Beyond Pandemic will evolve a Contact Free Economy

Publisher: The Insight Partners

Covid-19 Pandemic would probably prove out as a decisive turning point for almost every sectors especially to digital commerce, telemedicine, and automation.

Before the outbreak even occurred e-commerce had started eating major sales of brick-and-mortar stores. Hence, coronavirus has just accelerated the process by altering the shopping habits that were already in the move. For instance, it has been seen that online shopping was mostly done by the people of 3 years or below, however with the emerging contact-free economy people of all age groups prefer online shopping. These days’ people across Europe are browsing the internet for almost all sorts of goods and services including e-tailers. Also, Italy alone has recorded nearly 81 % of e-commerce transactions since March the first week.

Telemedicine services, as well as virtual health industry, are exhibiting striking numbers in their growth. For instance, Teladoc Health, one of the stand-alone telemedicine services in the United States, had reported around a 50 % surge in its service by mid-week of March. Thus the company has now started adding several doctors to its network.

Moreover, the Federal Communications Commission even is expected to spend approximately $200 million towards enhancing connectivity between patients and Tele & Virtual healthcare providers. Also, the Department of Health and Human Services of the United States has amplified compensations for telemedicine followed by allowing the cross-state provision of virtual care.

Furthermore, one of the biggest telehealth providers of Europe, Sweden’s KRY International, had reported more than 200% registrations. According to a report by The Insight partners, “The telehealth market is expected to grow at a CAGR of 15.7% and reach US$ 52,897.2 Mn by the end of 2025.”

Although automation had taken a pace before the coronavirus crisis, but the pandemic has given it a thrust. Rather, incoming 2-3 years the face of business will completely be changed that is quite imaginable. Also, after human contact been minimized to almost zero getting back to normal will be challenging, hence business owners will have to either start adopting new technologies or develop in-house.