COVID-19 is likely to accelerate a business environment revolution

Video online streaming has been with us since YouTube. The crisis is giving Netflix financial viability. With the closing down of theatres around the world, Hollywood studios have postponed blockbuster releases. We may soon see studio streaming sites becoming the launch vehicle for future new releases.

With concerns that banknotes are a potential carrier of Covid-19, cashless payment systems are ripe to take hold within the ASEAN region, just as they have in China and to a lesser extent Europe, the Unite States and Australia. It won't be the convenience that is winning consumers, but rather the health aspects that created this need.

Its time for business owners to reimagine their businesses within the new environment. There is a need to rapidly innovate to survive. New consumption patterns need to be spotted and exploited with new business models. This may be simple, where Airbnbs are promoted as safe, clean and virus-free environments. This may mean redeploying sales through completely different channels as Master Kong, a leading instant noodle and Beveridge manufacturer did, in moving away from large retailers towards online to offline e-commerce and small store networks.

This is likely to mean accelerating the abandonment of fixed retail locations in favor of online marketing, using retail staff to push products through social media like Wechat, as Cosmo Lady, a large Chinese underwear and lingerie manufacture did.

Private hospitals will have to look at new market segments like the uninsured and deploy innovate products to attract these clients. Maybe out-service will become mobile through shopping centers with budget priced consultations.

With massive temporary unemployment in lockdown, those with specific industry experience and knowledge will be thinking of new ideas of how to tap into changing consumer habits. Lockdowns are now serving as incubators for new ideas that will no doubt emerge as new businesses after the crisis has passed. There will be no going back.