A Shift Towards Technology- Macroeconomic Trends
Throughout the business world, even before coronavirus and the subsequent lockdowns, there was a notion of an eventual shift to an online-based economy. This inevitable shift became the new reality during the world of COVID-19, as companies in various sectors were forced to adapt and shift to the online applications of their businesses. Companies that once relied almost entirely on the retail aspect of their business have seen their online platforms grow exponentially. For example, Nike, whose online sales accounted for under 30% of its business in 2019, has seen that number double to 60% in 2020. Similarly, local businesses have begun to take part in the shift to online business, creating online platforms to be able to financially recover from the burden the pandemic puts on small businesses. This shift, which was intended to be temporary, is proving to be far from that. The shift allows for a more efficient way of doing business, linked to an increase in margins for the businesses, and a more convenient way of shopping for consumers. In addition to the change to an online-based retail economy, there is also a drastic shift online within businesses. With the increased familiarity with platforms like Zoom, remote work has become a permanent option. Companies such as Twitter and Square have announced that they will no longer require employees to work in offices. This approach is not unique to Twitter and Square, but with many other large corporations who have decided to move in the same direction. Remote work has become increasingly practical, and with the help of modern technology, everything from conference calls to signing papers can now be done online in a more efficient fashion.