The current scenario is that the world is shaken up completely from the last 6 months due to the coronavirus pandemic.
- Most businesses are finding ways to downsize the disruption caused by the lockdown and closed operations.
- Pharmaceutical companies are in a race to find the vaccine for COVID-19 to reach the masses.
- The consumers are experiencing a change in their shopping habits as they are shifting more towards online essentials shopping.
We at FATbit Technologies during the lockdown focused on gathering insights regarding the market trends, changing consumer, and industry overview. From the collective insights, we have prepared a report on how businesses can navigate to profitability after the pandemic is over. Though the virus is still affecting millions around the globe, countries are easing down the lockdown rules to save their economies. Businesses now have to make a decision as to what they will do next to sustain in the unstable market scenarios.
During the pandemic, the consumer trends showed that some sectors will gain immense profits, while others will have to rethink their strategy to capture the interest of the target audience. The changes due to the pandemic on the sectors cannot be homogenous and businesses now have to focus on local-response rather than reaching the global market.
Let us discuss the business which has gathered profits and audience during the pandemic:
Health and Fitness — The contagiousness of the virus has made people avoid health and fitness facilities as the risk of getting the virus from these places is very high. Thus the rise of digital ventures to compensate for the need. Businesses dealing with wearable devices, fitness applications, and doctor consultation via applications have become popular during the pandemic.
Online Retail — While before the pandemic, online retail was picking up pace, the pandemic has given accelerated growth of this sector. People are preferring to stay at home unless absolutely necessary, thus they have found online retailers who can deliver essential times to their doorsteps. Retail entrepreneurs need to re-think their product offerings according to the need of the market to become profitable.
Online Grocery and Food Ordering — One sector that saw a humongous rise when the pandemic emerged was the online grocery sector. According to Coresight Research U.S. Online Grocery Survey 2020, the online grocery industry saw high demand during the COVID-19 and will surge 40% in 2020. The Online food ordering sector saw a downward graph when the pandemic initially emerged, the measures they took to ensure safety and healthy food, made them popular during the pandemic.
E-learning Sector — Since most countries across the world were instilling lockdown, education institutes were also closed as the virus emerged. Students and people who are sitting at home want to contribute more towards their learning curve. E-learning businesses have risen up and given a platform for teachers and students to communicate and share information.
Businesses in different sectors are finding ways to cope up and navigate through the pandemic. If you are an entrepreneur who is planning to launch an online business, then you need to understand which sector will thrive and not survive. Read the industry report to understand the post-COVID business opportunities and technologies that are contributing to business growth.