Overall, the coronavirus pandemic has had a devastating impact on the economies of many countries. This means that many businesses have been affected as a result of this. While many businesses are hurting and stagnating during the coronavirus pandemic, some businesses have seen growth and experiencing new customers. For example, the restaurant industry has suffered a big blow combined with the tourism sector. In some countries where indoor dining has not been opened to the public, many hotels have struggled to keep up. Surprisingly enough, some businesses have soured during the onset of the COVID-19 pandemic, and let’s look at some of these businesses experiencing growth despite the hard times.
1. Home Improvement Sector
The home improvement sector has grown at an alarming rate, coupled with the fact that many people were homebound during the pandemic. We have seen a lot of people who’ve taken to the likes of Airbnb and mortgage. If you were looking forward to sell your house fast, then the lockdown offered an excellent opportunity for this since many people were going broke and resulting in selling their houses or renting them to meet their daily needs. Several areas that have experienced immense growth under the home improvement sector include:
Plumbing is an entirely new sector that has emerged unexpectedly. Since many people are homebound in many countries, some house utilities get broken and need fixing. Many plumbing companies have snowballed during the onset of the pandemic.
We’ve seen a rush in people growing their food since the benefits are immense compared with buying. Having your small garden where you can grow simple vegetables and fruits is advantageous since the health benefits are immense. In the last four months alone, many consumers have been researching online about gardening and raising livestock.
Home Beauty Products
Home beauty products and businesses have experienced rapid growth, projected to continue rising in the beauty industry.
Critics may argue that this area was affected, but the entertainment sector needs to be looked at from another angle to understand why they were some of the biggest winners. Here are some of the areas that made the big wins:
Online video subscription platforms
Companies like Netflix added more than 15 million new subscribers during the first quarter of the year. Other platforms like Hulu, Prime Video, and Showmax (South African-based) have also seen subscribers’ growth since many people were homebound and hence the high number. These businesses thrived, since theatres, cinemas, and concert venues were closed, and, in some countries, many of them are yet to return fully.
Zoom became the most commonly used video conferencing option during the onset of the pandemic. Zoom went ahead to surpass previous industry-based companies like GoToWebinar and Cisco in the first quarter of the year and is still being used widely in places where they are yet to resume normalcy. Many meetings were conducted virtually since it was difficult to have one-on-one conversations.
With the pandemic forcing many people to remain indoors instead of going out, businesses in the gaming industry have had their fair share of luck. With many kids also at home, video games have become the norm to entertaining kids and keeping them occupied.
3. Supermarkets and Online Retailers
Businesses in the eCommerce industry have fared well during the COVID-19 pandemic. Many companies that deal with online sales and delivery have experienced impressive growth since many people opt to have things delivered straight to their houses. Since many consumers could not visit physical stores, buying items online was the safest way to avoid contamination.
Well, you may be wondering why supermarkets made it to the list. Hotel and restaurant closures helped lift the supermarket industry since many people who typically dine out would instead have to make their meals. In many countries, supermarkets remained open as “essential businesses and services,” which is why many supermarkets experienced a boost.
Home alcohol consumption rose rapidly during the pandemic, even with bars and nightclubs closed in many countries. Liquor stores were also designated as providers of essential services and providers. With this, many people opted to have virtual cocktail parties using video conferencing platforms like Zoom.
4. Hand-Sanitizing Business
Hand-sanitizing businesses were some of the biggest winners of the day. Hand-sanitizing kiosks have multiplied globally. People are using hand sanitizers everywhere they go, and many companies have been forced to increase production to keep up with the demand.
Even with the pandemic affecting every area of our lives, many businesses are slowly starting to rise. This has been a critical period where we’ve learned lessons and known which businesses can last a lifetime.