Innovation Is NOW: Why Is It More Vital Than Ever

The Covid-19 swept the globe last year. Many businesses entered fight or flight mode as the pandemic wrought a sudden, sweeping change in the market environment. Many companies have to either lay off some of their employees and worst have to close down their business. But some industries have been doing well during the pandemic. These companies have helped the economy of the Philippines.

Let’s look at which industries have been triumphant and why.

1. Cleaning Services- The demand for cleaning services grew by up to 95% in 2020. Due to the fear of the coronavirus, cleaning services have been high in demand.
2. Online and Education Training- Demand for online education and training has seen the rise sharply, which has forced many schools and businesses to close their doors and look for new ways to continue to deliver classes and promote continuous development.
3. E-Commerce- As lockdowns became the new normal, businesses and consumers increasingly went digital. Providing and purchasing more goods and services online, raising e-commerce’s share of global retail trade from 14% in 2019 to about 17% in 2020.
4. Courier and Logistics Services- Demand for courier services has risen significantly because of the threat of the COVID-19 pandemic. And the growth of e-commerce and food delivery has also boosted the growth of courier and logistic services.

These industries that have seen growth in the pandemic have innovated their business to adapt to the new normal. Innovation allows companies to solve new problems with innovative solutions and offer new business opportunities and avenues, both amid a crisis and beyond.

“Prioritizing innovation today is the key to unlocking postcrisis growth”
– Jordan Bar-Am, McKinsey

Many businesses cannot operate as they have in the past. What made a company successful may no longer be possible during or after the pandemic. And it is now crucial to have innovative technology platforms that can help you adapt to the new normal and succeed in the future.

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