Author: Jesse Lin, Project Specialist, Digital Trade, World Economic Forum LLC & Ali Al Shidhani, Group VP Technology, ASYAD Group,
- Digitalization is the key to unlocking trade potential post COVID-19 and harnessing Fourth Industrial Revolution innovations for the Great Reset.
- Tradetech and innovative solutions for trade facilitation are already being piloted successfully.
- For example, drones used for underwater inspection and port infrastructure maintenance already show how the acceleration of a tech-ready mindset coming out of the crisis could be turned into trade facilitation’s opportunity of the century.
The pandemic has accelerated the adoption of digital technologies. Telehealth services, including remote clinical services offered by telemedicine, is on course to top one billion interactions by the year’s end. E-commerce platforms and online retailers will likely see an 18% increase in sales by the end of the year even as overall retail sales decline. As the pandemic pushes more retail sales online, so has the surge in B2C parcel volume with FedEx and UPS reporting daily volumes at and exceeding “peak” holiday volumes.
Resistance to tech across many sectors is certainly waning and international