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Booming Coronavirus Economy

Which Industries Are Booming In The Coronavirus Economy?

There is no doubt in anyone’s mind that the coronavirus has taken a heavy toll on numerous businesses. The global pandemic has halted various operations, and this costly setback caused many industries to fail and crash. A lot of companies were even forced to close down. But amidst this global disaster, some companies thrived and continue to succeed. A few industries started to grow significantly, and the coronavirus pandemic actually helped companies in these industries boom with astounding success. They were simply in the right place at the right time, and some business owners capitalized on this once-in-a-lifetime opportunity. So, here are some of the notable industries that are continuing to thrive in the coronavirus economy.

Enterprise Software Industry

Businesses didn’t have a strong need for enterprise software before the global pandemic. It was available and occasionally used, but it was never used on a major scale before most people started to work from home. The remote work applications that most businesses use nowadays have accomplished something that not a lot of industries could achieve. It’s no surprise that millions of people are staying at home to be safe and avoid close physical contact with people in the workplace. A lot of business owners adapted to this change and have made their employees do the same to continue business operations as much as they can.

So, this is when millions of downloads started to happen. A lot of people began getting mobile applications that make it much more convenient to host meetings and conference calls. Some of these apps can host up to 100 people at once, but you need to get a special license from the app developers for a higher headcount and to host more than one meeting at the same time. It’s not exactly free for businesses; the companies that have made this switch had to pay in order to continue working. So, these enterprise apps have witnessed excellent success and made serious profits since the outbreak started. Video conferencing is extremely popular right now, so both the developers of these apps and the companies that manage them have benefited greatly from the circumstances.

E-Learning Companies

Because of the pandemic, a lot of e-learning and after-school tutoring programs have seen a significant surge in business. Schools were some of the first institutions to close and changes had to be made to avoid the virus from spreading any further. So, parents, teachers, and students had to switch to online education methods and use remote learning as a way to continue with education during the social distancing and quarantine periods. Online learning and teaching are the primary ways of accessing education during this crisis, and this naturally served as a strong marketing campaign for a lot of these e-learning companies.

Also, many people started buying online e-learning courses with extensive data and information that can help teachers and students alike. These companies developed tools and software programs that help teachers monitor and analyze the performance of their students, making it easier for thousands of educators and instructors to track each student’s progress. Millions of schools had to partner with these e-learning companies to try and stream as many classes as possible. In the end, it turned out to be a fruitful experience for the digital teaching and private tutoring companies due to the sheer volume of students, teachers, instructors, schools, and learning centers worldwide that needed their services and assistance.

Gaming Industry

With everyone focusing on their health, staying at home and following the social distancing measures, a lot of people turned to games to pass the extra time they have at home. Since the onset of this pandemic, the gaming world has seen a surge in downloads and online purchases, whether it’s on desktops or mobile devices. Mobile gaming was already extremely popular and had been growing over the years, but it suddenly grew even faster thanks to the extra downloads and games that people got from app stores. Even PC games are accessible because people can get digital copies of the games they want without going to the nearest video game store or waiting for the shipment of an online purchase. Game developers have also added special perks and made changes to some games in order to encourage players to log in more and enjoy their games.

However, the gaming world did have to stop hosting live events and esports tournaments, and the cancellation of these events was a setback. But they made up for it by streaming them online so that people can enjoy these without going to a big crowded place and risk getting infected and spreading the virus further. The competing teams and players can still go online and continue the event safely. Thousands of people tune in and watch, which leads to further popularity and increases the chances of people at home purchasing the games to try them out for themselves. Since a lot of gamers are at home, this leads to an increase in microtransactions and in-game purchases, too. That, in turn, translates into more profits and monetary gains for the gaming companies.

Manufacturing

It’s true that not every manufacturing industry will succeed, and some have already crashed and stopped operating because of this global pandemic. However, some of them showed perseverance during these troubling times. They made the correct changes and amended their business models to continue operations and survive. They did the right thing by paying attention to safely packaging items, sanitizing the workspace, and protecting each employee and worker so they could continue manufacturing products that are in high demand. The smart operators and business owners are the ones that capitalized on the fruitful opportunities that have arisen. They chose to switch their plans to make the products that the public wants and needs. Following such an approach is the best idea because it ensures continuity, customer satisfaction and increased revenue.

The most sought-after products during this novel virus outbreak are face masks, hand sanitizers, tissues, toilet paper, thermometers, wet wipes, and plastic bottles of different sizes for alcohol-based sprays or sanitizers. This is a great opportunity; the demand is extremely high, and a lot of people, companies, and hospitals need these products because they are being depleted quickly. A lot of unethical third-party vendors have been causing a major retail arbitrage and hoarding products to sell for higher prices for their personal gain. During a crisis, price gouging is often a serious problem. Properly run businesses that are ethical and sell a product for a reasonable price stand to win over customers long term and gain the contracts of hospitals, medical facilities, etc.

Streaming Services

It shouldn’t come as a surprise that streaming services for movies and series have recently seen a significant increase in popularity. More people are staying at home, looking for ways to pass the time and avoid boredom. One of the best ways to do this is through watching movies, shows, and anime series—you can enjoy some quality time at home, watching a nice film or a cool episode with your family. The most popular streaming service providers made amazing deals and amended their packages to make them much more appealing to millions of people worldwide, which has led to more profit, and continuous growth.

So, that means more subscriptions, more bundle packages, and more offers to roll out to make people more inclined to subscribe to the service. Also, because cinemas and movie theaters closed down almost everywhere in the world, there probably won’t be any form of watchable entertainment outside of the home available for the foreseeable future. This made a lot of streaming service providers capitalize on this opportunity and make their deals more accessible, even if their offers had previously only been available to specific locations. More people are signing up nowadays because their friends and family members are telling them about streaming services. Aside from lockdowns and quarantines, word of mouth has helped these streaming companies, as well. Social distancing may be in full force but people are communicating with each more now than ever before through phone calls, social media, video calls, and emails to feel more connected. This is a great opportunity for word of mouth advertising!

E-Commerce Markets

The e-commerce world—also known as Internet commerce or electronic commerce—is the act of selling and buying services or products over the Internet, and it has seen major success during this global crisis. A lot of e-commerce agencies, digital marketing companies, and online service providers have gained popularity and more clients because people are switching to online sales and purchases instead of traditional, in-store options. In addition, these agencies and platforms have created more job opportunities for people who want to earn money while staying at home. This means more profits for businesses.

Speaking of businesses, they are already doing more work to help people online by advising people on how to manage their e-commerce activities. They are also focusing on adding more content to their platforms because content marketing helps significantly spread awareness and provides more traffic or clicks. Millions of people that are staying at home have turned to e-commerce because it helps them make a lot of money, and the agencies that provide the platforms, assistance, and guidance have succeeded tremendously during this pandemic. More people want to shop, buy, and sell online because it’s the best and safest way to make money while preventing the virus from spreading. The people and the agencies have profited greatly from this, and it has paved the way for a future that relies heavily on digital marketing and e-commerce strategies.

Logistics Companies and Delivery Providers

More people are relying on delivery and logistics companies because the public doesn’t want to shop outside of the home because of fear of the coronavirus. So, this is where delivery providers have seen major opportunities for success and growth. If people want food, provisions, or anything else, they need someone to deliver it safely to their doorstep. In addition, these companies are ready to take orders and ship them effectively thanks to their fleets that are set up and ready ship the products to their destinations. The coronavirus has made a lot of people willing to pay for these services. Anyone can simply use their phone or computer and get whatever they want delivered, whether it’s food, clothes, or medical supplies.

Many of these companies care about their staff. Not only are they following safety protocols and preventive measures during the packaging and delivery processes, but they are also promoting no-contact drop-off services for better results. This ensures the safety of the employees as they don’t have to come into contact with anyone. Meanwhile, the people at home can rest assured that they won’t have to risk close contact with anyone from the outside world. This type of work ethic and safety option provides consumer confidence in the delivery providers. Everyone is happier—that’s one of the main reasons why these logistics companies have partnered with numerous restaurants and supermarkets to safely deliver any product a person may need, depending on the regulations and lockdown procedures in their location.

There are various ways for companies and industries to adapt to changes in the economy. The smartest businesses are the ones that saw an opportunity in these challenging circumstances and gave people what they wanted. Also, the companies that possess fully automated and digital systems were the ones that people turned to during this pandemic. Any business that’s accessible to people in the comfort of their own homes saw major growth. It’s quite remarkable how a global disaster created promising opportunities for certain industries. The companies that managed to use this to their advantage truly got to stand out and achieve success. Whether this will prove to be short-term success or long-term, they have definitely made their mark in the business world.