Although many are in the mind-set that life as we know it is falling apart, and perhaps in some ways it is, not all industries are suffering. There are many businesses thriving at the moment and they give the rest of us hope that not all is lost.
As the Novel Coronavirus has spread rapidly across the globe and caused economic shutdowns in numerous countries, the threat of a recession is not just a threat anymore, it is an almost certain reality.
COVID-19 is not only forcing businesses offering non-essential services to shut down, but it is also forcing businesses which are essential to limit their sales in some ways and forcing people to be more aware of the amount of money they are spending.
But there are certain industries that are not suffering the same fate as the rest and they are not necessarily essential services.
From global tech giants to virtual market places, there are those who are surviving the lockdown, with only a minor impact on their business.
The 7 Industries
It might not be the industry that first comes to mind, but the insurance industry is enjoying a bit of a boom. More people are looking for health insurance (and medical aids) as well as life and funeral cover.
Although it is quite morbid, as people become more aware of the virus and its impact on the population, those who are breadwinners in particular are looking for a way to ensure that their families are financially protected in the event of the worst.
The insurance industry, like others on this list, is perfectly capable of functioning online with insurance claims and plans readily available from various companies.
Not all aspects of the industry is enjoying a boom though as the travel insurance industry in particular has suffered.
- Local food markets
Although it is a micro economy, the local food market in every community is as important as ever. Those who are able to offer online shopping and delivery in particular are enjoying an increase in business, as clients are more likely to buy food online and have it delivered, to limit the amount of time they spend outside.
There are even some companies overseas offering contact-less delivery, which means they drop bought items off on a doorstep or in a driveway.
Those who took the leap into e-Commerce trading before the lockdown, and who had already established a reliable client base, are now in the best position to still be making money throughout the COVID-19 near global quarantine.
While most of the shops are closed, there is nothing to stop you from continuing retail sales online and then deliver once the restrictions are lifted. This is also the perfect time for these companies to attract new clients.
Side note: Ecommerce SEO has also seen an exploding of during more businesses now being forced online.
What do millions of people sitting at home for weeks on end do to keep themselves amused?
They look for entertainment. In recent years, more people have strayed away from mainstream entertainment and sought out amusement online, often opting for stream services which include Netflix, Showmax and even YouTube.
The entertainment industry is certainly not suffering financially from the lockdown, instead they are enjoying even more attention and as a result they are growing faster than before.
Entertainment is not limited to movies and series, but also games and phone apps. With people looking for any way to be distracted during this time, it is no wonder that all kinds of entertainment are now more popular than ever.
If people are not able to work from home, they have loads of free time to do something productive. Online courses available from colleges and universities, some of which are free, are giving people the opportunity to improve their education and to come out of quarantine with not only a new perspective on life but also new knowledge and a new skill.
Forex Trading is one of the most rapidly growing industries online post Covid-19.
Education platforms adapted to online learning a while back, placing them in the perfect position to offer this service during this time.
- Medical Manufacturing
It is hardly surprising that this industry continues to function as usual, even make making a profit on things like masks, gloves, and disinfectants. Medicines are obviously also going to be remain a necessity as people are not only falling ill from COVID-19.
Now is not a bad time to be in this industry, but this is possibly only going to be short term profitable industry to be in. Once the virus passes the sales will likely drop again, and the industry will return to normal.
Seeing that so many people are working from home right now, making sure that people stay online and continue to be able to do their work is a priority. Telecoms companies are deemed essential by governments all over the world and so this industry is both continuing the work they have always done and also attracting new clients who require their services.
COVID-19 Takeaways for Business
We are living through a unique moment in human history and it’s not all bad if you know how to focus your mind and take advantage of this time.
The Coronavirus is forcing us to reinvent the way we do business and shake off the old conventions that have been preventing us from real, meaningful growth. Although it is difficult to be anything but negative and worried right now, good things can come out of this for your business.
Challenges like this can lead to innovation and reinvention, so you can use this time to improve your business by giving your business plan an overhaul and to of course, have another look at your marketing plan.