While some industries were hit and shook hard by the Covid-19 pandemic, others benefited from brand new opportunities and unparalleled consumer interest.
An entire Covid-19 economy has emerged due to the fact that consumers have flocked to specific solutions and products while in lockdown.
Covid-19 has nearly killed industries like tourism and hospitality, sports, entertainment, traditional brick-and-mortar retail, restaurants and fintech. On the other end of the spectrum, however, are the fields and the solution providers that addressed the needs of people during lockdown and flourished as a result.
According to the World Economic Forum, the sales of home fitness equipment have jumped to unprecedented levels since the introduction of quarantine or lockdown measures in various parts of the world.
In China alone, the sales of exercise equipment went up 133 percent for certain types of machines. Similar tendencies have been observed in other parts of the world, as well.
This is a part of a broader trend that focuses on healthy lifestyles that can be executed from the comfort of one’s home. Subscriptions for remote training and at-home exercise tutorials have also increased. The live broadcast of fitness classes surged 513 percent for one prominent digital platform. So many people have downloaded fitness and wellness-related apps that such products have climbed to the tops of the best-seller lists in most app stores.
Online health platforms, the supplement market and even at-home testing kits have also enjoyed a massive demand as more people than ever before have started putting emphasis on prevention and wellbeing.
Grocery and Food Deliveries
This one is an obvious but the scope of the trend makes it worth including in the list.
Grocery shopping is something traditionally done in person. As a result, only three percent of all grocery spending used to happen online before Covid-19.
According to the latest statistics, 31 percent of American households turned to online grocery deliveries over the course of the lockdown measures. That percentage adds up to over 40 million people.
Some analysts predict that grocery deliveries and online grocery shopping are here to stay. As a result, traditional service providers will have to consider possibilities to upgrade and modernize their solutions in a way that meets contemporary realities.
It’s also interesting to point out that 75 percent of these brand new online grocery shoppers have remained loyal to the first ever service provider that they gave a try to. The grocers who have managed to establish such positions over the course of the pandemic are potentially the ones that will continue dominating the market when things get back to normal.
Entertainment and Fun at Home
Anything pertaining to at-home activities is now growing because people are spending more time on their own or with family members than ever before.
Both gaming-related and non-gaming entertainment options have seen the positive effect of the Covid-19 pandemic.
China alone has recorded 222 million downloads of various mobile games from app stores in the period since February 2020. That’s an increase of over 40 percent on an annual basis. Streaming platforms have also benefited greatly from the pandemic and subscription numbers have been going up steadily.
One segment that’s potentially surprising in terms of its growth is the adult toys industry.
According to a Forbes report from the end of April 2020, sex toy sales are buzzing due to social distancing. Both couples and single individuals are looking for such opportunities to spice up their intimate lives while interactions with others remain severely restricted.
Adult toys retailers like HotCherry have seen exponential growth in sales. With the push of the pandemic and other positive trends, the sex toy market is anticipated to reach a volume of 56.58 billion dollars by 2027, registering a CAGR of 9.6 percent over the forecast period.
DIY and Home Improvement
What can a person stuck at home for prolonged periods of time do? Get into some much-needed home sprucing up.
The DIY and home improvement sectors are the ones that help people fill up time while on a lockdown. As a result, such companies have seen an increase in their customer base and their revenue since the start of the year.
Some DIY stores and even some gardening venues have had to stop taking new orders in an attempt to provide clients with a quality service. The demand has been so high that various range of home improvement products actually sold out and are now being restocked.
Baking, knitting and handicrafts have also grown quite a lot in popularity because of the pandemic. These activities necessitate the acquisition of some products, accessories and supplies, positively affecting most industry representatives.
Moving away from the needs of the individual, Covid-19 has created opportunities for an array of other industries. From pharmaceuticals to healthcare service providers, these companies are now working hard to address contemporary realities and meet the needs of their clients.
The robotics industry is one that’s forecast to benefit from the changes brought on by the pandemic.
The benefits of not relying on human professionals for the performance of certain tasks are easy to see when viral disease is on the rise. Leveraging robots and artificial intelligence (AI) can simplify many processes and make them safer.
In Germany and several other European countries, robots have been used to take samples for Covid-19 PCR tests.
New social distancing norms also mean that many teams will have to be reduced in size to ensure everyone’s safety. As professionals go to the office on a rotational basis, robots can be expected to take on some mundane tasks (allowing their human counterparts to focus on more strategic issues).
Just like any other major and disruptive event in human history, the Covid-19 pandemic has shaken up the commercial world. One thing is certain – many industries will not be the same even when the world goes back to normal. This brand new normal is creating intriguing new opportunities and the full scope of effects is yet to be seen.