‘New Normal’ refers to a condition that no one has ever thought of or seen before but this new condition is now accepted by everyone as normal. For example, no one has ever thought about ensuring social distance before, but now it is a normal thing.
The term ‘New Normal’ is being used in different socio-economic contexts. For instance, the new state of the economy after the 2008-2009 recession was also called New Normal.
What will the ‘new normal’ life be like in the next world right after the Covid-19 pandemic?
All those thoughts are highlighted here.
People will keep social distance: It is time to think specifically about ensuring social distance. Social gathering will be less likely to happen. However, due to the high population density, it may not be possible to apply the theory of maintaining social distance effectively in a country like Bangladesh.
Personal health and safety: People will give priority to personal health and safety. Habits of keeping ‘Personal hygiene’ and ‘personal protection’ will be widely practiced.
New business model: The application of ‘Bricks & Mortar’ theory will fall. The use of ‘Bricks & Clicks’ will increase exponentially. Online shopping rates will increase. M-commerce and e-commerce business will expand their horizon. New ‘Platform Businesses’ will be established. Small and medium enterprises will adopt e-commerce strategy.
Job layoffs and creation of new jobs: The ongoing global epidemic has led to job cuts in many countries. More than 20 million people have lost their jobs in the United States. (Ref: Click here) Organizations will increase the rate of layoffs to reduce costs. However, some new employment opportunities will be created. For example: Order Delivery Man, Online Store Manager etc.
New Supply Chain Management: Innovation will come in global supply chain management. The use of new technologies such as AI Tools, Robotics, IoT, Bio Safety Packaging etc. will become noticeable. There may be a need to restructure the supply chain to reduce costs.
International travel will be reduced: The rate of international leisure travel will be reduced. The tourism industry could collapse for years. To survive, tourism industry may adopt policy of “Health and Hygine”.
Work from home and Virtual office: The work-from-home system will be widely used in various fields. New technologies will be invented for the purpose of making virtual office.
Low cost – high savings: The tendency to spend will decrease. Income and savings will increase. People will have more Marginal Propensity to Save.
Delay in project completion: Slowness will be noticeable in various ongoing and upcoming socio-economic and infrastructural projects. Project execution time and cost will be higher than that of before.
Health issues in the field of education: Maintaining social distance in the classroom and creating the best alternative to the classroom education will be prioritized. As a result, there will be no adverse effect on the field of education.
More investment in health sector: There will be more investment in health sector. New technologies will be invented. The trend of taking health care online will be increased. The demand for health insurance will be increased.
Innovation will come in public transport: Traffic in public transport may be reduced. The new rules will be implemented considering public health. The use of private transport such as bicycles, motorcycles, private 4 wheelers, etc. will go up.
Changes will come in banking services: New technology will come in banking services. ‘Digital Banking’ ‘Branchless Banking’ etc. will be widely spread. People will be attracted towards Virtual Banking and Less Cash Society.
Luxury use may decrease: purchases and consumption of Luxury items may decline. The luxury industry will be adversely affected.
Hygiene and new technology in restaurant business: People will pay special attention to hygiene and will be more careful in eating restaurant food. With this new demand, businesses will apply more innovative thinking. Such as: healthy cooking, safety materials for food packaging, and food delivery.