The coronavirus is reshaping our world; it is forcing people to spend more time with their families, forcing people to clean themselves constantly and be more considerate about their intimate relationships. It has closed all the restaurants, pubs, hotels, casinos, theatres, and everything where a large no of people used to gather and eventually quarantining people in their houses with no physical contact with the outside world. The pandemic has unbelievably disrupted the whole world.
From business to lifestyle and livelihood this tiny creature has turned our lives upside down overnight. Many businesses and industries such as travel, aviation, hospitality services, theatres and concerts, restaurants, etc. have faced a major sit-back and bizarre downfall in revenue and operations due to lockdown and various government restrictions.
However, amid the economic crisis worldwide some businesses have not only managed to stabilize but also witnessed unprecedented growth. Let us look at the top 10 businesses that boomed despite the economic downfall during the Covid-19 pandemic.
1. Medicine and Pharmacy Stores
During the pandemic, when the world was under complete lockdown, the pharmaceutical business played an essential role. In many countries like India medical stores were allowed to open during the lockdown as a part of essential services, so that patients who have minor or major health issues can get medicines on time. Medicine delivery services were also available so that people quarantining themselves can order medicines by either calling on toll-free numbers or through apps. Hence, the pharmacy business had a major contribution to fighting against novel coronavirus.
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2. Grocery Stores
Another business that bloomed during the pandemic was the grocery business. Due to restrictions and social distancing all the restaurants and eateries were shut down throughout the world, the only option left was to purchase groceries and cook for yourself and your family. This led to increasing demand for large and small grocery shops as well as vegetables and fruit vendors.
People could buy those products not only from the local shops and wall-mart stores but they could also order kinds of stuff of daily use from various mobile apps who promise to deliver top-quality products the next day of placing the order. Businesses of local vendors as well as online grocers have witnessed a trend defining growth.
3. Educational Technology
Due to the widespread of the novel coronavirus, schools and colleges were shutdowns worldwide, and in such times the educational technology industry came as a savior for teachers, students, and their parents. Schools and colleges worldwide took classes through apps like Zoom, Microsoft Teams, Google Meet, etc. Teachers had to change their traditional teaching methods and adapt interactive and innovative teaching methods.
Many other applications like Byju’s, Vedantu, White Hatt Jr, Unacademy, etc. gained popularity in countries like India, these revolutionizing education apps earned a tremendous amount of profit during the pandemic.
4. Online Retailing
The crisis around the world due to Covid-19 has changed the shopping behavior of the consumers. People no more want to go brick and mortar outlets for purchasing goods; they prefer to purchase items online through e-commerce apps. These apps fascinate and attract people through various offers like easy returns, free delivery, online payments, extra discounts, and so on, hence booming the business of the e-commerce sector throughout the entire world.
“During the lockdown when people were forced to stay indoors these shopping sites became a boon for shopaholics. Many business firms decided to go online due to the current situation in the business world, to survive in the race.” – in one of his recent interviews as nicely elaborated by Łukasz Kolczyński, the founder of Ordering Stack.
This situation gave a huge spike to the B2C e-commerce business as they got many new customers and had a tremendous amount of profit.
5. Online Gaming
Online gaming has helped people to stay engaged and feel positive. Due to the outbreak of pandemic when the whole world was forced to survive for months inside the four walls of their house, online gaming came had come to rescue to decrease the boredom of people. The gaming industry has faced a major boost in its operations due to millions of downloads and gamers had innumerable options to choose from.
The time people spend on online gaming has increased during the lockdown period as compared to pre-lockdown. People who were isolated felt less depressed by playing games online. New trends such as AR and VR gaming also gave a thrilling and captivating experience to gamers. There is a huge scope of growth in this business post-pandemic due to mobile gaming and deeper internet penetration.
6. Entertainment Business
As we all know movie theatres, live concerts, stage shows, night clubs were all prohibited due to the pandemic, hence viewers found a new way of entertaining themselves during the lockdown period. The business of online streaming platforms has soared to new heights during the lockdown, many people have bought the subscription for Netflix and Amazon Prime and have binged watched all the exciting shows just by sitting and relaxing on their bed. This industry may even keep up their growth as people are finding it more affordable and convenient to watch new movies and shows at home at lower prices as compared to watching them in theatres.
Many new entrants are also trying their luck in this industry and are planning to grab a share due to an increase in demand and popularity of OTT platforms. Without a doubt, these industries have made the most out of pandemic with almost the maximum world’s population turning towards them.
7. Fitness and Wellness Apps
Gyms and fitness centers worldwide had to shut down their doors during the outbreak of the novel coronavirus. Health and fitness industry found digital platforms as a blessing in disguise. Due to the closure of gyms, and people being captured inside the four walls of their houses, the industry has created many fitness and wellness apps that allow individuals to stay fit and healthy from the comfort of their houses.
From yoga and meditation apps to personalized video workout and run and walk coaching, some apps help you maintain your healthy diet and prepare a personalized food chart for you. Hence fitness and wellness apps had a huge number of downloads during the pandemic and have earned a fair amount of profits.
8. Healthcare Consultation
In the era of Covid-19 when people are in isolation and not allowed to go outside or elderly people who are at higher risk during such times, for the convenience of such people, many telehealth companies have made apps that allow patients to consult doctors through their computers or mobile phones. It is no surprise that medical technology has observed a huge gush in their business.
Telemedicine is another branch of medical technology that has emerged as a savior of the lives of many patients, enabling them to consult virtually with doctors or therapists. It has made a huge contribution to healthcare services during the pandemic; many hospitals worldwide have adopted telehealth services during the pandemic.
9. Electronic Money Transfer Apps
As told by doctors and WHO, currency notes and coins carry an ample number of germs and during times of crisis, hard cash can act as a vehicle for coronavirus. Some countries have taken measures to prevent the physical transfer of cash and have promoted cashless, contactless, and online payments for the safety of their citizens.
Countries like China have even burned their currency notes from the most infected provinces. In such times businesses of many electronic money transfer apps have bloomed, as people are working from homes and prefer online shopping so their way of making payments is also changed to digital, as a result, digital wallet users have increased.
10. Business Producing Masks and Hand Sanitizers
Wearing masks, sanitizing, and washing hands with soap or hand wash are some key measures to suppress the transmission of the virus and save lives. Due to the recommendation of doctors and WHO demand for such products has readily increased in the market. So many new companies and business firms have found an opportunity in the middle of difficulties and have set up factories for the manufacture of masks, sanitizers, hand washes, PPE kits, face shields, and other types of equipment that may help in preventing the spread of the virus and have earned a huge amount of profits during the pandemic.
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Stand Together for a Better Tomorrow
During these unprecedented times of the coronavirus pandemic, these top ten businesses have come out in the most revolutionary way possible. The people in these businesses have always put their best foot forward and tried to serve people in every way possible, while others trying to make a life within the four walls of their house. In this global pandemic, the world needed huge positive energy to fight against the negative forces; communities have come closer, nations aided each other to mourn at their losses.
Hence the pandemic has taught people to appreciate their health and the people around them, be thankful for what they have, and generate positive energy for the welfare of humanity. We truly believe that there will be a solution to this global crisis very soon and the world will be a healthier and happier place once again.