How the Digital Economy has been supporting life in lockdown
Many of the companies within the Digital Economy have been well placed to assist with the challenges presented by government enforced policies of Stay at Home and Work from Home during the spread of the COVID-19 pandemic. However, we assume this is not a short-term trend as these are the companies that are enabling the increasing online connectivity of our daily lives as part of the multi-year reshaping of the future of society.
Below is an illustration of how our lives and habits have changed.
A typical day in a London household…
All over the world, families like Emily’s are making increased use of online platforms under lockdown. Cloud-based software enables much of this activity Platforms like Microsoft Azure enable companies to store data in the cloud, allowing remote access.
Emily has been working from home since the UK lockdown began. German company Teamviewer provide the infrastructure and service for remote access. This morning Emily usesTeamviewer to have a meeting with hercolleague, Eric, who is based in Hong Kong.
Emily’s daughter is currently in a virtual classroom. Being isolated from her classmates means she is spending more time than ever on Instagram.
Emily’s son is playing Call of Duty online, a game developed by Activision Blizzard.
Emily’s husband is receiving an online grocery delivery from Ocado.
After dinner the family gather together to catch up on their favourite Netflix show.
…Meanwhile, in Hong Kong / Singapore…
Emily’s colleague Eric has also been working from home. The company’s IT department is using Amazon Web Services to store data in the cloud. Cloud-based cyber security solution provider, Zscaler, keeps this data secure.
Eric has a video conference with a client via Zoom and then sets up a project for his team in Jira, an Atlassian tool for creating workflows and managing collaboration on projects.
Although Eric’s son is still receiving his school work online, he misses his friends and is making increased use of WeChat to stay in touch.
Meanwhile, Eric’s daughter is training rigorously on FIFA, her favourite football game developed by Electronic Arts since she recently subscribed to participate in the next FIFA eWorld Cup. To maximise her chances of winning, she also bought a 200HKD add-on to activate her best players and team.
Eric’s wife has prepared dinner with a delivery of new cooking equipment she had purchased from Taobao Live, an Alibaba-platform offering retail sale via live-streaming.
At the end of the day the family sit down together to watch a new series on Netflix – a recommendation from Emily!
Increasingly faster and cheaper internet over recent years has enabled the growth of the types of online tools which, although not designed for these conditions, have been proved perfectly suited for them.
If it wasn’t for the technological innovations of companies within the Digital Economy, many other businesses would not have been able to function or individuals able to frequently communicate and socialise during lockdown.
However, this is a long-term theme which not only remains intact but could play out even stronger once the turmoil is over.
The above mentioned companies does not constitute any investment recommendation or investment advice. It is for illustrative purpose only.