Pandemic Economics and New Dimensions in Markets

The new Corona virus (covid-19) having spread throughout the entire world, following its first appearance in the city of Wuhan, China in December 2019 has shaken routines to our foundations. After the beginning of new era "Industry 4.0", let the outbreak alone, no other phenomenon had ever occurred that had such global and enduring impact on the world. Therefore, the Industry 4.0 generation has not experienced of turning around its own business against such a widespread case in digital economy reign. Undoubtedly, the effects impinged by the outbreak on the commercial life will provide us, as the generation members, opportunity to observe how digital economy will rescue from global crisis. By all means, these opportunities showed us what points would be primarily intervened in terms of economical strategies. In particular, in context of consumption, many consumer behaviours with social gathering and out-of home (horeca) orientation, and that are unmindful for individual distance in social area needed to be revised due to grave impact zone of the outbreak.

With the worldwide implementation of local curfews and mass individual quarantines in the recent period, many businesses and companies occurred losses, while some amongst them have even faced the threat of going bankrupt. Thus, these companies have already plunged into the quest for new offering models so as to minimise their losses. Thus, product and service offerings being "virus-free and safe" have been the point of origin for trade strategies adopted for the purpose of adaptation to the anticipated new period.

Pandemic economics, also referred to as "stuck-in economics" somewhat exhibited to individuals having to live on under personal quarantine, its differents approaches which mainly revolve around home delivery and digital platform services. The approaches have been designated subtantially focusing on refraining from social zones and physical touch. Brands such as Yemeksepeti, banabi and Getir, which provide homes and workplaces with meal and grocery delivery services launched their "no-touch delivery" services; and dedicated special discounts for specific group of people. As for Migros, the company has started an implementation of individual distance in social zones, in such a way as that the customers in brick-and-mortar shops would have to wait behind a yellow line drawn from certain distance to the cashier. Kariyer.net on the other hand, enabled its application HR Venue, which allows job interviews to be done online, free of charge for a month. Not to mention the banks, which activated limit increases for withdrawals from ATMs; and diminished working hours for lesser footfall. Surely, there are further examples in this respect. Basically, all these attempts can be considered as antivirus strategies in current markets rather than substantial change in markets' configuration. However, it is not hard to foresee that all these strategies are nothing but the pioneering attempts which re-design the markets.

Having this in mind, in consideration of the need for safe consumption and trade due to the outbreak, the question arises as to how markets will be re-shaped in terms of competition law. Although changes in consumer habits and regulatory measures are seemingly temporary, experts believe that it is hard to switch back to the pre-outbreak times. In light of this hypothesis, one can state that companies will likely invest in new attempts focusing on no-touch trade and individual distance in social zones for profit maximisation as long as the liberal economy endures. For instance, new designs such as lesser capacities in theater, cinema halls or transportation means which minimise physical touch occasions and enlarging distances between individuals may lead to sub-markets differing from markets existing in pre-outbreak times. Since we are not experienced yet, we will be able to see what developments have in store, and better scrutinise the changes in market configurations.