Since childhood, our parents always taught us to look on the bright side. They would say to look at the cup half-full and find the good in the bad. As we grew older, we began to notice that this lesson seems to make a regular comeback and, perhaps unsurprisingly, is as relevant as ever. Think about all the self-help books you picked up in moments of despair, including every bio documentary about successful business people you watched for inspiration. Invariably, you will have come across the same lesson to turn the odds in your favor. Maybe the reason why this lesson is so universal is that it is such a vital element to surviving and evolving through life, and it is hard to actually apply it, so we find ourselves needing a reminder from time to time.
Regardless of the reason, now more than ever, we need to start practicing this belief. With the world going through some of its darkest days fighting the novel Coronavirus outbreak, we all need to find some positivity to give us hope for the future. Although this pandemic has shaken the global economy and made entire industries collapse, putting millions out of work, some companies are, in fact, thriving amidst these dire circumstances.
After governments urged civilians to stay home and practice self-isolation, Internet use has reached record heights as people try to remain as connected as they can with the outside world. Add to that the tens of millions of employees forced to work from home, and the students carrying on with their education through online platforms after schools and universities were shut down. It is evidently clear that the shift we are experiencing has brought about new opportunities for certain companies to step up and move the front stage during these historic times.
While you may already be able to name a few, read on below to learn about how other companies have achieved better growth even in the Coronavirus economy.
Needless to say, in this health crisis, the pharmaceutical sector is currently one of the most profitable areas in the world. With the exploding demand for virus testing kits and medication treatments, these companies are making tons of sales and substantial profits. Another clear sign that this sector is booming points to the number of job creations, at a time where other industries are crumbling and proceeding with mass layoffs.
Although they do have a vital role in eradicating the virus, public opinion is not particularly delighted with this situation. As a matter of fact, there are valid concerns regarding how these private companies will grow into even more powerful economic actors and have complete control over drug prices and accessibility, all without any government supervision.
Politicians, on the other hand, are arguing against capping their profits, understanding that this can get in the way of their research and innovation. There is some truth to both arguments. Nevertheless, under the current circumstances, it would be hard to argue against these companies is one of the essential tools to potentially save the world’s population from the outbreak.
Medical Equipment Manufacturers
The highly infectious nature of the respiratory COVID-19 disease has caused a rapid and fierce demand for personal protective equipment and ventilators. Highly infected countries, such as Italy and France, are hard-pressing manufacturers to try and catch up with exponential demand. As such, medical equipment manufacturers have been growing steadily and recruiting more staff than ever before.
Meanwhile, other manufacturers in different industries suffering from insurmountable losses are devoting their factories and production lines to lending a helping hand to medical manufacturers who are barely able to cover current healthcare needs. Automakers are producing respirators, and sportswear brands, and high-end clothes designers are producing masks and medical gowns en-masse. In short, every major player is joining forces and collaborating to do their part in battling the pandemic.
Internet and Telecommunications Providers
China, along with other countries that have successfully reached the containment phase, is clear proof that self-isolation is key to slowing down the spread of the virus. Although it is such a simple demand from civilians to keep healthcare systems afloat, isolation is not as easy as it sounds.
Many people are suffering from debilitating anxieties, even nervous breakdowns, following the depressing news, and worrying about their livelihoods and futures. This has made telecom companies an integral element to surviving and maintaining social connections without feeling completely shut off from the external world.
Mobile service providers and Internet providers are working at full capacity to fulfill the connectivity needs of people across the globe. Not being able to visit their parents and older family members who are at a greater risk of contracting the virus can make them feel lonely and left out. However, daily video calls with children and elders are helping them to better adapt to the current situation — not to mention the doctors, nurses, and all those fighting on the front line who cannot go back home to see and take care of their families.
Healthcare professionals are also heavily relying on the Internet and telecommunication companies, who have become saviors during these difficult times. Telecom companies are working around the clock to maintain their levels of service, meaning that they are operating at full capacity, inevitably spurring exponential growth.
Digital sales are no longer considered a mere preference. Since people are in quarantine at home, many are relying on online retailers to fulfill their essential needs. Giant companies like Amazon, Target, or Alibaba are witnessing a sharp increase in their online traffic and showing record sales.
As a result, they are prioritizing shipment and delivery of life-saving supplies; these include food items, medical supplies, as well as childcare products, given that the demand for them is noticeably high nowadays. The industry is also hiring a massive number of people to allow themselves to fulfill piling orders. It is also worth mentioning that, due to countries being under lockdown, there is an acute drop in cross-border sales.
At the end of the day, local online retailers are growing better than in pre-Coronavirus times.
In a broad sense, delivery services have been helping lots of businesses to withstand the challenges brought about by the outbreak. Local restaurants and small convenience stores, for example, now rely on courier platforms to reach their customers at home more than ever, especially small businesses that cannot afford their own delivery structure.
Even though many are afraid of being in contact with any couriers, others are adamant in saving their local shops and restaurants by ordering from home to help them continue their daily operations. Courier companies have also been highly responsive to health concerns and are adopting new measures to comply with new “no-contact” rules. Online retailers also depend on courier companies to help them deliver their products to people self-isolating at home, as well as to hospitals and other entities that are operating in full force.
Software Development Companies
Software companies that design downloadable mobile apps are certainly benefiting from the current situation. With half the globe staying at home for weeks now, everyone is looking for ways to fill their long days. In fact, many people have decided to take this time to focus on their fitness and get in shape. This has quadrupled the demand for fitness and nutrition apps that cater to health fanatics and newbies alike, allowing them to work out from home and grow their knowledge of health and wellness.
Likewise, another type of app that is equally popular is educational programs. Overwhelmed parents everywhere have found themselves for the first time fully in charge of their kids’ educations. Deeming the homeschooling schedules designed by the schools to be unrealistic, many parents have decided to take matters into their own hands and have resorted to using educational programs to customize curriculums for their kids.
As one would expect, the leading apps across the board these days are video chatting platforms. Starting the day with work meetings, then moving on to a catchup session with family members, and finally ending with a happy hour with friends, people cannot seem to get enough of virtual discussions. As for the knowledge-thirsty folks out there who do not like wasting time, they still contribute to the mania as they have a plethora of language-learning apps and tutorial streaming to make better use of their time. All in all, it is interesting to see how this pandemic is demonstrating how common our interests can be as human beings. No matter where you are in the world, and regardless of your cultural background, everyone is looking for ways to cope with the new reality of staying indoors.
Television and Streaming Services
Staying at home is more or less the same for everyone; an excuse to binge-watch shows and movies for hours on end. Serving as a great distraction from the ominous virus news, Netflix and other streaming services are being used to such an extent that they had to intentionally lower their quality of streaming just to be able to fulfill the overwhelming demand worldwide. With limited options when it comes to what can be done at home, even those who are not passionate viewers are giving in and subscribing to help them pass the time. With everyone giving their recommendations on social media, you can easily compile a watch list that would last you through the duration of the quarantine, however long that may be.
Online Medical Consultation Companies
New startups are also ramping up to meet the demand for remote medical consultations. Since movements are limited and with people growing concerned over their health and immunity, online and telemedical consultation companies are achieving better growth. Self-practice doctors and healthcare professionals who are not contributing directly to over-capacitated hospitals with COVID-19 patients are still doing a great job by addressing the needs and inquiries of the rest of the population. From providing medical advice and prescribing medicines to recommending ways to avoid contracting the virus, they are filling a colossal gap in the market right now.
Sanitization Products Manufacturers
Aside from the exceptional need for extra sanitization products in hospitals and other medical facilities, the outbreak of the Coronavirus sent individuals maniacally panic-shopping and stocking up on disinfectants and sanitizers. This was so much so that most stores completely ran out, merely days after health authorities began spreading awareness regarding the virus transmission. The spiking demand made hand sanitizers and disinfecting wipes that people can use on the go reach outrageous prices online. Although this happened before quarantines were enforced in most countries, up to this day, there continue to be massive shortages of these precious commodities. This ultimately goes to show that sanitization manufacturers have recorded exorbitant profits in the last few months, compared with what they normally do within the course of a year.
Long-Life Food Companies
Lastly, with the uncertainty surrounding the current quarantine situation, and not knowing how long people will have to live in isolation, everyone is stocking up on long-life canned foods for durability. Accordingly, the companies that produce these items are riding the high wave of demand, and are experiencing growing sales. Relying on nonperishable food items saves multiple visits to the grocery store and is also a great alternative for those staying at home with limited cooking skills.
The most successful companies nowadays can be categorized into three main types. The first ones are those whose activities revolve around health, which are naturally crucial in fighting the outbreak. The second are companies that cater to the needs of those staying at home. Last but not least, there are the ones that are serving everybody, like telecom companies. There is no way of knowing whether these profitable companies will continue to grow further after the full containment of the virus. On the one hand, a number of economists have projected their growth to be only temporary and context-based.
On the other hand, others believe that there has been a shift in consumer habits brought on by the virus, which is likely to continue in the future. However, with the imminent scenario of a deep global recession, all businesses are under threat. There could be massive changes in the economy as a whole; millions of people are expected to lose their jobs and be pushed to poverty. As such, the world needs to get rid of the Coronavirus first, after which time we will be able to assess its repercussions and have a clearer vision about how we can save the economy.