With the world facing a crisis largely because of the coronavirus pandemic, many companies have struggled to stay in business. Strict lockdown restrictions and uncertainty in the global market have greatly devastated the energy, hospitality, and tourism industries. Nevertheless, some businesses have seen their revenues increased amidst these conditions. Many companies in the healthcare, finance, communications, and technology markets have seen a substantial rise in revenues during the coronavirus pandemic.

Gaming

With people required to remain at home in 2020, most of them turned to video games to help pass time during the covid-19 pandemic. Whether or not that gaming was on mobile devices, PCs, or consoles, sales went up. By the end of 2020, £21.53 billion of video games was sold in the UK, a 23% increase from 2019 according to Quartz.

eCommerce

With many physical stores closed and others only allowing half capacity because of the covid-19 pandemic, more people are now shopping online. Ecommerce sales in the UK increased by over 40% in 2020, reaching £60 billion according to Adobe. Today, even if people choose to go back to the physical stores after the crisis, the convenience and flexibility of online shipping have become a norm for many Britons.

Home Improvement

Home sales have boomed during the covid pandemic, with many Britons looking for more comfortable places to get away from covid. In August 2020, the home sales went up by 9% vs. August 2019 sales. With numerous people staying in newly purchased homes and more people stuck at houses, home improvement services and stores have been seen to boom lately. Companies such as Sherwin-Williams, Tractor Supply, Home Depot, and Lowe’s have seen higher demand in 2021 and research shows home improvements will continue as people invest in new homes.

Virtual Events

During the covid-19 pandemic, conferences and virtual events have become a staple for businesses attempting to replace in-person workers. Although the said in-person events would ultimately return after the coronavirus pandemic is well managed, virtual events would remain just like that because many people are now exposed and familiar with such meetings and businesses have already invested heavily to make these events work.

Telemedicine

Many people are now booking medical appointments through telemedicine because of the increased concerns regarding the coronavirus and restrictions that limit the number of workers allowed in offices. It’s estimated that virtual care visits will increase by over 1 billion in 2022. Although some people who have done virtual visits will ultimately return to face-to-face appointments, the ease of the virtual doctor appointments and investments made by health physicians in the best telemedicine software means the service is here to stay.

Remote Software Work

Remote work apps – whether it’s collaboration, productivity, instant messaging, video chat, or other tools have lately become crucial fixtures in the landscape of working from home has been further accelerated by the covid-19 crisis. Organizations have greatly invested in the remote work applications software to better connect workers who no longer have an office to work from. Although some workers will go back to their officers after the coronavirus pandemic, not at will. It’s highly likely that such software will remain in high demand.

Food Delivery

With few people choosing to dine out and eating at home during the covid-19 crisis, there has been a rise in consumers having the meals delivered. Although food delivery services like Uber Eats and Grubhub have for a long time struggled to make profits, they’ve become increasingly popular than even during the coronavirus pandemic. For instance, the online food industry is estimated to reach over £180 billion by 2025. Now with the covid-19 crisis has introduced more users to the convenience of online food delivery there are good reasons it will stick around.

Fast-Food Franchises

Although not all franchises have been able to sustain demand during the coronavirus pandemic, fast food franchises are flourishing. To be specific, fast food franchises have moderately adapted to the consumers changing behavior, including more people ordering food in bulk, new traffic spike times, in-app ordering, and a preference pickup. New investments in automation and technology would most likely help fast-food organizations weather this storm remains even after the covid-19 pandemic.

Cybersecurity

With many people working from home during the coronavirus crisis, IT has remained a struggle for many companies. For this reason, companies have invested in cybersecurity to help protect company data, phones, and computers, which are being used across the country, rather than in corporate offices. With some businesses telling their staff to continue working from home even after the pandemic, the need for cybersecurity will without a doubt remain.

References

Arora, R. (2020, June 30). Which companies did well during the coronavirus pandemic? Forbes. https://www.forbes.com/sites/rohitarora/2020/06/30/which-companies-did-well-during-the-coronavirus-pandemic/

The top 5 most profitable companies in the world. (2021, August 4). Fortune. https://fortune.com/2021/08/04/most-profitable-companies-in-the-world-2020/

The top 5 most profitable companies in the world. (2021, August 4). The Washington Post. https://www.washingtonpost.com/graphics/2020/business/50-biggest-companies-coronavirus-layoffs/

 

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