Optimism around Pfizer’s vaccine is leading to a market rise. In contrast, Peloton’s stock price is likely to suffer the opposite fate once we can all leave our houses again!
It was hard to plan this year. More than anything, 2020 has taught us that flexibility will be crucial going forward in any industry. After all the changes the Covid-19 pandemic has wrought, which industry changes will be permanent, and which will go back to normal?
Education
Look for a consistent push to online education even when it’s fully safe to return in person. According to Canvas’s “State of Student Success and Engagement” report, over half of administrators and students now prefer the option because of its flexibility. School systems will strive to be more prepared for online class delivery so they are not surprised again by unforeseen developments like the pandemic’s arrival in March.
Currently, Canvas has 13 statewide agreements for online learning management, up from three the year before, as schools have taken advantage of CARES Act funding. Expect schools to continue to seek the same funding so they can be flexible in the 2021-22 school year and beyond.
This trend also applies to continuing education. Carrus CEO Misty Frost has written about the many paths to lifelong learning, including online learning and trade schools. Earlier this year, her company launched 30-day certification programs to help retrain unemployed workers as contact tracers, home health aides, and other in-demand jobs.
Frost also makes a compelling case for why we should broaden our notions of what secondary education looks like going forward. Incurring less student loan debt and getting to a career faster are universal upsides, especially when the cost of school has risen dramatically while the benefits have remained the same.
Of course, all this depends on the student’s intended career. Don’t expect the whole system to change; just be prepared for more people to embrace viable alternative options.
Finance
During the Covid-19 pandemic, we saw a global acceleration in real-time payment (RTP) usage, as detailed in a new report from FIS, “Flavors of Fast.” This, too, is a change that won’t be going anywhere.
We’ve already noticed how much easier it is to pay for things, especially when you shop online. Stored data, one-click purchasing, and payment platforms like PayPal and Skrill all make online payment incredibly efficient.
The most tantalizing development for businesses, however, is these RTP networks. FIS has been working specifically on connecting global networks and creating a framework that will power immediate and secure transactions between all financial institutions across the globe.
“We are truly seeing the dawning of a revolution in real-time payments, and as networks mature, they are bringing value beyond speed,” Raja Gopalakrishnan, head of global real-time payments at FIS, told Inc. “FIS is playing a vital role in building brand new, industry-shaping solutions to further advance the payments experience across the global ecosystem.”
What ultimately excites businesses about RTPs is what companies will be able to achieve when they no longer have to spend time tracking and processing transactions — when transactions “just happen.” Even small changes in speed can lead to huge returns for any company, making RTPs one of the biggest internal game-changers in this century.
Entertainment
Few sectors felt the impact of the coronavirus epidemic more unevenly than the entertainment industry. Hallowed music venues have closed and major movie chains face bankruptcy, yet streaming services and video game makers are doing a land-office business.
It’s true that Quibi failed in 2020, quite spectacularly in fact. Other streaming services, however, seem to be on the right trajectory. Nevertheless, we can expect consolidation in that space over the next three years after the market has been flooded with options.
Meanwhile, consumers stuck at home during the pandemic found video games a great way to pass the time. Game sales usually jump during the holidays, but this year they experienced a year-over-year increase of 37% in August. Strong sales are expected to continue as new consoles from Sony and Microsoft drop this month.
Will consumer interest wane once the health crisis passes and we’re out and about again? Not likely, says Randy Pitchford, CEO of Gearbox, maker of the popular Borderlands series. Pitchford told the Dallas Business Journal where he sees the sector’s real growth coming: the smartphone.
While 800 million people play video games on consoles, a whopping 2.5 billion people play them on their phones. When people resume traveling, commuting, and just standing in lines again, the market for this handheld time killer will grow even further.
Covid-19 has had profound — and disparate — impacts on individuals and industries worldwide. While we all crave a return to normalcy, smart companies won’t fail to absorb the pandemic’s lessons as they move forward.
(Syndicated press content is neither written, edited or endorsed by ED Times)
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