Issue link: https://resources.envestnet.com/i/1527486
5 © 2021 Envestnet, Inc. All rights reserved. COVID and the Rumble of Digitization There will be a library of history written about these days; the pandemic's societal, economic, and behavioral impact is leading to generational change, ushering (more like hurtling) in a different age. We have seen institutional tumult in nearly every facet of our world, while we have also been witness to the resilience of human beings. People have adapted; worried, off-balance, inconvenienced, but as the saying goes, they have buckled the chinstrap and carried on, while finding new ways of doing almost everything. Digitization is shifting markets as consumers herd to business models we hardly knew pre-COVID, and they are abandoning others. Everyone (really, everyone) is now more deeply connected to a mind-boggling and expanding network of technologies that have created new patterns for how we engage the world. Many things seem more efficient: press "Buy Now" and all sorts of things show up at the front door — today. Shoot a text, hit Slack, log onto a Zoom call … after the Zoom call, open Teams, GoToMeeting, and WebEx. Sit in on the remote industry conference while you email the group, pile the basket on Instacart, hop on the Peloton, check your Whoop, order DoorDash, find a COVID-free date, order tickets for a virtual concert, book a drive-through appointment, buy drive-through coffee, post a picture of your new dog, and shop for everything you can imagine on Amazon. As the months have passed, we have all embraced Hygge and Gezellig lifestyles (trust me, you have), just as the norms of professional, social, and community engagement have shifted, too. Our lives are becoming more and more digital – the reach for technology is constant, woven throughout our days, which is increasing the speed and scope of the accessibility of everything. Its speed is stunning, the implications are huge, and the shift is tectonic. Given the writing on the wall, companies are responding with massive investments to become as digital as possible, as quickly as possible. The market's valuation framework is declaring a clear fork in the road. Digitization is shifting markets, and companies need to strategically grow and meet post-pandemic consumer expectations. The opportunity is ripe for the right investments.