Currently, many Americans are facing the worst economic recession of all time. More than 36 million have applied for unemployment over the past weeks. Needless to say, the US economy is feeling the pressure of the ongoing COVID-19 pandemic.
But surprisingly enough, if you pay attention to the stock market, then you'll notice that it went up by almost 30% since the last major drop we saw back in March.
But how is this possible?
How could this be possible when the economy is apparently closed down due to the Coronavirus and so many people have lost their jobs?
Well, you see, times are changing. Instead of closing down running businesses, some companies are actually benefiting from the Coronavirus situation by completely going remote.
Let's dive in a bit so you can get a better idea of what I mean...
Take tech as your personal savior or perish?
As a coronavirus takes its toll around the globe, one thing has become quite clear. Either adapt to the change or face the backlash. This is leaving businesses and individuals with no choice but to adopt cutting-edge technology to survive in these harsh times.
Already, according to the American Bankruptcy Institute, 560 commercial Chapter 11 filings have been applied for in April. Big names like Diamond Offshore Drilling, Frontier Communications, Gold’s Gym among countless others have already laid-off employees and applied for bankruptcy.
Without a doubt, the Coronavirus has changed how we get things done. While a few companies like ZOOM and Amazon are savoring the new tech-driven economy, others are feeling just to survive another day.
It's been a while Let's meet up...on ZOOM!
Even since self quarantining became a thing back in Mid March and early April, one company that you might not have even heard of started booming.
I'm talking about ZOOM, the video conferencing platform.
But now, it's now being used for almost everything. Schools are using the platform to conduct remote classes, businesses are using it for remote meeting and folks that are just border are using ZOOM to connect with their loved ones.
However, increased usage has skyrocketed ZOOM's business. In fact, the company saw a 50% increase in business just in the first week of April 2020. Just to give you a perspective of how much they've grown since the pandemic, ZOOM now hosts more than 300 million meetings daily.
Going out for shopping? wHY WOULD YOU WHEN THERE'S aMAZON?
Without a doubt, even before the pandemic, Amazon was the number one market place for literally buying anything online. However, now, it has become even people thanks to people quarantining at their homes.
Who would want to go out and risk catching COVID-19 when you can simply get virtually anything delivered at your doorstep in one or two days. The advantages are pretty evident and we all seem to like it. At least that's what Amazon's profits are predicting. According to Marketwatch, Amazon.com Inc. topped $75 billion in sales during the first quarter as COVID-19 swept through the globe.
Face to face meetings, more like virtual collaboration
With more and more people working remotely from home, tools that make team collaboration happen are becoming quite popular. Platforms like Slack are thriving nowadays due to the fact that offices are closed.
The company is doing so well, that the company's CEO announced that it gained 7000 new users just in the first quarter. Soon after that, they also reported gaining another 2000 users in just one week.
In addition to team collaboration tools, cybersecurity tools like VPNs are becoming quite popular in demand. In fact, as ZDNet stated, NordVPN reported an increase in usage by 165% since 11th March 2020.
Due to the increased intensity of COVID-19 scams and hacking threats, more and more VPN providers are cutting down their prices to make it more accessible to a wider audience. Nowadays, If you hop online, you can easily find plenty of VPN deals with deep discounts which were hard to find before the pandemic.
Technology is evolving, are you?
Look around you, everything is changing so rapidly. The way we work and interact with people is not the same now.
But the question is, are you changing too. It's totally up to you. You can either let the pandemic go by and face its economic wrath or you can ride the wave and profit with the new economy.
Look around you. Everything changes. Everything on this earth is in a continuous state of evolving, refining, improving, adapting, enhancing…changing. You were not put on this earth to remain stagnant.
― Steve Maraboli, Life, the Truth, and Being Free