The COVID-19 virus has tested a lot of businesses, showing that entrepreneurs who aren’t agile may face issues. In fact, many founders have already needed to pivot operations to adapt. The problem was not that they were unprepared, it was just that the dynamics of the market changed so quickly that they had trouble keeping up.
However, even in these challenging times that the IMF has termed as the “Worst Economic Downturn” since the Great Depression, there are entities and sectors that have seen the silver lining and flourished. Below are few of the industries which are seeing new avenues for growth during the pandemic.
Real Estate
Real Estate took a major hit when the pandemic arrived, as people vacated offices, and workspace demand fell. However, with people spending more time at home, the need for bigger personal spaces has increased. In some regions, real estate sales are as strong as ever, while in others they have slowed down to the point where it may be a good idea for real estate investors to make some positive moves.
Ed-Tech
When educational institutions closed their physical campuses due to the virus outbreak, students and educators had to find different routes to continue education. Educational technology companies have been in high demand during these times. By filling in the gaps left by face-to-face interactions, they have stepped up their work in the virtual medium, opening an opportunity for those who can create technological solutions in this space.
Med-Tech
Health care has become of paramount importance in these times, and med-tech companies are leading from the front. From researching ways to combat diseases to improving the quality of life for people, med-tech companies are innovating to create new ways for patient connections that will help expand virtual care and other areas of opportunity.
Food Tech
Companies have realized that people are more than aware of their health than ever before. Companies are at the forefront of making food that uses fewer resources, is bio friendly and can be made without damaging the environment. One prime example is the advent of hydroponic farms, which can allow for growing more produce using fewer resources.
Fin-Tech
With the traditional economy coming nearly to a standstill, banking institutions have faced a very peculiar problem with cash reserves shifting dramatically. In this regard, non-bank financial companies (NBFCs) are filling the gap, while keeping the flow of liquidity moving. Companies are also capitalizing on securities, by motivating people to invest in the market so they can keep the macro transactions moving along. In addition, e-wallets and non-touch payment options are also contributing to the way we conduct business today.
Apps
With more people spending time in the virtual realm and face-to-face visits getting curtailed because of the virus, apps are filling in the gaps. Apps that make people’s lives easier, such as those that allow someone else to run errands or buy groceries for consumers, have established a new niche that didn’t exist in the past.
Computing
With most of the world slowing down, it’s become even more evident how processes need to be automated and shifted to the cloud. SaaS and other technology options are getting a boost now, and so are their promoters. These platforms allow users to access files from all over the world 24/7, which is necessary in today’s remote-first world.
Alternate Travel Sources
With many people nervous about public transportation, bike sales have skyrocketed, and bike-share companies are thriving. Other alternate travel sources should continue to grow as commuters remain wary of sharing tight spaces with other travelers.
