The pandemic and the global lockdown have created many problems for businesses, which were forced to either close, go into hibernation, or urgently rebuild processes to survive. Every tenth business in the world was at risk of being shut down from coronavirus restrictions, and among small and medium-sized businesses, every one in five businesses have ceased their activity.
However, not everyone has felt the negative effects of the pandemic. Several companies have only benefited from it, winning a huge number of customers and showing their relevance in the new realities. What are these businesses? Let's figure it out.
Whose business won amid the pandemic?
1. Online medicine
While hospitals massively closed for COVID-19, the need for treatment from the rest of the patients didn’t disappear. The fear of getting infected when visiting clinics leads many to seek advice online. As technology advances in medicine, the range of diagnostic options will expand.
2. EdTech projects
Large platforms focused on distance education have more than doubled their profit. Pearson, the world leader in the online education market, saw a 400% increase in activity on its online platforms.
What has triggered such a boost? Many working people who have been left idle due to the closure of enterprises have more time to educate themselves. Some understood: after the end of quarantine, the crisis won’t end, and therefore they will have to master new skills to keep their jobs and remain competitive in the labor market. Those who have already lost their jobs started thinking about acquiring a new demanded profession.
3. Online retailers
During the pandemic, people have shifted their focus to online shopping. This trend continued after the lifting of strict quarantine measures: most of the people who tried online purchases continued to purchase goods via the Internet. At the same time, stores, which previously paid little attention to online technologies, were forced to transform in an accelerated mode.
In the time of the pandemic, e-commerce became something bigger than just a site with pictures, so companies began to actively develop their IT departments to improve web design, advance pages loading, and implement more online features to stand out from the competitors.
4. Software and application development
The tech sector has lived through the year of the epidemic quite well, unlike the travel or restaurant industry. The secret is that technology allows providing services or solving problems remotely, which was especially important due to lockdowns and social distancing in almost all countries of the world.
Most of all, tech companies were asked to develop applications for video calling and remote company management.
5. Streaming services
Due to the inability to leave the house, many people were faced with the question of how to fill the suddenly appeared free time. They found a solution in TV series, films, and podcasts.
In the first summer of the pandemic, Netflix saw a significant increase in views, with Disney+ receiving the most subscribers and traffic.
6. FoodTech projects
During the pandemic, the demand for the delivery of ready-made diets of proper nutrition has grown: people understand how important it is to maintain health and immunity in the current conditions.
Also, the demand for food delivery services, in general, continues to grow.
Wrapping up
In the past 2020, there has been an increase in the number of companies that have liquidated businesses. Most often, this was done by companies in the restaurant business, travel agencies, companies providing logistics and cargo transportation, as well as some private organizations. The main trend in 2021 is the redistribution of income by different industries: a drop in some and a strong growth in others.
And which industries are taking over the market, we will find out at the end of 2021.
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