Trends in Technology
Almost every industry in the market was impacted by COVID-19. Thousands of businesses were forced to shut down or sustain losses that put them in survival mode. From dine-in restaurants to movie theaters, construction companies, and travel agencies, the list of sectors that became vulnerable since March 2022 is vast.
However, did you know that there are companies that saw a massive boom in operations during the lockdowns and tough times? Some have even unprecedented growth and provided hope for the economy during this period of uncertainty.
This post will talk about seven businesses that thrived during the pandemic and how they achieved their positive results. So, let’s get right to it!
7 Businesses That Thrived During COVID-19
1. Commercial and Residential Cleaning Services
Professional cleaning services have gained celebrity status as the pandemic drastically changed the public’s expectations of cleanliness. The fear of contracting the virus also promoted home and business owners to spare no expense to ensure their properties were safe.
Thus, COVID-19 cleaning, disinfecting, and sanitizing services became high in demand, especially in offices, medical centers, public spaces, and homes. After two years, both residential and commercial consumers continue to deep clean their properties regularly and mitigate any health risks.
2. Online Fitness Services and Equipment Companies
The lockdowns and school/business closures led to the rise of a sedentary lifestyle since people were no longer commuting to work, running usual errands, or socializing with their friends or loved ones. Due to the lack of physical activities, online fitness services saw a massive peak, with hundreds of platforms helping people maintain their physical and mental health.
The options were practically unlimited, from online bodybuilding apps to live or on-demand yoga and pilates sessions. With gyms and fitness studios closed during the initial wave, residents equipped their homes and outdoor spaces with essential fitness equipment. Some even converted parts of their living spaces into dedicated gyms.
As a result, yoga mats, dumbells, treadmills, etc., saw one of the highest increases in sales since the early 90s.
3. Game and Entertainment Companies
The pandemic overshadowed another epidemic building quietly behind the curtain – mental health issues due to isolation. With mobility restrictions and paranoia at its peak, home entertainment was the only lifeline people had to survive this period and keep their sanity in check.
Thus, electronic and board game companies saw massive growth in sales. The highly anticipated PlayStation 5 was also launched during the pandemic, prompting thousands of gamers to upgrade their consoles and buy the latest games online.
Apart from games, binge-watching became a popular practice to kill time. Inevitably, apps such as Netflix, Hulu, Disney+, Amazon Prime, and HBO saw an unprecedented surge in subscriptions and traffic as people tuned into their favorite series and movies using these on-demand streaming services.
4. Health IT and Telehealth Services
Perhaps, no industry experienced a transformation like Health IT or Telehealth. For decades, digital health services have had a bad rep in the market. However, the pandemic forced every healthcare organization, pharmacy, and physician to adopt the digital route to carry out their operations.
For the first time, virtual appointments were preferred over physical visits as people were reluctant to leave their homes, even for medical reasons. As a result, telehealth apps and mobile workstations are rapidly becoming a norm in the post-pandemic digital age.
5. eCommerce Stores
eCommerce was already a rapidly growing industry, even before the pandemic. The lockdowns and foot traffic restrictions only accelerated the global adoption as thousands of businesses rapidly digitalized their operations by creating websites and social media accounts to ensure continuity.
Since people couldn’t purchase essentials and non-essentials, they took the digital route to buy groceries, medicine, clothes, shoes, electronics, and other stapes or discretionaries. Over time, this practice became a habit. As a result, digital-first has become the new mantra for post-pandemic consumers who kick-start their purchase journeys online.
In 2021, the global eCommerce market exceeded $13 trillion in sales and revenue and was expected to reach $55 trillion by 2027.
6. Ed Tech and eLearning Products/Services
With schools and universities forced to pursue alternative delivery methods, ed-tech companies experienced saw a surge in demand for eLearning products, from authoring tools for designing online courses to virtual instructor-led training software. Similarly, eLearning vendors also became highly demanded by organizations looking to revamp their corporate training strategies to upskill employees.
Although schools, colleges, and offices have resumed since then, these technologies have promoted ed and business organizations to adopt hybrid learning methods.
7. Food Delivery Companies and Apps
Finally, another industry that experienced a massive boom in operations was food delivery, as thousands of restaurants were forced to close their dine-in options temporarily. As a result, hundreds of food delivery apps and services popped up to help people satisfy their palate, enabling online order placement.
Gradually, more restaurants, bars, and cafes climbed on board the change wagon and ensured the restaurant industry kept on running. Even as restaurants and eateries return to normal, many businesses have continued with this COVID-19 strategy. Many new eateries are launching with a delivery-only model.
Finally, this move has also prompted many product delivery services to add food delivery to their value offerings, such as UberEats, Instacart, Swiggy, FoodPanda, etc.
The Pandemic Gave Some Businesses A Boost
We have discussed seven businesses that thrived during the pandemic. Undoubtedly, other industries have benefited from COVID-19. However, the industries above have experienced an unprecedented level of success.
In this post, we have shown that the pandemic had more of a mixed impact on the market rather than just a negative one. While some businesses and industries suffered, others thrived like never before. However, if you paid close attention, you may have noticed that businesses with a digital strategy have proven to be more likely to survive during this period.
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