There has been a lot of discussion about how coronavirus has devastated the economic landscape, but some business sectors have actually announced that they are busier than ever before because of the outbreak. Most of this comes down to the global pandemic increasing demand for certain products or services that we didn’t rely on so much before. Take PPE, for example. Whilst it has always been something that some people in certain professions required, it is now necessary for every person in a whole host of countries around the world. The number of people purchasing the N95 masks for sale at Pandemic Pal and other retailers will have shot through the roof. Therefore, in this article today, we’re going to be looking at all the other different industries which have been prospering in the pandemic. Keep reading to find out more, including why exactly these business sectors are doing so well.
Home Entertainment
During the lockdown, there wasn’t much for people to do. They couldn’t leave their property for longer than an hour each day and they couldn’t physically meet up with friends, either. As a result, people started turning to home entertainment. From film streaming and online music to video games to casino games streamed live, the home entertainment industry has soared in the past few months. Netflix saw 16 million new people sign up to its services in March and April. With cinemas only just reopening and the population still being cautioned against seeing friends and using entertainment facilities, the home entertainment sector is set to continue growing.
Healthcare Technology
It comes as no surprise that during a global pandemic, there has been an increase in demand for healthcare technology such as lyophilizers and centrifuges. These pieces of laboratory kit have been essential in developing tests and have seen huge demand as emergency testing laboratories have been set up. Additionally, people are eager to have a coronavirus vaccine developed and distributed amongst the population. As such, the sector for vaccine technology has significantly grown during the coronavirus outbreak. To use the example of artificial intelligence, this form of tech has been utilised to fast-track drug development and conduct data analysis on the effectiveness of COVID-19 medical treatments. As a result, the industry in healthcare technology has attracted several philanthropic investors recently, such as the Kohli Ventures foundation.
What’s more?
During the COVID-19 pandemic, hospitals faced unprecedented overcrowding, leading to an unmanageable cluster of medical records. The reliance on paper records became overwhelming, highlighting the critical need for digitization. Thankfully, digitizing medical records companies emerged as saviors, providing solutions that transformed patient information management. Digitizing medical records improved accessibility, allowing healthcare professionals to retrieve patient data quickly and accurately, which was crucial in emergency situations. It enhanced efficiency by reducing the time spent on paperwork, minimizing errors, and streamlining workflows. Furthermore, digital records facilitated better coordination among healthcare providers, ensuring that patient care was timely and cohesive. This technological advancement proved indispensable, reinforcing the importance of digital solutions in modern healthcare.
E-Commerce
Most retailers were forced to close their doors during the lockdown. However, there were still millions of people who wanted material goods and needed to scratch that itch somehow. Resultantly, the e-commerce industry saw a huge surge of business sent in its direction. This also helped existing companies with both internet and land-based stores to keep afloat. Now, it’s looking like retail might shift online permanently. Consumers are less willing to shop on the high street because of sanitation and social-distancing regulations.
Delivery Services
The COVID-19 pandemic has significantly transformed consumer behavior, particularly in the hospitality and food service industries. With heightened health concerns and social distancing measures, people have become increasingly uncomfortable with eating out, leading to a decline in traditional dine-in services. This shift has sparked a boom in the delivery services sector, becoming a lifeline for many struggling restaurants. As consumers opted to stay home, the demand for food delivery skyrocketed, pushing restaurants to quickly adapt.
Delivery platforms like Uber Eats, DoorDash, Grubhub, and Postmates saw a surge in usage, providing logistical support and a marketplace for restaurants to reach a wider audience. This adaptation allowed restaurants to maintain revenue despite reduced foot traffic, with some even expanding their reach beyond their immediate area and exploring the concept of ghost kitchens, which operate exclusively for delivery without a dine-in space. For consumers, the convenience of home delivery became essential, especially for those balancing work-from-home responsibilities.
The pandemic also prompted older demographics to embrace technology for their daily needs, including food delivery. Despite this reliance on delivery, the social and experiential aspects of dining out remain appealing. As vaccination rates rise and health concerns ease, it’s anticipated that people will gradually return to dining out, although the industry may retain robust delivery options to cater to those who have grown accustomed to this convenience. This dual approach is likely to shape the future of the food service industry, balancing the demand for both in-person dining experiences and the convenience of home delivery.
