The abrupt outbreak of COVID-19 has shaken the world by all means. From lifestyle, education, healthcare, to global business, everything is at a toss. COVID-19 is not merely a physical loss. It is economic as well as psychological damage too to humankind. They say this is the new normal; however, we hope to witness the “real normal” in time to come. For now, we see some business changes in the corporate world and start-up ventures. There have been discontinuities in employment across the world, resulting in economic instability. The airlines have laid off the workforce by 90 percent. Especially in the United States, renowned firms such as JCPenney, J. Crew, Hertz, and more have faced harsh financial stress. The aviation and hospitality industry has seen a sharp 80 percent loss as most of the hotel rooms are empty.
Amidst all the chaos and disturbance, we still see a ray of hope. The battle of survival is clearly visible for ventures, and there is constant effort to stand out to sustain the businesses. Fortunately, the customers, too, have been kind to ventures and opted to join hands-on social media and websites. This reduces the chance of traveling and maintains social distancing at its best. We witness a whole new shape of the market that was never seen before. Marketers have gripped their skills and aiming best to retrieve their losses.
Let us sneak into the sectors that will soon experience a bloom for their businesses post-COVID-19:
Online Education:One of the emerging business sectors in times of COVID-19 is online tutoring and education. It has everything that people need. Since schools and educational institutes are not functioning, online education has smoothly walked into people’s lives and substituted conventional learning. People are scared for their kid’s future and aggressively enrolling them for multiple online courses to sustain their career ahead.
Health and Wellness: Due to COVID-19, people have serious health concerns, which has led to a significant business opportunity for the healthcare and fitness industry. These ventures are promoting themselves as a solution to immunity threats. Since the people’s tension is at large, the fitness industry is gaining its benefits by launching fitness videos to help people stay healthy and safe from the COVID-19 attack.
Financial Sector: Due to the economic low, people are stranded with less cash or no money at all. Current unemployment is making the situation worse. In such times, the financial sector is playing a significant role in leasing funds to the people and levying massive interest rates.
E-commerce and Food Delivery Sector: With the social distancing protocol to follow, people are refraining from stepping out in the market spaces. Here, the E-commerce business is taking its lead. This is safe for people as they can purchase commodities from a distance without having to travel. Similarly, food delivery services are helping people stay at home and enjoy the services under the safest conditions.
Online Gaming: The gaming industry has surfaced as the mode of entertainment for many. With the restrictions to visit gaming and arcade hubs, these online gaming companies are keeping people busy. They are cost-efficient and socially distant people.
Pathology and Pharma: Pharmaceutical and pathology sector is seeing a boom as the medication facilities provided by them are handy and convenient. It is expected that post the launch of the COVID-19 vaccine, and the pharma industry will see a sharp increase in demand.
Telehealth and Telemedicine: Lastly, telehealth is a boon for people in remote areas. Especially during COVID-19, the concept of catering to people with health issues from a distance is best suited. People no longer need to gather in waiting areas of the hospital and travel. Telemedicine has majorly supported healthcare in times of pandemic.
Some safety measures business must adopt post COVID-19
- Regular sanitization of the workspace
- Follow social distancing
- Promote virtual events
- Encourage virtual team meetings
- Promote work-from-home models
- Adopt digital payments at cafeterias’
- Face recognition attendance
Globally, there is deep tension related to COVID-19, but as they say, this too shall pass. We hope the pandemic ends soon, and business helps each other build back their broken pieces. Many ventures that are shut down due to pandemic and people that have lost their jobs will soon see a rise in opportunities. We hope the best for all of us!