous people have been concerned about what this might look like, and we have been pondering this (and discussing extensively) for the last week. I wanted to offer folks here my individual views on the subject, as this is something that we have been preoccupied with, over the past few weeks.
How Long is Covid-19 Going to Last?
Although it looks like it has hit us by storm, there have been really smart people addressing this very topic for many years, prophesying the chance of such a pandemic happening. Bill Gates, one of the most intelligent people on the topic of pandemics (and in the world in general), did an awesome Ted speech on this very topic that I recommend you check out if you get a chance.
This was inevitable, and we were unprepared for this happening. Why we were not prepared is a different matter, but here we are and there is no sense looking back, let's concentrate on the future, and what that looks like.
The current state of emergency that we are in seems to be rather worldwide (except for a few countries). I can tell you that Canada is almost in full lock-down now because there are only a few ways you can tackle a virus like this.
Social Distance. This is important, and it is why this has become such a widespread term. Social distance means keeping your distance from others. If germs cannot spread from one person to the next, the spread of this virus stops. Simple as that.
Comprehensive Testing. South Korea exhibited a way to test and solve this issue through testing. The difficulty is that most of the world hasn't applied technology, hasn't followed the contact trails, and they haven't been able to centralize data in an essential way. As countries scale up testing, they will be able to efficiently, quarantine those that have been exposed to the virus and will be able to eradicate it much quicker.
Outside of that, a vaccine is another way that we can tackle this but realistically, this is likely going to be some time in 2021. In the meantime, we are going to need to be smart and we are going to all need to be socially responsible to try to eradicate the prevalence of the quickly spreading COVID-19 virus.
I don't want to go on pretending to be an expert, because I am not. But realistically, I think we can expect COVID-19 to be a part of our lives for some time, likely a year or more until there is a vaccine. This doesn't mean that we are going to be in quarantine or lock-down until then, but we will see the trickle effects of this for years to come.
So, the big mystery is...What does this mean to your online business? Are there any positives that can come out of this? Let's discuss this.
The Impact of COVID-19 on Online Businesses.
So, what does the immediate future look like? We are currently on the verge of a full "lock-down" on the west coast of Canada, as some other Canadian cities have already moved to full lock-down. A lot of the world is enduring some of the same, or more serious actions in their cities.
This means more people at home, without the capability to go anyplace. No storefronts are open, few, or minimal restaurants are open, and people are attempting to operate their "new" and "isolated" world. What does this mean?
Well, I feel that for the first few months, people will be immersing online, scanning for something to do. There will be financial bailouts by governments, there will be deferral allowance on things like mortgages and bills, and these first economic stimulus plans are likely to be accompanied by additional injections, and by different countries. In the USA, the Feds have committed to employing "as much as it takes". I believe other countries will copy suit.
Outside of groceries, people are being driven to shift all of their spending online. Online retailers are temporarily closing their offline doors. They are keeping their online divisions open and pushing all of their sales revenue through the Internet.
Where you may have gone to your local tennis store to purchase a racket or tennis balls, now you are going to be purchasing these same things online through their online store (or another online store that sells what you need). The same goes for every purchase. I know that in the past 2 weeks we've hardly gone anywhere, we've made far more purchases than usual online, and this is the new norm for not just me or Carson, but everyone.
Moving forward in the social distancing and isolation period, people are going to be pressured into obtaining all their purchases online. This is going to turn from the necessities (toilet paper, food, etc), to all other purchases that someone would have conventionally made offline. Most niches online will flourish (while the spending capabilities for people is still there).
So, this is immediate. People are moving into isolation worldwide, they still have access to communications and the internet. They have a lot of free time on their hands, and they are going to be looking for things to do, out of boredom, and out of the necessity to generate revenue and purchase necessities.
Hoped you enjoyed our updated coronavirus info. Look for tomorrow's continuation of other positive outlooks on the coronavirus.