Covid-19 is speeding up digitalisation of trade processes in Singapore

WHILE there is still some way to go before Covid-19 is defeated or at least contained, some clear and long-term post-pandemic trends are becoming apparent, and businesses, governments and ordinary people need to adapt to a new normal.

For one, the pandemic has probably hastened digitalisation of the economy, as well as society, by at least five years. Digital has become mainstream, with millions around the world going online for everyday tasks, from shopping, banking, entertainment, to work and education. The debate on whether remote working is feasible on a mass scale has been settled thanks to the pandemic. It is not only feasible, but also does not result in a dip in productivity.

Going forward, remote working will have profound implications for several sectors, ranging from real estate to public transport and services. As companies realise that they can have a significant section of their staff telecommuting, at least a few days of the week, they are likely to downsize office space in expensive business districts. A less crowded Central Business District could have a domino effect on shops, particularly food and beverages outlets that depend on office-goers as their staple customers.