Industries that Will be Successful in the Post-Covid World
Amidst the sheer panic of the Covid-19 crisis, the fundamental status quo of the world population is witnessing a shift. World economy has taken a hit. Industries like tourism, retail, hospitality, restaurants, and many more are losing business. However, some industries are doing well and are projected to continue flourishing post-COVID world.
We take a deep dive at the industry trends which will dominate the future.
The Governor of RBI Shaktikanta Dashimself is endorsing digital payments to prevent the virus from spreading through the currency bills. As a result, the cashless economy is being further strengthened in India after its development during the democratization.
Some shops are now only receiving digital payments in the short-term. Employees are getting their salaries via these digital payment methods instead of checks. Though this is not likely to be a permanent change for all, it certainly will be for many. Taking the convenience factor into the account, it is safe to assume that the E-payment method is here to stay.
- Google Pay
- Amazon Pay
- JIO Money
Video conferencing and collaboration
First of all, there is no real alternative for a face-to-face meeting to process and perform complex assignments. But there is an old saying, ‘desperate times call for desperate measures’. Thus alternatives methods are being acted upon today. From students to employees, actors to administrators; all are doing their best to stay operational via video conferencing apps.
Microsoft is an undeniable beneficiary here; it declared sometime back that the number of daily active users for its Teams collaboration suite had gone up by 12 million. On the other hand, Zoom Video Communications has seen share prices jump up 130% since the beginning of the year.
- Say Namaste
- Google Hangouts Meet
- Skype for Business
Online Grocery Sales
The Online Grocery Sales industry was projected to grow by a massive 56.0% in 2019-20. But things took a turn due to the Corona outbreak.
People are isolated in their homes. And social distancing is the only way of self-preservation. While supermarkets or grocery stores are regarded as essential and were also open during the lockdown, risk of transmission turns people off the idea to go to the stores physically. Consequently, many higher-end consumers converted to online grocery shopping to subdue their risk of exposure. So much so, that online searches for grocery delivery services increased by over 300% in March 2020.
As soon as the Covid-19 was reported in India, people start buying and stocking hand sanitizer frantically. Therefore, the demand outran the supply within weeks. Moreover, it stirred the infectious black marketing of the product. Though it forced consumers to buy sanitizers at much higher rates than the MRP, the demand still kept growing.
Surely the demand for sanitizers will not go down even after the COVID situation comes under control as increased sanitization is the way of the future now.
- Reckitt Benckiser Group owning Dettol
- Unilever owning Lifebuoy
- The Himalaya Drug Company
- The Godrej Group
- Kavit Polybind Pvt. Ltd.
Restaurant & Food Chain Sector
Restaurant sector has been one of the hardest hit industries during the Covid crisis. However, the demand or desire for eating restaurant food has not changed much. This has enabled food delivery companies to ramp up and capture the business opportunity. While the online food delivery business was on the rise even before the pandemic due to its ease and flexibility it provided to the consumers, post pandemic it will continue to grow exponentially.
- Uber Eats
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