The Coronavirus pandemic brought changes around the globe. These are unpleasant changes that nobody wants to happen. The outbreak impacted the social and mental aspects of our lives. It also altered the economic landscape of the world. However not all businesses are the same like these six businesses booming during the coronavirus pandemic.
This alteration is not pretty as it leads to unemployment, company instability, and small and big businesses shutting down. From these challenges, innovative and creative thinking developed.
Businesses who have adjusted have risen up and thrive despite the threats of the current global crisis. If you are wondering what businesses found the bright side in these challenging times or just looking for a new venture to try, read down below.
Delivery Services
The paranoia of contracting a mysterious and deadly virus leads to the booming industry of delivery services. Existing delivery services expanded their service while other businesses incorporated delivery as part of their services.
If you sell products, you can amp up your sales by making delivery available so customers will have access to your products anytime they want without the fear of catching the virus.
CNBC reported that the demand for delivery services have increased to 10% to 15% during the pandemic. Many consumers find the convenience and safety in buying online and having it delivered to their doorsteps.
Grocery and Food Businesses
Due to the lockdown and people not being able to go out, a surge of demand for grocery items, including food, were seen as a trend during the outbreak. Since more physical stores are closing, people are driven to stock up food and essential items in fears of the supplies running out.
In fact, Greg Ferrara, the president of the National Grocers Association, confirmed the significant role of small grocery businesses in connecting the demands of the consumers in boosting profits of large chain groceries.
Items such as toiletries, face masks, disinfectants, and rubbing alcohol are always off the shelves nowadays. These items are recommended by health experts to help combat the spread of the virus,
People locked down on their homes have to eat. Meal prep and food services in general have seen an increase in demand due to the lockdown. Social distancing and restrictions to dine in restaurants boost food and meal preps services.
Health and Wellness Businesses
The most obvious business sectors benefiting in this time are health and wellness related businesses. Giant names in the health businesses are clearly winning the race as investments and fundings pour in for the search of Coronavirus vaccine and treatment.
Not far behind are the small businesses whose marketing strategy involves keeping consumers out of the hospitals. With the outbreak, people viewed health in a more critical perspective.
The migration from office to home work dynamics is one driving force considered in the rise of wellness and healthcare sectors. Gyms and outdoor activities are restricted, so people devised ways to make themselves fit and healthy at the comfort of their homes.
Some small businesses shift gears to wellbeing products and services. Health and wellness are included in digital content platforms. Some services include highlight mental health and some focus on boosting nutrition and immunity against the virus.
Home and Garden Businesses
The lack of outdoor activities such as malling and watching cinemas divert the interest of confined consumers to their defined space. A home and garden company revealed a rise in demands ranges from 55% to 83% during the lockdown.
Many consumers started home improvement projects during the lockdown to cope with boredom or as part of their new hobby. A study on consumer behaviour in Europe indicates a rise in traffic in home improvement websites and applications.
The outbreak has given consumers time to upgrade homes and gardens. Research and markets saw a boost of profits in hardware stores as demands for tools and hardware items increased.
Gaming Businesses
Consumers who are not into DIY and home improvement projects are into gaming and entertainment to get by the monotony of home confinement. It is why gaming companies such as Nintendo are back in the game.
As a small business owner, you may want to expand your market to gamers. There is a market for gaming consoles and items in the outbreak as consumers are forced to stay home. Gaming can also extend to board games and puzzles, for consumers who are not so tech-savvy.
E-Commerce
If your products are not yet online, start putting them online. Online retail is booming, regardless of your products. ROI Revolution reported Buy Online Pick In Stores escalated up to 202% Year Over Year (YoP) in August because of the Coronavirus.
The shift from consumer experience to consumer security sees E-commerce beyond the pandemic. One convincing factor to transfer to E-commerce is this: US and Canada have seen 129% YoY in online retail orders and 149% growth in all online retail orders from April 21.
Grow Further
The industries above are thriving because they are fulfilling a certain need or shortage in their market. While sales is crucial, it would be also helpful to think what impact your business will bring to withstand the effect of Coronavirus in the world.
Your business may be exploring an unfamiliar territory but there are ways to thrive in this pandemic without overthinking and overspending. Outsourcing virtual assistants to handle specific functions in your business to continue and grow.
The new normal calls for more crisis planning to assure business resilience and continuity.
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