INDUSTRIES EXPERIENCING BOOM DUE TO COVID-19

Author: Business Law Chamber |

Article by Business Law Chamber

COVID-19, the black swan of 2020, has clearly triggered a global economic fallout. The situation is growing even worse as the pandemic is affecting every industry and the economies worldwide in some way or the other. However, for some, these unexpected times have turned out to be a blessing in disguise. Where on the one hand businesses are rolling down the hill, there are others booming their way through this unprecedented economic catastrophe. Experiencing a significant surge in these times, one can rightly term the following industries as the beneficiaries of COVID-19:

Health and Wellness

As the epidemic spreads, the panic among the people for their hygiene, immunity, and fitness is on the rise. This is why the health and wellness industry is all set to provide us with every preventive healthcare possible. The industry is experiencing a rise in online health consultations, demand for sanitizers and other hygiene products, online yoga/ fitness class users, etc. Evidently, this industry is bound to flourish more in the future with healthcare being prioritized by the people.

Telecom

Telecom services are a necessity in today’s world. During these circumstances, connectivity and remote working would not have been possible without telecom services. The telecom industry is a promising industry in these unexpected times. With people working from home and indulging in various online activities, broadband and mobile data usage has escalated leading to good revenues for this industry.

Video conferencing apps / software

The most trending right now – video conferencing. This is one such industry that is flourishing and helping people ensure their business continuity at the same time. Currently, almost every company/ business is using video conferencing applications/ software to facilitate remote working. The apps such as Zoom, Skype, WebEx, etc. have experienced insane user growth during COVID-19. Not just businesses, these apps are being used by many to kill their quarantine blues as well.

Streaming media

TV shows, Netflix, YouTube, Hulu, Amazon Prime, followed by a long list - the streaming media is probably the most flourishing industry currently. With billions of bored humans sitting at home looking for something to do, this industry is providing them just what they want - Entertainment. While on one hand, endless nail-biting users are glued to their mobile/ laptop screens, these companies, undoubtedly, are busy making millions and increasing the user base.

Online games and gambling

Like the streaming media industry, the online gaming and gambling industry too has noticed significant user growth. With a huge youth population globally, it was well expected that the gaming and gambling industry would have its best time during the human quarantine days.

There remains a good possibility that this surge might continue post-quarantine, as well as the users, will be too addicted to get rid of this industry just that soon.

E-commerce

While all the fancy shopping malls and stores are shut, people quarantined at home are definitely not having a great time, especially the shopaholics. But, thanks to the internet – at least our favorite online stores are open and delivering! Apart from fashion & lifestyle products, the industry with many online grocery stores is delivering necessary goods. The eCommerce industry has seen tremendous growth around the world in the past few years and with COVID19, it is, further, all set to rise.

Online education and learning

With universities and schools closed due to the pandemic, students have not much to do at home. But, due to online education and learning, there are a lot of options for them to enroll in online courses and classes to hone some skills at home. With interesting online seminars/ webinars, fitness classes, cooking classes, etc. many people are gravitating towards this new form of learning.

Packaging Industry

Another industry that shows no signs of slowing down. No matter how unsustainable packaging is it has become a necessity today. During these uncertain times, people are realizing the importance of packaging, be it packaged food, masks, or other essential items. Further, packaged food delivery apps such as Zomato and Swiggy have been one of the greatest beneficiaries of the pandemic as a shift in trend from dine-in to speedy delivery at your own convenience is being widely seen. The packaging industry is witnessing an increase in demand as people are shifting to more of a hygienic lifestyle.

Liquor Industry

The liquor industry is one of those that has witnessed an upward spiral during the Covid catastrophe since the Governments worldwide deemed them to be a key revenue-making industry. Hence, this industry didn’t take much of a hit due to the pandemic. Habitual drinkers fell back on their habits while others began to depend on it to alleviate their concerns about the ongoing financial crisis and uncertainties about their future. Virtual cocktail parties have also been seen as a flourishing trend. However, the sale of high-end brands has been reported to have dropped while that of inexpensive skyrocketed.

COVID-19 has certainly changed our lifestyles for better or worse, but it would not be wrong to say that it has further made us more dependent on technology. Evident enough, the businesses who have the know-hows of technology will keep benefiting from the current situation and later as well.