With the onslaught of the coronavirus pandemic, there came a huge surge in the global sales of electronic goods. Educational sectors, businesses, homes, services -- everyone was using these smart devices for some form of communication. The growth in these sales just reinstated the importance of technology in our daily lives. It would not be farfetched to say that technology, as it is today, is practically regarded as a necessity. However, as encouraging as this growth may be on a global scale, not much of this growth was reflected in India. In fact, the telecommunications industry suffered one of the biggest loss in opportunities in 2020.
Far too many reasons are responsible for this. Income backgrounds, the recent demonization, employment loss, purchase mindsets of the Indian consumers, budget constraints, a loss in government initiatives, and the pandemic itself, are some of the reasons that I can name. As discouraging as the loss in sales may be, it was something that many businesses faced. What matters though is the future of the telecommunications industry.
Here Are Some of My Insights on What I Believe Could Be the Future of the Industry:
1) Heavy Investment in Advancement of Technology
The pandemic saw an influx in sales of smart devices. We’ve discussed this already. However, this growth has turned around the heads of many investors, venture capitalists, partner brands, shareholders, and marketers – many of whom are now on the lookout to heavily invest in the telecommunications industry. I believe the next few years will bring in a lot of advancements in technology, as well as growth and promotion of a far more digitized world than the one we live in today. Seeing that India is yet a developing country, this opens up a chance to reach many markets within the nation (and abroad).
2) Retailers Shifting to Online Platforms
Many retailers saw losses in sales due to not having a presence of the required digital infrastructure. Platforms like Amazon and Flipkart had (rather, have) taken of a majority of their market share, and business want to get it back. The obvious answer for them is to create a digital infrastructure, and that’s exactly what’s on the minds of many business owners. If this plan comes true, especially on a global scale, it has the capacity to turn into a massive opportunity.
3) The Worst is Behind
Perhaps the most assuring sentence of all – the worst is behind. And it truly is. We all have tried our best to adapt to the new normal that the covid-19 pandemic has presented us with and keep up with the discrepancies of the same. For the most part, we have adapted well. Although I don’t see many improvements in the next few months for the telecom industry, I do believe that the worst phase that the industry could go through, has left us.