After trawling the web here are 50 business/ industries which are booming at the moment. I thought a quick summary would be insightful and may inspire you entrepreneur’s to expand your services.
In no particular order:
- Home & garden – what else to do whilst being locked up, focus on the Garden, DIY and home furniture
- Health & fitness online – no gyms means home and outdoor exercise, so get a mat jump on youtube and get yoga going
- Gifts & occasions – eg spiked for mother day/fathers day
- Cycling – biking is in demand, this industry has seen a massive jump and people are opting to not use public transport or to take cars, means bikes are coming out on top.
- Health food brands – referrals rise as consumers order readily available and nutritious food as people are being more health-conscious means looking deeper at the foods we consume.
- Food & drink – food and drink brands facing the biggest demand over the coming months.
- Beauty – for some consumers, the sudden abundance of free time coupled with niggling anxiety presents the perfect time to practice self-care.
- Virtual meeting industry – zoom, sype like international based businesses
- Cybersecurity – this is always big but will see an increase in dependency on digital tools, business emails etc
- E-learning – many parents have had to become teachers overnight and online recourses have boomed for selling courses and consumption goes up for new skill, new learning and internet. And space here for AI Teachers, the education system has been fired to move online.
- Gaming industry – Twitch has seen a 10% increase in its global usage in the same month, according to gamingindustry.biz. and games sales are definitely on the rise thanks to the pandemic.
- Movie streaming services – Netflix , Disney, and many others
- Drive-in movies – In the US, drive-in movie theatres could be making a comeback, following years of decline due to cinemas moving into shopping malls and services like Netflix bringing the big screen to people’s homes.
- Film industry – especially digital animation as seen demand for remote skills for digital animators.
- Home delivery industry / Online groceries – grocery slots fill up quickly and become like gold dust. Some companies such as UK online supermarket Ocado reporting a £45 million ($56m) deficit last year, but Ocado is now experiencing such high demand that it had to turn away orders
- Retail industry – Amazon, Walmart with even bringing in new staff. Kroger and Costo have seen spikes too. Similar increases in customer demand, as have similar general stores across the world.
- E-Commerce retailers – Online is booming. Across the country and the globe, humans have been forced to use it for everything.
- Augmented /Virtual reality – The ability to see and touch goods prior to purchasing
- Robotics and AI – AI was primarily based upon rising wage concerns and lack of available workers. Now high unemployment means an abundance of available workers, but working environments incorporating social distancing norms will require a transformation of the warehouse operations
- Legal services – While lawyers and solicitors can work from home like everybody else, lockdown is likely to be brewing a spike in cases for them to deal with once restrictions are lifted. Devoice, domestic violence, need for services will spike.
- Pharmaceuticals industry – Billions of dollars are being pumped into the pharmaceuticals industry as companies race to find a vaccine against COVID-19. scientific breakthroughs. Stocks in biotech companies, many of which are now battling this novel coronavirus, have shot up, and this global crisis has exemplified how crucial the pharmaceuticals industry is.
- Cleanliness products/ Sanitary Paper– shelves were cleared of antibacterial hand gels and soaps. Good hygiene practices have become such an intrinsic part of our day-to-day routine
- Personal protective equipment – (PPE) in countries such as the UK. Demand has been off the charts, and nations that rely on imports from other countries such as China have noticeably fallen short when it comes to supplying their own workers.
- Remote medical services – (interestingly people want to avoid visits to hospitals and doctors ) Both A&E departments in the UK and emergency rooms in the US have seen a massive slump in numbers of patients coming in to seek emergency medical attention, with a drop of up to 80% fewer cases in northern England. it is likely that many are instead relying on remote medical services for advice.
- TeleHealth, TeleMedicine and Health Technology – patients are afraid of going to the hospitals for routine checkups thinking that they might catch the virus from others. Being a great solution to these problems mHealth solutions like telehealth, telemedicine and on-demand doctor apps are at present booming. A proof of which is that Amwell, a telehealth provider, noticed a 257% climb in its use over the USA area and 700% in Washington State during this pandemic period.
- TeleWorking – people are using technology to work from home and stay in contact with their friends and family.
- Group Coaching – just like live events but now doing it virtually and teaching or speaking to large groups online.
- Eco-friendly technologies – the traditional car-making industry was already in trouble before COVID-19 hit, thanks to growing awareness of the environmental impact of diesel and petrol cars-run cars, Electric car producer Tesla has seen its stocks go up by 64% this year
- Experiences industry – Having so much time on our hands means more time for dreaming about things we’d rather be doing, many will likely be keen to start ticking items of the bucket list once restrictions are lifted. Eg in late February, there was a surge in ticket sales for Virgin Galactic’s inaugural space flights. There has also been an increase in travel searches for longer holidays from September onwards, according to travel marketing company Sojern,
- 5G and the growth of bandwidth requirements – With more people working from home, the speed of our connections will be paramount to many of the growth sectors listed here.
- Freezer and cooler supply chain – In times of crisis, food delivery becomes more critical to as a basic human need. One of the first industries to experience a real boom in work from the onset of this pandemic was food, specifically frozen food.
- Dark kitchens / Specialty food suppliers – These are virtual restaurants without tables. With so many restaurants solely reliant upon home delivery of food, and the cost of maintaining a physical retail location and staff to operate a restaurant growing, the “dark” kitchen model — almost the e-commerce of food — will continue to grow.
- Reverse globalization -Vast socioeconomic trends had started to reverse globalization as companies sought supply chain resiliency by moving to manufacture closer to the consumer and creating redundancy in manufacturing and distribution operations.
- Supply chain resilience – Supply chains which have been outsourced to Asia in the fields of medical, pharmaceuticals and critical componentry may see government policy changes which promote these near-shoring opportunities.
- Online Alcohol Delivery – According to researchers, people are drinking a crazy amount of alcohol amid the lockdown in their homes to bear the boredom. They are using on-demand alcohol delivery apps to get their thirst sorted
- Meditation and Mindfulness – people are unsure about its economic impacts and are developing tension which in turn is leading them to meditation and mindfulness apps to clear their minds. Thus, some popular applications in this industry like headspace and Calm are taking its benefits – in terms of increased downloads, popularity and even revenues.
- Cashless Payments – In the lockdown scenario, digital payment solutions are letting users make payments utilizing the power of QR checking, UPI, etc rather than cash. people are reconsidering the cash they handle every day
- Buy-Now-Pay-Later – The Buy Now Pay Later (BNPL) industry has grown exponentially over the past five years, with industry revenue expected to grow by 63.6% in 2019-20.
- Family farms – The family farms represented there offer farm-to-front-door delivery of organic and grass-fed meats and sustainably harvested seafood.
- Alternative cleaning supplies – We aren’t just washing our hands more these days. We’re washing surfaces, too. It turns out, some folks gave up paper towels prior to the current pandemic — to save trees and money. Companies like Package Free were selling Swedish dishcloths and reusable paper towels before the CDC instructed us to clean, clean, clean.
- Bamboo toilet paper – Fans of bamboo toilet paper, from companies like Package Free Shop, tout it as softer, stronger and more sustainable than the standard.
- Reading matter/ books – Another pursuit that’s popular with people who have time on their hands right now is settling down with a good book.
- Online Courses – Sharing your skills and knowledge to help others. Or helping people solve a problem with your online course.
- Electrical goods -freezers and fridges have zoomed up the list of products people are searching for on online marketplaces. rush for laptops, office equipment, webcams, TV’s, Games, printers, kitchen
- Coffee – Rave Coffee, selling exotic coffees from an industrial unit in Cirencester, is having to take on more staff to cope because demand has doubled.
- Musical Instruments – Being stuck at home has apparently led to many consumers crossing “learn how to play an instrument” off their bucket lists.
- Arts & Crafts – Watercolor (32% increase in interest), drawing paper (16% increase in interest) and paintbrushes (76% increase in interest) have also become more popular recently — and the growth of sidewalk chalk (4,200% increase in interest) has been nothing short of explosive.
- Cooking Supplies – Baking bread has emerged as one of the most popular quarantine hobbies, so it should be no surprise that bulk flour (494% increase in interest), yeast for bread (1,392% increase in interest), cornmeal (96% increase in interest) and bread makers (410% increase in interest) are trending. Other types of cooking seem to be drawing interest as well, as recipes (45% increase in interest) are also trending.
- SaaS – According to a Markets and Markets report, SaaS is among the industries that are likely to grow as a result of COVID-19. It is being predicted that by 2022, the cloud market size will be multiplied.
- Cleaning services – With the spread of coronavirus fears around the country, it should come as no surprise that professional cleaning services that sanitize offices, restaurants and homes are in high demand.
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