We are taking shelter from the COVID-19 pandemic both literally and figuratively. Many of us are on lockdown helping to reduce the virus’s spread, while businesses are trying to mitigate the effects of the virus on their revenue and employees.
The virus has already claimed over 200,000 lives and a significant number of the world’s population are living under social distancing restrictions.
Social distancing measures have caused some businesses to adapt to the situation and change the way they work. You may be especially surprised at how many online businesses have had to change their processes due to the pandemic.
1. Personal Loans
Applying for credit is something people usually do online. But even this online industry has been changed due to COVID-19. With incomes not as clear and to keep people protected, personal loan conditions have changed. For example, loan periods have been cut to a maximum of three months with some companies, and they may require more detailed proof of income than what is usually required.
2. eGaming and eSports
eGaming is one of the biggest trends right now, supercharged by packed out arenas that resemble sports stadiums – and even their own gaming channels. With the lack of sporting action due to the coronavirus, lots of sports fans have started to tune into this new type of sporting entertainment. eSports organisers have had to cater to a bigger demand by offering more tournaments for those in lockdown to enjoy.
3. Restaurants and Cafes
Many restaurants and cafes have had to close to adhere to social distancing rules, but that doesn’t mean they have to stop operating. Some of the best establishments who do not usually deliver are having to start delivering their food to maintain revenue and pay rent. This means joining forces with UberEATS and their competitors – or using waiting staff in new roles involving a bicycle helmet.
4. Online Gambling
Online casinos may appear to be wearing a mask and covered in sanitation gel, but they too have had to adapt. Governments and leading bodies have been concerned that lockdown will cause more people to gamble during a vulnerable time. This has resulted in different temporary measures. In Spain, gambling advertisements have been mitigated and a daily limit is being considered by UK MPs.
5. The Retail Industry
One other industry shook by COVID-19 is the retail sector. Stores are having to move away from their work in physical stores and offer products exclusively online. This may have sped up the development of more sophisticated technologies, such as ways to view clothes and items online.
Changing Things Forever?
Many of the above industries may go back to normal after the pandemic is no longer seen as a threat to healthcare systems and the majority of the population. However, businesses have had their hand forced to try new things, such as remote working, and these may become the new norm in some industries to some extent.