Article published by : Sarah Perry on Monday, July 06, 2020

Category : Business

4 Industries Growing During COVID-19


“Only a crisis actual or perceived produces real change.” – Milton Friedman

Novel Coronavirus has forever transformed the way firms function. Here’s how COVID-19 has influenced the world economy: -

IMF states that several developed nations will go through a recession in 2020.

Oil prices plunged to a rock bottom negative figure of $37.63 on 27th April (bbc.com).

While most businesses are struggling, that calls for re-inventing business opportunities through extensive market research services but some sectors have exponentially grown their businesses due to the pandemic.

We have compiled a list of four such industries that are successful during the epidemic.

Industry #1: Online Grocery Delivery

Government-enforced lockdowns have compelled people to stay at home and cook for themselves. Hence, it’s no surprise that the online grocery delivery markets offering quick, and no-contact deliveries are profiting amidst the crisis. The rise in online grocery is substantial also because the trend of panic buying noted in several countries is putting additional demand on the sector. Stores offering innovative solutions such as BOPIS (Buy-online-pick-in-store) facility will see an upsurge in demand.

A French grocery retailer, Carrefour has grown by 600 percent due to COVID-19 (campaignasia.com). The Chinese grocery market has seen a jump of 251 percent due to this pandemic in February alone (campaignasia.com).

Industry #2: Pharmacy Industry

Health has gradually become a top priority in everyone’s life. And rightfully, so! A study states 44 percent of Americans consume at least one prescription medicine, and 17 percent of Americans take three or more pills. (Reference: https://www.medscape.com/viewarticle/500164). With such high demand, it is unlikely that the pharmaceutical industry will see any slowdown. An increase in health-consciousness will promote the pharmaceutical industry and make it recession-proof.

Industry #3: Over-the-Top (OTT) Platforms

Trapped at homes, most people are enthusiastically using their time to entertain themselves on OTT platforms like Netflix, Amazon Prime, and others. According to various studies, Indians are spending roughly 3 hours of their time on their smartphones. Furthermore, they spend more than 30 percent of this time on entertainment platforms. An 18 to 22 percent rise in listenership and an approximately 30 percent increase in downloads and podcasting platforms proves the growth in OTT platforms due to COVID-19.

(Reference: https://www.financialexpress.com/brandwagon/5-ways-covid-19-is-impacting-the-digital-landscape-carat-india/1938914/)

Industry #4: E-commerce Industry

With lockdowns in place, the e-commerce industry and delivery business are growing exponentially. Roirevolution states that its demand has increased by 50 percent from 2019. This sudden demand surge coupled with disturbed supply chains has led to shipment delays. Retailers need 1.5 days more to process to complete orders due to these tough circumstances. Companies must learn to tackle coronavirus limitations and devise ways to function at full capacity even due to social distancing measures. (Reference: https://www.roirevolution.com/blog/2020/04/coronavirus-and-ecommerce/)

Final Thoughts

Coronavirus has no doubt restricted people’s movement and the traditional ways of doing business. However, the above sectors have adapted quickly to the changing needs and preferences of consumers and have fared better than usual, proving that businesses can flourish even during a crisis.

For details on how to transform your business to manage the crisis, contact https://uk.sganalytics.com/ for a consultation today!






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Keywords: market research services



By: Sarah Perry

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