(Newswire.net — June 25, 2020) —
In the early days of the coronavirus pandemic, news reports and polls indicated just how hard-hit most companies were. A Wallet Hut survey released in early April 2020 showed nearly nine out of 10 small businesses had already been negatively affected by COVID-19.
Yet not every organization or industry experienced a rapid downturn due to coronavirus. In fact, some companies saw unbelievable spikes and are on track to outperform their early growth and revenue expectations.
Which types of businesses have enjoyed a silver lining in a globally uncertain period? Eight stand out in particular as reminders that consumers are still spending, no matter what’s happening around them.
1. Telehealth
Coronavirus has become a major healthcare crisis. It’s also opened the door for people to think more seriously about getting medical diagnoses, treatments, and management in alternative ways. Case in point: Telemedicine has taken off. Fewer people want to flock to hospitals, ERs, urgent care practices, and family physicians because they’re worried about the spread of viruses and bacteria. As a result, individuals and families are turning to innovative telehealth companies like Nurx to get everything from evaluations to prescriptions.
Becoming a patient doesn’t happen automatically. Like all legitimate telehealth providers, Nurx follows stringent clinical guidelines to keep patient safety in mind. The end result? Individuals and families sheltering in place don’t have to go without healthcare or access to credentialed, trained medical professionals.
2. Arts and Crafts Stores
As CNN pointed out in an article on the hottest quarantine hobbies, everything new has become old again. Consumers of all ages are rediscovering “lost” or merely forgotten arts, such as sewing, train collecting, origami, and drawing. And that’s been a boon for online retailers like JOANN Fabrics and Kit Kraft.
Interestingly, these hobbies are even starting to turn some dabblers into first-time entrepreneurs. Etsy’s bustling with items that have come from hobbyists with lots of time on their hands, thanks to COVID-19. Consequently, the gig economy may get an unexpected push from the pandemic, too.
3. Videoconferencing Platforms
In a matter of three months, Zoom shot from hosting 200 million people’s calls to helping more than 300 million consumers via teleconferencing chitchats and conferences. Though its platform had a bit of an unstable start accommodating so many new players, as evidenced by “Zoombombing,” the brand has successfully navigated its growing pains to become the leader in videoconferencing technology.
Although many companies’ employees have begun returning to traditional office settings, telecommuting is showing few signs of ending. Plenty of companies are toying with allowing workers to be more flexible with their scheduling, especially after remote work has proven reliable. This means Zoom, Microsoft Teams, and related software will remain relevant for the foreseeable future.
4. Online Grocery Stores
At the beginning of COVID-19, consumers weren’t certain if they could feel safe going to their local grocers for food. Accordingly, they turned to the internet in large numbers. Not surprisingly, they discovered that many grocery stores and large retailers, like Amazon, offer free or reduced-fee delivery service.
Now that people have gotten a taste of this level of convenience, they’re probably not going to completely eschew using their devices to order grub. Sure, they’ll still head out for milk, bread, and essentials at neighborhood shops. But don’t be surprised if online grocery services become the norm, if only for convenience.
5. Subscription Entertainment Services
It’s hardly a secret that lots of people spent quarantine cuddled up to their TV sets. Netflix, Hulu, and Disney streamed entertainment into homes around the globe, raising their stock prices significantly. At this point, the main subscription entertainment providers are locked in high competition, which could be a good sign for consumers who haven’t yet arranged memberships.
As the entertainment production industry starts to produce and release more series, films, and biopics, expect to see streaming services like Netflix flood the internet with heavy-duty marketing. Adults and kids alike have doubled down on their preference for immediate entertainment, and they’ll happily keep consuming.
6. Hygiene-Linked Manufacturers
The makers of hand sanitizers got an enormous 16.6 percent revenue bump in 2020, according to IBISWorld statistics. Chances are strong that consumers and businesses aren’t likely to stop purchasing sanitizers, even after COVID-19 cases slow to a trickle.
Other hygiene-related manufacturers working nonstop during quarantine to keep up with demand include paper product and cleaning supply producers. Again, they’re apt to stay on target to exceed quarterly sales figures as long as everyone puts an emphasis on sanitization and stay-at-home orders.
7. E-Learning Platforms
Schools and companies discovered the convenience and appeal of virtual classrooms when coronavirus hit. True, e-learning isn’t everyone’s cup of tea. Nonetheless, it’s proven practical when in-person teaching isn’t feasible or safe.
Several e-learning platforms and providers have begun to make their products more intuitive and available. From Moodle to Google Classroom, top leaders in the virtual market are hedging their bets that online learning isn’t a passing fad. And with some schools and universities announcing that their fall 2020 coursework will occur remotely, e-learning seems poised to become more mainstream for Generation Z.
8. Home Fitness Equipment Sales
It should come as no shock that people discovered that they didn’t need fancy locations to get fitter and ward off the so-called Quarantine 15. All they needed was some basic equipment, which is probably why home fitness solution sales jumped 170 percent after lockdown measures were put in place.
Though the rush to purchase everything from ellipticals and treadmills to yoga mats and weights will likely cease, people building home gyms might want to keep up with their newfound at-home exercise regimens. Plan to see more apps, online sales, and fitness-related items available in the push up to the holidays.
COVID-19 wasn’t kind to most businesses. But the few that are succeeding against the odds will help keep the economy moving forward in a positive direction, and that’s an all-around win.