The COVID-19 pandemic will go down in history as one of the main events of the 21st century. It has already made a significant impact on our lives and will continue to do so. The shifts brought on by the pandemic may even reshape the way we interact and do business with each other in the future.
One major trend brought on by the pandemic that has affected almost everyone is the increased use of digital tools. This trend has significantly speeded up the process of digitization and has made digital tools an everyday necessity to get things done. In turn, it has also effectively demonstrated how many businesses still lack digital adoption – filling these gaps will be one of the main challenges in the coming years.
Opportunities and challenges of the digital age
The stock market reflects this digital trend. The technology index Nasdaq is up 22% year-to-date, and companies like Amazon and Zoom that are offering digital platforms, products, and services have seen their stock prices go through the roof, reaching all-time highs.
Now that more and more businesses are recognizing the necessity of digital tools, this trend will accelerate. Companies will increasingly use video-chat platforms, launch e-commerce channels, engage in digital advertising, and experiment with new technologies such as blockchain and artificial intelligence (AI).
However, this new wave of digitization can also create certain problems since it could widen the income gap in many industrialized countries. Therefore, digitalization is not only a massive opportunity but also a challenge. Both the companies and the government need to ensure everyone can learn the skills to benefit from the new digital era.
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