Business in times of COVID-19.
Which sectors are booming?
Is it a good or bad time to start a business?
In difficult times, businesses have the need to think differently to overcome the obstacles that the situation presents to them and that is when the doors to innovation are opened. However, keep in mind that the speed with which we adapt to changes is just as important. In this article we tell you about those businesses and sectors that are booming during the pandemic and will continue with that trend after it. Just keep reading!
“In times of crisis, only imagination is more important than knowledge.”
Factors to take into account
Regardless of the sector in which you want to undertake, there are three areas that you should take into account
Invest in technology:
If anything was evident in the time of coronavirus, it is the technological dependence to be able to keep the businesses of many sectors afloat. The growth of teleworking has meant an increase in investment in technology for the creation of software, platforms and all kinds of tools that make it easier to work from home.
In 2020, e-commerce grew by 36%, positioning itself as the main method of purchase. With the limitation of movement, businesses that saw the digitization of their products or services very far away or even impossible have been forced to do so, such as: concerts, museums, events, shops, hospitality. Consumption habits have changed and digital is here to stay.
Factors such as the increase in e-commerce and such fast delivery services, such as Amazon, have accustomed the consumer to certain standards in terms of delivery and waiting times for their orders, resulting in companies in the logistics sector growing by 24% in 2020. This sector has become an opportunity, specifically those companies that serve SMEs.
And on the eve of the post-covid era, which sectors are booming?
Some industries during the pandemic were positively affected by the increase in their profits and it is quite likely that they will continue to grow in the post-pandemic era:
Video call platforms
Whether for work or leisure topics, this type of platform became part of the day-to-day life of a large part of the population. As an example, we have Zoom, which in just two months the price of its shares grew 100%.
Streaming entertainment services
With the closure of theaters and people staying at home, platforms such as Netflix gained millions of subscribers.
Training centers were forced overnight to take all of their services to a digital format and although little by little it is returning to life to the classrooms, we see how little by little the preference for online training is increasing.
Since its appearance it has always been a fairly profitable business, but with the current technological dependence the rate of cybercrime has been increasing and to protect our data companies are forced to increase investment in cybersecurity.
Due to movement restrictions, local attractions have gained popularity. According to studies, people prefer to stay close to home and opt for local leisure options, from local tourism to visits to the zoo or nearby theme parks.
As expected with so much time at home, video games are also among the booming businesses. With sales increasing thanks to the pandemic, it is possible that players will continue to enjoy the games once we return to normal.
Millions of face-to-face medical consultations were canceled as a result of the measures taken in the pandemic, so in many cases the use of technology was used to offer telemedicine. Currently, this modality is maintained since it saves patients on displacements that are not necessary.
The pandemic banned almost all physical meetings, which led to an increase in downloads and interactions of this type of application. In 2019, it was predicted that in 2035 finding a partner online will overcome finding it in person, and it seems that the current crisis has only amplified our dependence on the virtual world.
With the closure of gyms and sports centers, only those who offered services digitally were able to continue operating and with the current instability everyone has had to look for an alternative to continue offering their classes. However, once they reopen them forever, those who prefer privacy, flexibility and saving money will continue to play sports from home.
According to data from the Observatory for the Evolution of Electronic Commerce in Food, the percentage of consumers who buy food products online reaches 31% of the population, about seven points more than in 2019.
After limiting capacity in restaurants, many bars and restaurants have closed again, leaving take-away and home food services as the only option. The current crisis has accelerated a trend that was already underway, so everything indicates that it will be another of the booming businesses. Food delivery will account for 21% of the restaurant market by 2025.
Let’s be honest, if you got this far it’s because you know that great opportunities arise in crisis, it’s just a matter of knowing how to adapt to the new rules of the game and make use of our creativity to innovate; Congratulations!
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