Tuesday, November 24, 2020
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The Huge Disruption After COVID-19 and 5G Technology

Over a 100 members and guests tuned in on 9 June, to attend NUSS’ webinar titled, “The Huge Disruption Due to COVID-19 and 5G Technology”. The webinar gave a glimpse of what to expect when 5G technology takes the reins.

Many were curious to listen to the views of Mr Benjamin Chong, Founder of Next Level SG – a digital marketing consultancy about the potential pitfalls in the new economy, the pandemic’s effect on the world, 5G technology and the digital media strategies one could use to secure their business against such an impact.

Mr Chong began by introducing the main factor contributing toward the looming disruption – the “Crisis of Convenience”, where processes deemed inconvenient or annoying are quickly weeded out and remedied by innovations that ease the said inconvenience. “One such example would be ride hailing applications such as Grab and Uber, which caused major disruption to the taxi industry and alleviated the need for people to wait for a taxi. Similar to this, many industries with aspects of inconvenience to consumers would continue to be disrupted as 5G technology developed and filled the desire for faster service, reducing lag time,” he said.

Mr Chong also cited examples of how live streams of concerts or sale of goods, often attracted a significantly higher volume of viewership. This could drive the marketing strategies in Phase 2 or 3.

He said with some industries having moved online, such as virtual home viewings and live streaming of goods, more industries are likely to follow suit. With January 2021 being the projected launch date for 5G technology in Singapore, it is not hard to imagine a future where doctors, lawyers, teachers and insurance agents would conduct their consultations online. Even for industries such as oil and gas trading, 5G technology could possibly translate to more automation and risk management systems. With reduced human-machine interactions and increased early warning systems, it would translate to a safer and more efficient work space.

So how do we prepare ourselves for this new normal? Mr Chong suggested that soft skills such as creativity, persuasion, collaboration, adaptability and emotional intelligence would be useful. Hard/technical skills such as block chain, cloud computing, business analysis, scientific computing and video production would continue to be in demand. He encouraged viewers to explore skills such as video production, affiliate marketing and sales – which are easier to imbibe and transferable.

Mr Chong advised the businesses looking to venture into the world of online selling to keep a quick response time and offer multiple modes of payment – the key factors in initiating and closing a sale. For industries dealing with non-consumables, “Put your content online in the form of Q&A. Content which was useful and added value to the viewers and enriched their experience, would entice them to engage your services,” he suggested.

Indeed, in the words of Albert Einstein, “In the middle of difficulty, lies opportunity.”

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