COVID-19 has brought about unparalleled chaos across industries. It has a large-scale effect on the economy, from halting flights and trains to limiting movement of people and vehicles. However, some sectors also consider this crisis an opportunity to innovate and create solutions to their existing business models.There are also some Industries thrive after COVID-19.
The pandemic provides these players with a fertile ground for developments that will become the standard in a post-COVID-19 world. Here are the five Industries thrive after COVID-19:
Education (Edtech)
During the lockdown period, institutes are closed, and regular classes are on hold. Online learning has come out as the most viable tool to make sure the pandemic’s impact on academic progress is lower. Multiple platforms offer high discounts on various courses, along with many free classes. As a result, virtual courses and online learning have suddenly become the norm instead of a novelty. Even conventional models are reshaping to make learning more personalized, engaging, and interactive.
E-retail
Most households still rely on grocery stores in their neighborhood. Many prominent model supporters have recently moved to shopping platforms online. Players in the space capitalize on this trend to establish themselves as an integral part of the grocery chain. Huge discounts are currently present on different products, while unit limits are set on the price of essential goods.
BFSI
The banking industry witnessed unprecedented growth since the 2008 financial crisis until about a couple of months before the COVID-19 outbreak. A looming slowdown has now is seen as the entire economy comes to a screeching halt. However, the crisis is also providing the BFSI space with an opportunity to bring about a fundamental change in functioning. The time is right for players in the BFSI space to reinvent themselves and explore more digitally-driven newer business models.
Medical
As people adopt better personal hygiene practices during COVID-19, there is a rise in the consumption of nutrition and wellness products. Products such as disinfectants and sanitizers are currently recording the highest sales. It is a trend that seems likely to continue and become deeply embedded in consumer behavior. There is also an increase in demand for wellness products such as health monitoring devices and software. Besides, as people turn to the online medium, provisions such as the online distribution of medication and teleconsulting will increase. This trend is already seeing growth due to the lockdown. Firstly, essential healthcare services for the mass consumer will become more accessible, available, and affordable. Secondly, the number of employment opportunities will increase.
