Many are relying on Amazon, Walmart.ca, and other online platforms to buy basic necessities. Even after COVID-19, experts believe that this massive surge in online shopping will stick.  Additionally, COVID-19 has changed customer and employee expectations for health and safety in stores, requiring store owners to rethink how they operate in the future.

Challenges

• Health and safety regulations may lead to additional costs or reduced sales for store owners given requirements for employee protective gear, limits on the number of customers allowed in a store at once, and safety expectations of customers. For example, retail stores may need to invest in changes to storefronts, more frequent cleaning and offering touchless or self-checkout options
• More manufacturers may use e-commerce to sell directly to customers; this may lead to some wholesalers and small companies losing business, resulting in reduced revenues

Opportunities

• Businesses that build an online presence can maintain their existing customers and access new customers. For example, restaurants using delivery apps can grow their business beyond their neighbourhoods Shifting to online business may allow retailers and shop owners to reduce store sizes and rental costs
• Customers may have greater preferences and loyalty for businesses that practice greater health and safety

One common activity over the past few weeks has been using video conferencing platforms to connect with colleagues and family. Zoom has seen its customer base increase from 10 million users to over 200 million during the pandemic and is one of many collaboration platforms that has seen a rise in use and is being used in all fields. The increased use of these digital platforms will have a permanent effect on how each of us work. Some businesses like Shopify are closing offices permanently until 2021. Others may permanently have up to 20-30% of employees work from home post-2020. This additional choice and flexibility provided by these policies will change the concept of the physical office.

Challenges

• It will be essential for employees to build the skills needed to maximize productivity as they work from home and take steps to balance family responsibilities
• Companies will need to find alternatives to build relationships among employees

Opportunities

• With significant demand in advanced digital collaboration tools, companies that lead innovation may quickly receive customers and funding from investors, allowing them to move ahead of competitors
• The rise in virtual collaboration will require large data and faster internet services. Technology providers, like telecom companies, may see increased sales in these products to businesses and individuals to support this demand
• Companies may be able to reduce rental costs by allowing employees that don’t physically meet with customers (e.g. customer service, phone banking, human resources) to work from home

COVID-19 has the potential to create opportunities for innovation and entrepreneurship. In 2008, the Great Recession lead to the creation of the sharing economy, as individuals were forced to share rooms and cars in order to save money, leading to the creation of Uber and Airbnb. The pandemic presents a platform for many to rethink traditional businesses. Staying up to date about new technologies, capabilities, and opportunities, is an important strategy to enable access to new job opportunities.

Challenges

• Health and safety concerns from COVID-19 may lead companies to reassign employees with highly repetitive customer-facing tasks (e.g. bank tellers) or automate their roles
• Highly technical employees with potential innovative solutions/ideas for COVID-19-related opportunities will struggle to receive support if they cannot communicate to non-technical audiences

Opportunities

• Within companies, managers and business leaders will be looking to their employees to help innovative solutions to business challenges from COVID-19; employees who are creatively thinking creatively and critically about every aspect of their jobs may receive funding, mentorship, or recognition for developing innovative solutions
• COVID-19 has introduced health & safety several concerns that will reshape how consumers engage with businesses. Individuals who innovate solutions that address these concerns may receive extensive support and investment

Border closures and travel restrictions have had a significant impact on the travel and hospitality sectors. While these sectors will eventually rebound, they will likely do so slowly, with some experts expecting travel to return to pre-pandemic levels by 2023. The majority of travel, initially, during the first 12-16 months of recovery will likely be domestic.

Challenges

• Travel-oriented retail companies (e.g. luggage, travel insurance) may need to develop new products to cover lower sales from travel-related products as fewer people travel
• Individuals with traveller-focused rental properties (e.g. Airbnb units) may need to restructure mortgages or look for alternative uses for their properties given the reduction in tourism

Opportunities

• Given the probable reduction in international business travellers and conferences, there is an opportunity to attract local visitors to help maximize regional tourism and occupancy
• Travel agencies and hotels may be able to partner with local businesses to develop promotion and/or discount programs for domestic travel