Welcome to the low touch economy

I’ve been staring at the same pale green walls of my room more than I have ever done before. Like clockwork, I can now tell how early in the day it is or when it’s the golden hour just by the amount of sunlight that seeps through the capiz windows.

The day goes by with Zoom and email interviews and a lot of phone calls. After my deadline, I try to work on my PPE drive. All in my room, behind my desk, day in and day out.

Many of us may feel imprisoned in our own homes, unable to be with anyone else outside our families. We can’t wait to be told that the coronavirus disease 2019 or COVID-19 pandemic is over so we can jump back into the world again.  

But wait, can we really do that? Will we be able to go out after the lockdown? Will we be able to send our children to school when we know the invisible enemy is still out there? Will we ask our employees to report back to our offices? Will we be able to travel again once borders reopen?

Unfortunately, this whole eerie and melancholic COVID-19 drama will be far from over unless a vaccine becomes available.

The sad reality is that it may take some time before we can do the usual things again.

What this means for businesses

People will be afraid; movements will be restricted. Some things we used to do in the past may be gone forever — seeing other people, giving into mindless consumerism, jet-setting to the vineyards of Italy, watching our sons race in the Monaco Grand Prix, swimming or simply moving about freely.

Businesses should realize this. They should be able to imagine a new life, a new game, a new world order. It’s not just about counting the losses later on — how much profit was wiped out or how many employees they need to lay off in order to survive. It’s more than that. 

What will be necessary is a drastic change in mindset. Captains of the industries, the honchos, the tycoons, the CEOs and COOs should be willing to embrace a post-COVID-19 future and craft their plans based on this. Forget about the pre-COVID-19 world. That is gone forever.

They should be ready and willing to accept that people’s lifestyles will change drastically even if a vaccine is developed and made available to everyone.

The world will be too traumatized to simply get back to normal. Consumers will now be guarded with their actions and lifestyle, fully aware and in consideration that someday in the future, another pandemic may again disrupt our lives. 

Those in the consumer businesses should accept the fact that COVID-19 will change how people will eat, socialize, spend their free time and their money.

New businesses 

Therefore, businesses should find new growth areas and find ways to grow their market share from these new legs.

The country’s businesses should be ready for a low-touch economy. It will be hi-tech, but it will be characterized by low touch behavior. Work-from-home setups may stay for good.

There may be a constant demand for hygiene products from alcohol to face masks. The e-commerce business will boom because take home and deliveries will remain a viable option for many people in procuring their essentials. E-banking and fintech will grow exponentially. Businesses should, therefore, invest more in these areas.

Hospitals will now be a good investment. In fact, at least one conglomerate is already preparing to enter this space.  

The new normal 

After World War II, the world was torn apart, historical accounts tell us. But rebuilding was possible. Governments spent billions of dollars to construct new buildings, new roads and new cities. The mess was tangible and the losses seemed easier to count.

This is not the case in COVID-19 and the sooner we realize this, the better we can embrace what lies on the other side. There is nothing to rebuild – there are no burned bridges, collapsed buildings or shattered homes. It’s simply a new world out there and the world we once knew, we once thrived in, and where we once molded our dreams of life and love is gone forever. 

Iris Gonzales’ email address is [email protected]. Follow her on Twitter @eyesgonzales. Column archives at eyesgonzales.com