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The accelerated trends in economic inequality have several implications. Firstly, it leads to a wider wealth gap between the rich and the poor. This can result in social unrest and increased poverty rates. Secondly, it can lead to a decrease in overall economic growth as the purchasing power of the lower-income groups is reduced. Lastly, it can lead to political instability as the inequality can cause dissatisfaction among the population.
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Ecommerce's share in U.S. retail was growing at about one percent every year. Within eight weeks of the pandemic, the number jumped from 16% to 27%. A decade of ecommerce growth took place in eight weeks. Apple took 42 years to reach $1 trillion in value and just 20 weeks to grow to $2 trillion. Trends in economic inequality and unemployment have accelerated as well. Twenty million jobs were added over the last ten years. Forty million jobs were lost within ten weeks. Forty percent of households with income below $40,000 were laid off or furloughed compared to just 13% percent of households over $100,000.
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What will the world of business look like after the coronavirus pandemic? The pandemic will accelerate every trend by a decade and redefine entire ind...
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