The impact of COVID-19 on the development trend of Taiwan’s industry

At the beginning of November 2019, the COVID-19 has spread to more than 120 countries and regions around the world in just a few months with more than 300,000 people that have been ill. It has not been controlled completely so far. Countries have resorted to the evacuation of overseas Chinese, bans on flights, and closure of borders. In Taiwan, the world’s travel warning lights are listed as “red” at an unprecedented rate. It can be seen that the speed of the pandemic has forced countries or regions around the world to take a global quarantine action, which has caused a serious impact on the global economy. The economic loss of the industry is hard to estimate. Countries or regions have put lots of effort to propose economic stimulus and relief programs to decline the economic deterioration rate.

Tourists can not visit Taiwan, and the locals are afraid to travel abroad. Most industries will be affected directly, that is, there is no stable income. During this period of time, can enterprises only use discounts to attract people to come in for consumption? The global pandemic has forced people to make some changes. These changes have accelerated the pace of digital applications. Digital transformation can no longer be a slogan but requires action. Companies that have survived this crisis must also be prepared to face the next crisis that is soon coming.

Factories that require a lot of workers have affected the productivity of the factory in this period. How to reduce labor through automated equipment or remotely monitor and maintain a certain level of productivity is a challenge for the factories. The global supply chain has made the entire supply chain complicated, and the maintenance of factory productivity has become one of the focuses of epidemic prevention.

For the sake of the epidemic and without interruption of work, companies and schools have gradually deployed or adopted remote working methods to reduce the risk of human contact. This has greatly increased the demand for laptops, video equipment, and video conferencing software, which has driven business opportunities. Which remote work and teaching are not just measures to respond to this COVID-19.

The pandemic continues to spread, causing the economy in Taiwan to adopt new business models including delivery platforms, cloud live broadcasts, and virtual exhibitions, etc. The pandemic also indirectly creates business opportunities. For example, Japanese taxi drivers have reduced their passenger capacity due to the epidemic and converted their business model to purchasing goods for people who cannot go out, and then send them to people’s homes, which increases the income and solves the problem of people unable to go shopping. Shinkong Mitsukoshi (it is a mall from Japan, and it is relatively popular in Taiwan) accelerated the promotion of food delivery and cooperated with Uber Eats and Foodpanda to seize business opportunities.

It is the consensus of humans to maintain social distancing to prevent the spread of the epidemic. The times have changed. The global zero-touch industry will support a large number of remote workers. The demand for zero-touch business opportunities has gradually increased. In addition, although governments of various countries will assist companies through some revitalization or relief programs, the companies themselves still need to think about what can be done during this period. Only by seizing the moment when the crisis turns into a turning point, leading the enterprise to transform and create a new situation in the market.,billion%20(US%242%20billion).