Surviving the coronavirus is the theme of 2020 so far. From big corporations to small business, it seems like nearly every industry is getting hit, and hit hard. The thought of profiting during COVID-19 is unthinkable to many, but there are inevitably organizations that benefit from a pandemic. Who are they? Who is able to not only survive, but thrive during these unprecedented times? What does it look like to see an increase in revenue during COVID-19? What businesses are flourishing in light of stay-at-home orders and increased online activity?
As the global economy continues to react to the coronavirus and markets seem shaken, opportunity exists somewhere. From the pharmaceutical world to delivery services, the reality is that some industries are bringing in some serious cash right now. Let’s dive in and unearth some of the industries benefiting the most.
Small Businesses Thriving During Coronavirus
- Landscaping companies
- Drive-in movie theaters
- Cleaning services
- Delivery services
- Board game and puzzle makers
- Fitness equipment companies
- Local grocery stores
- Telehealth services
- Liquor stores
- Meal prep delivery services
Large Organizations Thriving During Coronavirus
- Pharmaceutical companies like Gilead Services
- Cleaning supplies like The Clorox Company
- Gaming companies like Nintendo
- Grocery store chains like Publix
- Online furniture stores like Overstock and Wayfair
- Communication technology companies like Zoom
- Costco Wholesale
- Protective supply companies like Lakeland Industries
Practicing social distancing means different things for different people, but with countless offices still closed and others slowly phasing back into business, the future of businesses both large and small is uncertain. Organizations are now tasked to create new revenue streams, product offerings, and innovations that keep them competitive in this new normal.
With tens of millions of Americans filing for unemployment benefits, the coronavirus outbreak has clearly left its mark. While it is easy to feel frustration at dominating giants like Amazon, there are some lessons to be learned from smaller companies like drive-in movie theaters and online communication technologies. Staying at home means that people are growing dependent on services that they never cared about before. What’s more, they are learning that their old ways of living may change forever.
Thinking through how this pandemic will change buyer behaviors indefinitely is the key here. From B2C to B2B, every executive needs to spend their time adapting to the now and planning for the “from now on”. How many consumers will continue to get their groceries delivered long after the coronavirus fades? How many companies will host virtual events to reach a wider audience from here on out? How many meetings will take place online? How many able-bodied individuals continue to work from home?
While no one has the answers to these questions, thinking about them in terms of your business and your product/service lines is crucial. Those companies who are able to remain dynamic long after the pandemic subsides will be the big winners in the end.