The New Normal and Its Impact

A year, we never imagined to have lived in, during the times when lifestyle was a whole different concept of what we are experiencing today. Understanding this new concept has various dimensions to it. This changed time has different impact on different individuals and industries.

Let take a peek into some of these changes and their impact:

Changed situations have led to a change in consumer demand from going to the stores physically to searching products and buying them online, which has pushed businesses to increase their presence and working to online mediums. These businesses not just include big MNCs or well-known stores but, also include small Kiranas in our locality. The shift in consumer demand patterns have led to a profitable growth in the following industries:

·         Grocery

·         Pharmacy

·         Cleaning

·         Electronics

·         Beauty care

·         Lighting

Technology has invaded deeply into the Education industry which can be seen through Digital books, Multi-Sensory Classrooms, Remote learning, Interactive Gamification (E.g., Ribbon Hero, DuoLingo etc), Virtual reality and augmented reality.

Block Chain Technology is an emerging technology being used for collaborating, distributed information in a database. It can be a great help to schools, colleges and coaching centres in examination management, certificate verification, verifying student credentials etc.

Coronavirus lockdown has augmented the internet consumption of not just urban population, but rural population too. The users are propelled to try their hands on various digital solutions either due to growing desire for the same or due to compulsion. According to the studies, the comfort and benefit of utilising the services in this period of social distancing is said to increase the usage of multiple internet services even more in the coming times.

This new normal has introduced new essentials in our day to day living without which we cannot afford to step out of our house. These are none other than masks and hand sanitizers which were included in the Essential Commodities Act 1955 as the essential commodities. These products are now taken off from the act as essential commodities by Department of Consumer Affairs, under the Ministry of Consumer Affairs, Food and Public Distribution due to no adverse State and Union territory reports in relation to the availability and price of the same.

The way we use to socialise and connect has taken a whole new turn. Dinning out, being one of the most essential parts of socialising has totally taken a back bench. Restaurants and cafes are now limited to either take away or home delivery which is not likely to change any time soon. The number of dine-ins allowed per person in a restaurant or café would be highly restricted in the coming times. This has caused huge loss to this industry and has resulted in shutting down of many restaurants and cafes leading to a ripple effect on related industries like liquor, beer production, food production, fishing, food and beverage shipping and farming.

Consumer Confidence Index, which shows consumer’s confidence in their economic position, has dropped down drastically in 2020. On the other hand Consumer spending in India showed an increase in Jan 2020 which later dropped down in rural areas later this year.

Public transport, which has been a backbone to the country’s citizens, has faced a major drop. As metros are facing closure, public busses came to the rescue for commuting of essential service workers. Bus operators are facing financial burden due to social distancing and frequent cleaning cost.

Tour and travel industries are badly hit by the pandemic. Industries related to tour and travel included in the list of facing poor conditions include: Airlines, Casino industry, Cruise industry, Hotel industry, Rental car industry and Restaurant industry.

Whatever the case maybe but, this experience has definitely taught us something which could have never been figured out otherwise, which is, we as individuals and a society as a whole, holds high potential to adhere to an expert advice and adopt rapidly.