Industries And Trends: The COVID-19 pandemic has certainly brought upon us some very large changes to how we work in this age.
It may have even brought about the end of many businesses never to be seen again, and the emergence of new businesses which will dominate the rankings of top revenue generating companies.
Whether you are:
- interested in knowing more about some of these companies,
- interested in working for some of them
- or wanting to start a business in a new and growing sector of the market…
we will list some of the more significant trends that this pandemic/recession has brought about and some of the companies that are paving the way for a new future.
Industries And Trends That Have Done Well
Here are a few emerging markets and companies that have been growing during this period:
1. Home and gardening
So why would the home and gardening industry be up in sales during this period?
With more and more people staying at home, there has first been a renewed interest in DIY (Do It Yourself) home improvement projects.
It has also created a surge in people trying their hand at gardening and growing their own fruits and vegetables.
While going back to work will probably bring these sales levels back down, now is still a good time.
If you have an online store and have the opportunity to add items in the home and garden area, it could be a chance to add some revenue to your monthly sales.
Brick and mortar companies like Home Depot, Lowes and Ikea may see stability, or even growth during the next few years.
Although they may see more of their sales coming from online purchases.
2. Food and beverage
Yes, a lot of restaurants have closed their doors permanently during this pandemic and all that remains of them are but memories.
But there have also been companies in the food industry that have adapted and found ways to survive in this market.
Since restaurants have not been open for weeks and even months, home delivery has had a good return for a few companies.
In particular, those that have had a slight edge technologically have been able to attract customers through their systems of online ordering and delivery to the customer’s door.
Not only have pizza companies like Domino’s, Pizza Hut and Papa John’s been able to survive, they have recently offered to hire new employees in the thousands, helping many unemployed needing jobs to continue working.
In addition, food delivery companies have also kept the workforce going, providing restaurants with door to door delivery services.
Companies such as Uber Eats, GrubHub and DoorDash have also seen delivery orders surge during this time period.
So if you are looking for some flexible work and good exercise, you might want to check out one of these companies.
Since staying at home has become more mandatory than an option, grocery stores have also seen good business.
Although there is no longer a crowd waiting in line for toilet paper, food items were in high demand, especially around March of 2020.
Companies such as Kroger did see surges in their sales, and many grocery stores are now offering online ordering and cubside pickup.
Will they remain in this trend is not certain, but a few months of the habit of eating at home may help it continue, as most families won’t be ordering takeout every day.
3. Healthcare
With COVID-19 still around, and with the virus beginning to adapt and change around the world, the threat still remains and the future of how we live still is uncertain.
Expect the market for masks and sanitation products to continue to be on high demand.
Pharmaceutical companies will also be pouring billions into R&D as well as manufacturing at some point.
3M, which manufactures surgical gowns and respirator masks, should continue to see strong demand.
Johnson & Johnson, Pfizer, Moderna and about six other pharmaceutical companies are on a race to develop the first effective vaccine for COVID-19.
4. Online collaboration tools and videoconferencing
These days Zoom and GoToWebinar have become household names.
Everyone has probably been involved in an online videoconference at some point by now.
These companies have been very busy since videoconferencing has become necessary for so many businesses.
Other tools involved in information sharing and online collaboration, such as Slack and Microsoft Teams have seen a surge in usage as well.
Use of these tools to share or teach information from the comfort of your own home could potentially be the spark to a whole new business for you.
It has shown us that many businesses no longer need to rent space in an office building, or commute to work.
5. Video gaming
Since the lockdown has also given rise for the need to entertain at home, many video gaming companies have also seen business boom.
to a recent article, gaming across the board has seen increases in business, however the mobile gaming sector currently accounts for roughly forty-nine percent of all business.
Sony Playstation and Nintendo have also seen increases in sales during this period.
Surprisingly, many of these games have also created online communities and opportunities to communicate with each other from across the world.
If the spread of 5G continues, could we see more and more people sharing and communicating through games online?
We will see, very shortly.
6. Video streaming services
Movie theaters have been closed during lockdown.
And even when stores and other businesses begin opening their doors, it will be difficult to fill theater seats with social distancing being a mandatory practice for all businesses.
Many consumers have found it much more convenient to just open a smartphone app or watch the movie they want to see at home through services provided by Netflix, Disney, Amazon Prime, YouTube or some other online video streaming service.
What this could mean for the movie industry is a major shift in how their media will be distributed.
Movie theater chains could go out of business, concessions such as popcorn and candy could lose a major traditional source of revenue.
For years, the music industry has also seen major shifts, as LP records, and compact discs are getting harder and harder to find.
It has become very convenient to purchase a single song of choice through streaming apps such as Spotify or Apple itunes.
It is staggering to think that some of these companies mentioned, many of which are some of the world’s largest corporations didn’t even exist thirty years ago.
Also bear in mind with the introduction of 5G and being able to download a movie in a matter of seconds, you no longer have to:
- change your clothes
- get in your car
- buy a ticket
- and sit in a movie theater with sticky floors anymore.
This could prove to be the downfall of one business and the thriving of another.
7. Online shopping
ecommerce has been a savior for major retailers, and has also given rise to the power of individuals who have made small fortunes with their online stores.
Of course, there are the Amazons, the Targets and the Walmarts of the retail industry that have a dominating presence in online retailing.
But it is also now easy to create and put your own online store on the internet for everyone in the world to buy from.
Now you don’t even have to purchase in advance or hold your own inventory, as companies like Shopify and Big Commerce have made it easier to:
- connect with manufacturers that can simply take your designs
- print them onto items of your choice to sell
- and offer them to your customer, shipped directly from the factory to the consumer.
It has become more possible than ever to gain your independence and earn an income online.
As you can see, success leave clues.
Surging Industries And Trends: Final Words
One little extra bit of information we’d like to leave you with.
You don’t have to reinvent your wheel, but you do need to possibly find a new use for it.
Take the example of a company called Terraboost Media.
If you live in the United States, chances are you have seen their advertising kiosks when you walked into a shopping mall.
They are an advertising and media agency, howevever, they may be more known for offering a spray of hand sanitizer or alcohol wipe to you before entering the store or shopping mall.
Terraboost has increased their hand sanitizing displays over this period by the tens of thousands, covering over 60,000 kiosks and growing.
There are even talks of expanding to colleges and universities once they are open again, someday.
Just another creative idea of using what you have now in a different way in order to serve people.
So we hope that you can find this information valuable and a great tool for you to succeed in not only surviving during this period, but thriving and prospering for the rest of your working career.
Do you know of any other industries and trends that have surged since the pandemic?
(Please note: Any information in this article is not to be taken for financial advice. You will need to do your own due diligence if and when making any decisions pertaining to your own financial situation and financial future.)
References:
5 industries (still) thriving in the Coronavirus lockdown, MentionMe.com, May 6, 2020
https://www.mention-me.com/blog/sectors-thriving-during-coronavirus-lockdown
Video Game Industry: Thriving In A Pandemic, The Asean Post, June 22, 2020
https://theaseanpost.com/article/video-game-industry-thriving-pandemic
Business is booming for these 14 companies during the coronavirus pandemic, CNN News, May 7, 2020
https://edition.cnn.com/2020/05/07/business/companies-thriving-coronavirus-pandemic/index.html