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Know What Post COVID World Holds For Industries

What will be the way forward post-pandemic elucidates Karan Bhagnay, Founder of The Global Luxury Group

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Covid-19 has led drastic changes to happen in the world economy. Pixabay

There is a lot of rhetoric and despair surrounding the current COVID-19 scenario which has declared the market slow-moving or outright stagnant. A cerebral two-day webinar, STIMULUS 2020, was designed to cut through the volume by speaking with industry experts who have dealt with similar cards before. To connect with strategists, business owners and executives in order to canvas possibilities and new ideas in media, luxury, lifestyle, leadership and other industries.

IANSlife spoke to Karan Bhagnay, Founder of The Global Luxury Group who co-organised the event with, Crosshairs Communications (PR Partner) & WIN (Women Inspiring Network – Content Partner) to find out his thoughts on the topic.

Q. Luxury is recession proof but is it also COVID-19 proof?

Bhagnay: We, at The Global Luxury Group agree upon the reality that the customer’s mindset at every level will change post lockdown. This could lead to minimalism in a large context, hence, it will actually affect the shopping pattern of certain customers; it will in turn increase its effect on the entire luxury market. So there will be huge demand versus supply. Hence unlike with recession, I think the entire luxury industry will go through a huge shift in mindset which will prove this that luxury is not COVID-19 proof. It is not.

Q. Startups to flourish or wither with impact of COVID-19

Bhagnay: According to me it is a very inappropriate question. It’s directly propotional to what startups are doing. For example if you were earlier solving problems like these which became a catalyst to the current way of living then the startup will do well. But if you are running a startup around social interactions or an event company then you will see that your numbers will fall drastically, it can nullify especially during the lockdown and later.

 

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COVID-19 has impacted states in many ways, recovering will be tough. Pixabay

Hence, startups will flourish or fade away is specific to what startup you represent. In my case it;s being able to hustle between a digital world and the physical world, its about hustling between events and ecommerce; so, my events business will go through rough times in the current days, but my ecommerce business and my digital businesses will flourish in the coming days.

Q. E-commerce and digitization the new normal for any and every business?

Bhagnay: I truly think so. It is true that ecommerce and digitalization is going to be the new social. You got to have your presence here, otherweise your company, whether it is a small luxury brand or a large scale mall, is going to loose its target audience attention soon. Without digitalization and ecommerce I think it will be very difficult to sustain in the coming wave of paranoia amongst the individuals. I think digitalization and ecommerce are here to stay.

Q. Events like The Indian Luxury Expo will overcome the fear of social proximity and will be back to business as usual?

Bhagnay: The current state is one and equal for everybody globally. I can not confirm that it will bounce back the way it has in its old glorious days. Indian Luxury Expo will tweak itself becoming a much meaningful event amongst select individuals. And that is how it’s going to redo itself than being a large scale event which calls for a huge social gathering. I think row concept of social gathering is going to fade for some years atleast two three years to come.

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e-commerce and digitalization likely to be the new social. Pixabay

Q. Is India is set to become the world’s fastest wealth creator in the next few years?

Bhagnay: Well definitely the way current government actually coped with the scenario, it is true that India will not be affected to the average potential of how it could have been, knowing our population and our way of living life which is quite social compared to Europeans or Americans.

We do indulge in a lot of social gatherings in every context from our office work to our transport systems to our religious beliefs. Knowing all of that I think we have not even touched an average estimate of what this could impact in India. And because we are overcoming that India remains pretty much safe in terms of its business.

Also Read: Abu Dhabi to Launch A Cleanliness Certification Drive

Since a large part of the Indian population consists of mainly youth, we are going to be wealth creators in a large way. We are a young nation, 70 percent of the total population is young and thus digitalised. The govt. has invested heavily in last five years in digitalization. Now most of the people are equipped with smart tools like mobiles phones and good internet connections. This will help the Indian economy to be much better than all the other large affected economies like Europe, United Kingdom, China or U.S.A. I think they are going to experience a sharp cut down in their GDP, in their entire scheme of being wealth creators. Now I think India will evolve as a huge young nation looking forward as a wealth creator in varoius ways. (IANS)

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COVID ‘Just the Tip of The Iceberg’ Warns Virologist known as ‘Bat Woman’

Top Chinese virologist, has warned that new viruses being discovered are "actually just the tip of the iceberg"

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COVID is only the beginning says virologist. Pixabay

A top virologist from China, famous for her work on researching coronavirus in bats, has warned that new viruses being discovered are “actually just the tip of the iceberg”. In an interview on Chinese state television, Shi Zhengli, known as the ‘Bat Woman’ for her research about bats and the viruses associated with them, also called for greater international cooperation in the fight against epidemics such as Covid-19.

Zhengli, the Deputy Director of the Wuhan Institute of Virology, said research undertaken in viruses needs governments and scientists to be transparent with their findings, and cooperative, reports dailymail.co.uk.

She also said that it is ‘very regrettable’ when science is politicised. Speaking to Chinese state television CCTN, Zhengli said: “The unknown viruses that we have discovered are actually just the tip of the iceberg. If we want to prevent human beings from suffering from the next infectious disease outbreak, we must go in advance to learn of these unknown viruses carried by wild animals in nature and give early warnings,” Zhengli was quoted as saying to CCTN.

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COVID and other viruses need more research says an expert. Pixabay

“If we don’t study them, there will possibly be another outbreak,” she added.

Also Read: Scientists Identify 29 New Genes Linked To Drinking Problems

Her interview comes after, both US President Donald Trump and his Secretary of State Mike Pompeo have suggested that the Covid-19 originated in a laboratory in the Chinese city of Wuhan, where the pandemic erupted last December last month. Earlier, Zhengli had also said that even after the world finds a way to combat the virus responsible for Covid-19, it should prepare for more outbreaks caused by bat-borne coronaviruses. (IANS)

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Caring For The Elderly, Tackling Old-age and Loneliness in The Times Of COVID

While we do our bit to stay safe, looking after our loved ones, particularly the elderly, is crucial

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Caring for the elderly in these troubled times is very important. Pixabay

BY SIDDHI JAIN 

The Coronavirus pandemic has left human race with feelings of anxiety, uncertainty and a fear what’s coming next. While we do our bit to stay safe, looking after our loved ones, particularly the elderly, is crucial.

In this crisis, just like the little children in the family, our elders also need extra care and attention, especially if they are living alone and are prone to feeling isolated. Coupled with the greater restrictions on the 60+ population stepping out, these feelings can negatively impact physical and mental health, and must be addressed promptly and with care.

In a chat with IANSlife, here are some ways suggested by Dr Ishita Mukerji, a senior psychologist at Kaleidoscope, a mental wellness centre part of Dr. Bakshi’s Healthcare.

Teach them to go digital: Patiently help them learn the use of various video/voice call applications available and encourage them to stay virtually connected with their friends and family. They can also use this time to rediscover their lost art of writing and share short heart felt notes via email, to their loved ones to lift their spirits. Demonstrate to them how to use taxi-hire apps, medical-monitoring apps, emergency call services, and the like. Hand them a copy of all necessary phone numbers and save them on their phones.

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Looking after our loved ones, particularly the elderly, is crucial. Pixabay

Prioritize their nutrition intake and physical activity: Senior citizens need adequate sleep, optimum nutrition and some kind of physical exercise on an everyday basis. Ensure that their sleep cycle is not disturbed due to the changes in the household because of the factors associated with social distancing. Their daily diet must have a combination of essential proteins and minerals, fruits, green vegetables, dairy products and a lot of liquid, as we are in the peak of summer. Elders might find it tough to exercise within the house, as many go to neighbourhood parks and yoga classes. However, you must help them incorporate at-home yoga and breathing exercises into their routine.

Enjoy recreational activities together: A good way to bond and enjoy as a family is watching a movie, listening to music, indulging in some craft activity, looking through photo albums together or playing indoor games like cards, chess, ludo, monopoly, carom etc or some mind stimulating games like Sudoku or puzzles. These activities will in turn make them feel relaxed, rejuvenated and something to look forward to each day.

Keep them engaged indoors: It is important to involve your family’s senior members in the household activities as much as possible. Their help in such basic activities will let them stay occupied and also give a sense of accomplishment to them but do not push them to perform strenuous activities. You may encourage them to pursue hobbies like reading, writing, knitting, singing or painting. Make sure they have enough supplies to last the crisis. Encourage them to teach young kids a skill.

Involvement in decision-making: We must seek advice and suggestions from the elders in our families at all times, especially when making decisions that might directly or indirectly impact them or their lifestyle. Taking their inputs into consideration will make them feel wanted and heard. It is really important to respect their thoughts and feelings that they derive out of their life experiences and wisdom accumulated over the years.

Create a positive environment at home: Getting exposed to the concerning news around worsening situation for longer durations can create anxiety and fear in seniors’ minds. Create a positive atmosphere and help them keeping calm and positive. Speak to them about their happy times. Revisit old memories, reopen photo-albums, listen to their life experiences and spend quality time with them.

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The elderly can also use this time to rediscover their lost art of writing and share short heartfelt notes. Pixabay

Taking care of mental and emotional needs: Pay attention to the thoughts and concerns that the elderly might have as there may be big or small issues where they may need your help to solve them. Look out for mood swings too, as it might mean they are struggling mentally and need extra support and care. Also be aware of any cognitive difficulties they might be facing like being anxious, angry, stressed, agitated or withdrawn. It is very important to provide emotional support to keep them mentally and physically fit.

Also Read: Turn to Yoga For Quitting Tobacco

The elderly have sacrificed a lot in their youth for our sake and it is now time that we show them utmost love and appreciation, signs off Dr Mukerji. (IANS)

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Increased Online Gambling Concerns Legislators, Excites Players

Rise of online gambling was expected during the COVID-19 crisis and the subsequent lockdown

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A sudden increase in online gambling is seen amid the COVID-19 crisis. Pixabay

Although the rise of indoor entertainment, including online gambling, was expected during the COVID-19 crisis and the subsequent lockdown, the level of increase was unsuspected. It is probable that the availability and advantages provided by the online operators were enough to pull in players that haven’t been regulars in traditional establishments, increasing the overall size of the market.

Both due to the fright of possible mass gambling addictions and the probable loss of local gambling tax revenue, many legislators are trying to create an answer to increased gambling. But, aside from some really restrictive measures, nothing has been proving to be effective.

The reason for the rise of online gambling not stopping may be found in both the new type of service, as well as the new type of players. Online operators work under strict supervision and are affected by independent online reviews. On the other side, players have now accepted that playing online games, including gambling, is something done for fun and not a pathway to great riches.

Massive Drops in Traditional Gambling

On average, traditional casinos, betting houses, and sports bars experienced a massive drop of around 30%. In most part this is due to the states and counties that have enforced a strict lockdown and where these establishments are not accepting players at all. Others are seeing drops due to the legitimate scares about catching the virus.

But, the gambling industry as a whole is seeing a rise in the meantime. Both experienced players and those that usually don’t gamble are using the benefits provided by online operators to jump ship and go to the cloud.

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Traditional casinos, betting houses, and sports bars experienced a massive drop. Pixabay

Although some correction is to be expected once the lockdowns and infections risks pass, it is disputable if they will be enough to revive brick and mortar casinos from their situation. Without some additional advantage that the players will feel there is little chance for total revival.

Local Budgets are at Risk

While there might be some legitimate concerns coming from legislators when it comes to the dangers of gambling, most are concerned by the drop in local budgets. Due to the players opting for international providers there is a visible drop in revenue collected, which would not change in the future.

Unless there is a Copernican change in how these incomes are taxed, local administrations might be facing some serious budget cuts in the perceivable future.

Players Demand Online Benefits to Return

It is now obvious that gambling has become a player’s market where operators and providers will need to compete for every dollar coming their way. This might not be a fair fight for traditional casinos, as the increased overhead costs usually drive gambling options down.

According to Lioncasinos live casino has been the focus of most players exactly because of the benefits provided by operators. Once these advantages diminish, the players usually stick to the same game but change the place where they are playing.

It is questionable if traditional casinos would be able to go head to head with something like doubling your money in bonuses, or allowing for free playing, simply because of the mechanics possible in cyberspace.

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Online casinos have an undisputed advantage when it comes to accessibility. Pixabay

Accessibility of Online Gambling

Aside from the advantages when it comes to gaming and betting itself, online casinos have an undisputed advantage when it comes to accessibility.

Unlike traditional establishments that require you to plan and travel to them, adding to the cost of gambling, online options are instant. Anyone can access and play through their smartphone, allowing for many to use gambling services while in transit, or relaxing at home.

Sports Betting won’t Influence the Outcome

Both administrations and brick and mortar operators are having a little bit of their own that sports betting will be the major push back to old ways of gaming once the season resumes. But, the numbers show that odds are not in their favor.

Online operators in general are aware that this situation won’t last and are jumping to acquire licenses and rights to provide sports bets. For the largest international operators these options are already available and might be the preferred choice for future sports bettors.

If the same bonuses, reviews, and betting systems persist for online betting as they do for live casino games, there is a significant possibility that the players will keep their money online.

Also Read: Deal with Orthopedic Issues During Lockdown Easily

But, there is still a chance that the hospitality factor for sports bars offering bets might push some players to return. These bars will need to focus on their distinct real-time advantage and atmosphere, as the old way of doing business probably won’t exist in the near future.

[Disclaimer: The article published above promotes links of commercial interests. ]