The novel coronavirus has impacted worldwide since late December, leading to cancellations of plans, quarantines, lockdowns, and other restrictions on movement. The virus, which causes the disease, is COVID-19, and it has spread to more than 170 countries and is presently on every continent except Antarctica. The World Health Organization (WHO) has declared the coronavirus as a global pandemic on March 11th, 2020, after declaring it as a worldwide health emergency at the end of January.
China is the worst affected so far with the city of Wuhan in Hubei Province as the epicenter of the outbreak. Therefore developments and disruption may serve as a precedent for the rest of the world in many industries.
Amid this pandemic and the economic consequences around it, many prospects have emerged in particular sectors, and several of the businesses are witnessing exponential growth in those fields. There is some debate about whether this surge is temporary or whether it can lead to behavior acceptance in a more sustainable and long term.
Listed below are five interconnected industries that are seeing thriving possibilities.
Wellness and Lifestyles of Health and Sustainability (LOHAS)
Immunity will be our most excellent tool against the pandemic. Having this in mind, and with strong guidelines from other government departments to stay clear of crowded areas; home workout services and the fitness equipment industry are well-positioned to flourish. Keep, a Chinese fitness app that provides exercise programs ranging from yoga to cycling, saw its ranking in the country’s iOS app store rocket up from 260th on downloads to the Apple App Store in mid-January, to 79th on early February. Live fitness class broadcasts have raised by 513 percent on the online sports network PP Sport since the company introduced its courses late January.
Indoor exercise equipment sales also saw an increase in inflation. JD.com data shows that sales of skipping ropes grew 56 percent during the outbreak, dumbbells grew 60 percent, and yoga mats rose 150 percent. As the coronavirus spreads internationally, there’s also growing fear and panic. People with a lot of uncertainty about the past are not quickly reassured. Therefore, it is no wonder that since the start of the coronavirus outbreak, millions of Chinese people concerned about contracting the virus have taken to online health sites to seek advice.
Grocery Store Delivery with a Difference
With millions in quarantine or lockdown worldwide, food distribution companies are facing increasing opportunities and pitfalls. Mobile ordering and consumer loyalty systems related to on-site eating/drinking establishments have undergone substantial declines. On the other side, after the government ordered the public to stay home as part of the most drastic steps ever implemented, food delivery and recipe apps have outperformed. For example, on February, downloads for Alibaba’s grocery delivery app ‘Fresh Hema’ peaked, reaching nearly 100,000 downloads in a single day, compared to an average of about 29,000 per day during 2019.
People are turning to contactless delivery service for obvious reasons. This involves a safe drop and picks locations to prevent direct physical interaction between delivery staff and customers. This non-distribution method is intended to help minimize the spread of coronavirus while delivering ordered meals and other products to its contract staff.
Remote Learning and Online Education
Many have switched to online education during this outbreak, and EdTech companies have found an opportunity here as conventional learning/training institutions worldwide are trying to adapt and accelerate their transition to remote teaching. According to research results, the online education market worldwide is undergoing a boom as schools are being suspended.
More e-learning courses are also being introduced by education companies while creating data tools to assess student success and help teachers monitor their progress. The phenomenon may be a natural marketing strategy for EdTech companies as the virus continues to spread in many countries, and as more colleges and schools have migrated online in the aftermath of the coronavirus.
Remote Work Options
Amidst the Coronavirus outbreak, companies have rolled out mandatory remote work for its employees to maintain social distancing and minimize the impact of the deadly virus. The business tech market is now growing up faster than ever with remote work applications seeing a boom as millions of people are resorting to working from home. Downloads of indigenous work applications such as Alibaba’s DingTalk, Tencent’s WeChat Function, ByteDance’s Lark, and America’s Zoom have increased exponentially amid the health crisis.
Entertainment Industry (Gaming and Non-gaming)
The mobile gaming industry has been going through a boom in download terms. Although the coronavirus has also triggered worldwide cancelations of eSports tournaments, streaming services have gained considerably. But as more people stay at home, in themselves, and take quarantine measures, the use of digital entertainment channels such as gaming, video-on-demand, etc. is growing. Video streaming services like Netflix, Amazon are expected to see a rise in the number of users during the pandemic.