Top 5 Types Of Businesses That Survived During The COVID Pandemic
The sudden onslaught of the COVID-19 pandemic in early 2020 has forced many changes upon the business world. In some places, these sudden changes have become new norms, such as work shifting online. Many companies have suffered devastating losses, but a few have thrived under the abrupt situation. Without further ado, here are five types of businesses that survived during the COVID pandemic.
As almost the entire world went into lockdown for a good portion of the year, it is no surprise that food delivery applications and services skyrocketed. Since dining in was prohibited, many people turned to food delivery services to have their food delivered to their doorstep as an alternative for cooking at home. Services such as GrabFood, Foodpanda, DeliverEat and so on gained many customers and generated a lot of profit, thus making this service one that actually benefited greatly from the COVID-19 pandemic.
Online retailers such as Amazon, eBay, Shopee, Lazada and so on have fared pretty well during the pandemic as they provided people with a place to buy items and groceries without having to leave the house, and this proved especially helpful during quarantine. Retailers such as Shopee and Lazada also provided people with the option to purchase groceries through Shopee Mall and LazMall. To top it off, these online retailers also offered people vouchers for free shipping as well as discounts, a smart tactic that successfully enticed many people to shop through their application.
Online Meeting Platforms
As the world went into lockdown, classes and work had to be conducted remotely at home. Online Meeting Platforms such as Zoom, Google Meet, Microsoft Teams and Skype saw a massive rise in users. Companies and employers were forced to purchase premium subscription plans in order to accommodate their entire workforce. As a result, profits for online meeting platforms surged and many of these platforms were forced to upgrade to larger servers to be able to handle their user base.
Streaming And Entertainment Services
Streaming sites such as Netflix, Hulu, Disney+ and Amazon Prime Video also saw a surge in users and subscribers as people scrambled to entertain themselves while cinemas, bars and nightclubs closed. Netflix alone had an increase of 16 million subscribers in just the first quarter of 2020, when lockdown began, which is possibly the largest increase of subscribers within a three month time frame that the company had seen in its 24 years of service.
Aside from streaming services, other entertainment industries such as the gaming industry also saw an increase in profits. The Nintendo Switch console sold out almost everywhere during the height of the pandemic as people deemed it an essential entertainment device. To this day, prices of the Nintendo Switch have not dropped.
For obvious reasons, healthcare businesses saw a massive increase in customers and profits. Business for healthcare companies selling products such as hand sanitisers, masks, medical gloves and face shields boomed during the pandemic as everyone bought products to prevent themselves from contracting the novel Coronavirus. As hand sanitisers and masks in particular became a global necessity, more and more companies began to branch into the healthcare industry to expand their profits and make up for the worldwide demand for these items.
The pandemic has changed the world as we know it, for better or for worse. Many businesses did not survive the abrupt change and ceased operations, such as hotels and certain restaurants. However, others survived and even profited from the global pandemic. How else will business evolve in these times? That remains to be seen in the near future.