We don’t need to tell you that the COVID-19 pandemic has changed life as we know it. That, you already know from your day-to-day experience. However, we are here to tell you that things will never just go back to “normal.” especially with new tech habits we all developed.
We’re living in a “new normal,” especially when it comes to our interaction with certain technologies. Let’s cover a few tech habits that were recently hardened due to the pandemic but will become ever-lasting ways of doing things. Knowing this will make you a better entrepreneur and investor.
Gaming Online Is Just Getting Started
To preface, when we say “gaming” here, we’re referring to two things — video games (console, PC, or mobile) and online betting such as the GTBets platform. With a wave of people cooped inside their homes, these Internet “hangouts” proved to be an escape.
And yes, they are indeed hangouts nowadays, which is why their appeal will remain in-tact longer after the pandemic ends (if it ever does at this rate). Beyond the fun gaming elements, friends and family now connect over these platforms and talk about their everyday lives. We’re increasingly moving toward a world where these game platforms are “third lives” after personal life and school/work life, a la the Ready Player One series.
Stick A Fork In Cable & Movie Theaters
Traditional television and theaters are on life support at the moment — and we’re edging closer to the “plug” being pulled altogether. Close to 7 million Americans cut the TV record in 2020, the sharpest one-year drop on record. Three of the biggest publicly-traded theater chains reported combined losses of over $1 billion in the third fiscal quarter alone.
Look, those two content channels were already losing their stronghold on entertainment-hungry consumers, but the pandemic only accelerated its decline. Happily gobbling up their market, though, is streaming giants like Netflix, Disney+, and Amazon Prime. Ongoing advances in technology have made in-home entertainment just as luxurious and certainly cheaper than external ones like theaters.
Cutting Costs Without Business Travel
Here’s a crazy but true statistic: business travelers make up only 12 percent of airline passengers but account for close to 75 percent of airline profits. Of course, this was a pre-pandemic number, but you can imagine how badly airlines are hurting with business trips largely halted right now.
Will those business-orientated travelers ever return? Yes, but nowhere near in full like pre-2020. Thanks to technologies like Zoom and Microsoft Teams, corporations have learned virtual conference calls can suffice for business. But more than anything else, these cheap technologies are only a fraction of the cost of an airplane ticket.
Rebirth Of The Food Delivery Economy
2020 was a banner year for this industry, which had long bled money for tech giants like Uber and DoorDash. Thanks to the pandemic, these same companies suddenly saw a surge of interest — from hungry consumers, gig workers, and desperate restaurant owners alike. You see, all three of those groups became dependent on food delivery for convenience and to make money.
The habit of ordering food is now ingrained in everyday consumers. And if tech companies can figure out drone technology, then delivery services will be even quicker and cheaper than it already is. In that scenario, why even go out for dinner and spend unneeded money on tips and parking?
Supercharged Online Shopping
Few businesses benefited from the pandemic, quite like Amazon, aka “the everything store.” In its most recent third-quarter earnings report, Amazon posted blowout numbers — a tripling of profits amid a 37 percent increase in earnings.
Online-based retailers, not unlike Amazon, no matter what industry, have eaten away at market share by physical-based stores. The latter of which will fall by the wayside over the coming years as foot traffic hurts its sales, and high overhead costs (e.g., the building it operates in and utility bills) kill the bottom line.
As you can see, the pandemic created winners and losers across all industries. Those that had business models centering on technology are currently thriving, while those that didn’t are hanging by a thread. Let this be a lesson to yourself that your area of work needs tech; if not, you’ll be replaced by it.
What are some of the tech habits you have developed? What is your trend of things? Let us know in the comments.