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Impact Of Covid-19 On The Digital Economy

by Tasos

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Apr 27, 2021

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We discussed in previous articles, how the world had changed and the rise of self-education that has become the new norm.

The main reason for this shift was the fact that Universities around the globe got left behind as they were providing knowledge that in a few years would become obsolete.

In fact, the traditional education system is broken.

It costs a fortune and millions of students go broke every year. But today’s students are wiser than ever before, they don’t want to be in debt anymore. They all understand the devastating consequences of owing money to institutions and banks, and I hope that we understand it too.

We also mentioned that society was changing, the technology evolved and that nothing was staying the same.

And last year we got hit by this pandemic.

As a result, people were isolated,  we witnessed social distance for the first time in history, but we clearly discerned the signs of a new opportunity.

And we were right!

Impact Of Covid-19 On The Digital Economy

But before we dive deep into the topic let me share some data and facts:

  • Giant companies like Google, Costco, WholeFoods, Starbucks, or Apple don’t ask for degrees or credentials.
  • The rise of platforms like Udemy, Skillshare, CourseraCreativeLive, or Teachable where you can learn from others any topic, any subject, any profession, in detail.
  • The rise of training programs like those included in our ELITE list. Programs created by industry leaders like Eben Pagan, Steve Olsher, Kevin Harrington, Jeff Walker, Dean Graziosi, and Tony Robbins, and so many more who do not have University or College degrees and are not certified professionals.
  • In an interview with Dr. Patrick Gentempo and Robert Kiyosaki, Robert who is an American businessman and author of the book “Rich Dad Poor Dad”  revealed that the “educational” system is responsible for the rise of socialism, communism, and fascism, and even anger against the rich. It happens because they don’t teach us about money at school.
  • In 2011, 77% of American Corporations were using online learning (in 1995 this number was only 4%)
  • The eLearning market is now more than 13 years old (the word “e-learning” was coined in 1998).
  • Self-study e-learning (asynchronous) is on the rise now accounting for 15% of all training delivered.
  • Take me for example; I had received amazing knowledge during University times, but it was all plain theory. No practice whatsoever. Hopefully, I had the chance to continue my parents’ manufacturing company and since then I launched many traditional, brick n mortar businesses. But when I entered the online world in late 2014, I found myself learning again. I was immersed in self-education. Why? because I was looking for specialized knowledge and I wanted to move fast like the majority of people who get involved with an online venture.

A New Era/A New Dawn

The pandemic’s restrictions, quarantines, and lockdowns literally destroyed local economies, brick n mortar businesses, and traditional stores in a wide range of industries and countries. 

In our country, where we have the privilege of the strictest pandemic measures worldwide, not only is the economy destroyed, but people suffer from depression and other psychological side-effects. And Hellas (Greece) is a country that is dependent on the local economy and tourism to survive.

Last year, my hotel was out of business, for example.

But as an avid believer in that every historical change like this brings new opportunities, and being very optimistic, I predict that we are in the middle of a new and giant movement.

It’s the dawn of the digital economy.

Digital Economy

We watched companies all over the world expanding online in an attempt to safeguard their position in the marketplace.

Thousands if not millions of businesses enhanced their online presence, upgraded their websites, or opened e-stores.

We watched the rise of Amazon that was already a giant corporation to now becoming the #1 distributor in the world. And similar platforms and marketplaces had enjoyed an unprecedented increase in revenue and awareness.

The eCommerce industry is growing geometrically.

Zoom and video-conferencing platforms exploded as people were unable to travel not only abroad, but even to visit a nearby city.

Video marketing platforms had risen as well.

Other parallel examples are; advertising platforms and networks, cloud backup and hosting services, and video platforms. Tech companies, freelancers, virtual assistants, and software solutions followed similar paths. At least the majority of them.

Companies spend more money on online ads than ever before. Besides, it’s the only way to reach out to their target audience. That is why big tech like Google, Facebook, Bing, and so many more are growing and exploring new opportunities to expand even more.

People spend more online than ever before as well. And they spend more time online. They consume videos, podcasts, and read blogs and articles. We also witnessed the rise of social audio platforms and apps like Clubhouse, Fireside, LockerRoom, and more. This is happening because people want to communicate and interact with each other regularly, fast, without much effort.

And, of course, consumers are exposed to thousands of ads on a daily basis. This is good news for us, marketers.

But more importantly, we witnessed the rise of self-education.

Teachers, educators, and other professionals, and even artists started using Zoom, Skype, and conferencing mediums to deliver their lessons.

Even schools started practicing distance learning.

I delivered numerous training workshops online last year as I was unable to deliver them locally.

%

American corporations using online learning in 2011

How old is the eLearning market in years

%

Self-study eLearning percentage in the market

Self-Education

Self-education is the new norm and if you are not prepared, or to be even more precise if you are not ready to take advantage of it, you will get left behind.

And this is something I don’t want for you.

People need specialized knowledge from experienced people that stand where they want to be.

People prefer taking online courses and enrolling in training programs created by people that bring results instead of seeking out people with credentials and degrees.

We live in crazy times, where speed and time are the two most important assets.

Now, here’s the thing. You can either be part of this economy as a student, which is something I applaud, or you can take it one step further, and become a teacher as well. You can be both a student and a teacher, and there’s a third option as well to be more accurate. 

How can that be possible, some of you might think. Well, it’s possible. But I won’t reveal it today. 

Why? Because I am evil.

The impact of covid-19 on the digital economy

Video script

Universities around the globe got left behind as they provide knowledge that is becoming obsolete in just a few years. The traditional education system is actually broken and it costs a fortune. Millions of students go broke every year. 

But today’s students are wiser than ever before and they all understand the devastating consequences of owing money to institutions and banks. And they don’t want to be in debt anymore. 

And last year, we got hit by the covid-19 pandemic. As a result, people were isolated, we witnessed social distance fr the first time in history, but, we also discerned the signs of a new opportunity. 

Hi, I’m Tasos Tzortzis, creator of the “7 Ideals” marketing methodology, and before we dive deep into this topic, I want to share some data and facts. 

#1 – Giant companies like Google, Costco, Wholefoods, Starbucks, or Apple don’t ask for degrees and credentials anymore. 

#2 – The rise of learning platforms like Udemy, Skillshare, Coursera, CreativeLive, or Teachable, where you can learn from other people that are experts in their field, any subject, any topic, any profession, in detail. 

#3 – The rise of training programs created by industry leaders who do onto have university or college degrees, and are not certified professionals. 

#4 – In an interview with Dr. Patrick Gentempo, Robert Kiyosaki, who is an American businessman and author fo the book “Rich Dad Poor Dad”, Robert revealed that the education system is responsible for the rise of socialism, communism, and fascism, and even anger against the rich. 

And this is happening because they don’t teach us money at school. 

What they teach us is to get a degree, get a job, and work for the rest of our lives, as employees to make other people rich. 

Take me for example, I had received amazing knowledge during university times, but it was all plain theory. No practice whatsoever. 

And more importantly, we were taught how to manage, organize, and administer businesses but not our own businesses or enterprises rather than being employees for other companies and organizations. 

We were not taught how to become entrepreneurs on our own.

Hopefully, I had the chance to continue the manufacturing company of my parents and I launched other traditional and brick n mortar businesses ever since, but the majority of my colleagues did not have the startup capital needed to become entrepreneurs on their own. So they became employees of other companies. 

And that’s a shame. 

Now, when I expanded online in late 2014, I found myself learning again. And I immersed in self-education.

Why?

Because I needed specialized knowledge and I wanted to move fast like most people do who get involved in an online venture. 

#5 – In 2011, 77% of American corporations were using eLearning. In 1995, this number was only 4%.

#6 – the eLearning market is now more than 13 years old.

#7 – Self-study eLearning is on the rise and accounting for 15% of all training delivered. 

The pandemic’s restrictions, quarantines, and lockdowns, literally destroyed local economies, brick n mortar businesses, and traditional stores in a wide range of industries and countries. 

And in my country, where we have the privilege of the strictest pandemic measures, not only is the economy destroyed but people suffer from depression and other psychological side-effects. 

But as an avid believer in that every historical change like this creates new opportunities and being very optimistic by nature, I predict that we are in the middle of a new and giant movement. 

Tis is the dawn of the digital economy.

We watched companies all over the world expanding online as an attempt to safeguard their position in the marketplace. Thousands if not millions of businesses enhanced their online presence, upgraded their websites, or opened eStores. 

We watched the rise of Amazon and other similar eCommerce platforms and marketplaces that enjoyed an unpreceded increase in revenue and brand awareness. 

This is an industry that is growing geometrically. 

Video conferencing platforms like Zoom, Skype, and so many more, exploded as people were unable to travel. 

We also witnessed the rise of video marketing and other video-related platforms, advertising platforms, and advertising networks and cloud-back up and hosting services, tech companies, software solutions, and also freelancers and virtual assistants are in demand. 

Companies spend more money on online ads than ever before. Besides, it’s the only way to reach their target audience right now. 

And big tech companies like Google, Facebook, or Bing, are now exploring new opportunities to expand even more. 

People spend more money online than ever before, and they spend more time online, they consume videos, podcasts, read articles, blogs.

And we also witnessed the rise of social aduiop platforms and apps like Clubhouse, Fireside, LockerRoom, and many more. 

This is happening because people need immediate communication, they want to interact with other people regularly, fast, and without much effort. 

And of course, consumers are exposed to thousands of ads on a daily basis. 

This is good news, for us marketers. 

But more importantly, we witnessed the rise of self-education.

Teachers, educators, and even artists started using video conferencing apps and mediums to deliver their lessons. 

Even schools starting practising distance learning. 

Take me for example, I delivered numerous training workshops online last year, because I was unable to deliver them locally. 

Self-education is the new norm. 

And if you are not prepared, or to be even more accurate, if you are not ready to take advantage of it, you will get left behind. 

And this is something I don’t want for you.

People need specialized knowledge from experienced individuals that stand where they want to be. 

People prefer taking online courses and enrolling in training programs created by people that being results instead of seeking people with credentials and degrees. 

We live in crazy times, where speed and time are the two most important assets. 

Now, here’s the thing:

You can either be part of this economy as a student, which is something I applaud, but you can take it one step further, and become a teacher as well. 

You can be both a student and a teacher, and there is a 3rd option as well, but I won’t reveal it right now. 

Why?

Because something big, something really big is coming. 

As we can see, only accelerated the inevitable. We had predicted that self-education was becoming the new norm. 

And this time has now come. 

Stay tuned as I will be discussing a lot this topic these days. 

Open your mind, your eyes, and your soul, and get prepared for the new dawn of the digital economy. 

Take care!

Something Big, Really Big Is Coming

As we can see, the pandemic only accelerated the inevitable. We had predicted that self-education was becoming the new norm, and now it is.

And don’t worry, I was just kidding earlier. I am no evil at all. Well, just a little bit.

Stay tuned as I will be discussing this topic a lot these days. Open your mind, your eyes, and your soul, and get prepared for the new dawn of the digital economy.

When a great opportunity knocks on your door, try to think with your soul instead of being logical. Sometimes, it’s better.

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That’s it, another article has finished, here on Web Market Support. I am waiting for your comments and thoughts. Till next time.

Tasos Perte Tzortzis

Tasos Perte Tzortzis

Marketing Specialist, Entrepreneur

Although doing traditional business offline since 1992, Tasos fell in love with online marketing in late 2014 and has helped hundreds of brands sell more of their products and services on the web.

He enjoys reading, music & arts, mathematics, chess, coffee, swimming, Audi, and playing with his kids.

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