10 industries that are booming due to coronavirus.
Now, there’s no doubt coronavirus is affecting many, many, many businesses around the world, and most businesses are suffering, but there are a number of industries that are booming due to the coronavirus.
Now, why do you want to be aware of these industries? Perhaps this video will give you some perspectives and some insights on how you need to modify your business model, how you want to pivot, or maybe you want to start a business after this is over or you wanna start a business during the crisis because you see an opportunity. You could do that as well.
So here are the 10 industries that are still booming due to the coronavirus.
1# Industry number one, e-learning. So many people are stuck at home and a lot of people now, they’re starting to think about, okay, the jobs that I used to have, they’re no longer there.
What do I need to do?
What new skills, what new knowledge do I need to acquire in order to equip myself in order to find a job because most of those jobs may not be available anymore.
Business owners, entrepreneurs, we are also thinking about, okay, what new insights do I need? What help do I need to modify or pivot my business model? I need to do something so people are seeking learning opportunities, especially learning opportunities from home that they don’t have to go somewhere, they don’t have to go to an event necessarily. That they could learn just from their computers.
So e-learning is huge, and a lot of students are learning from home. A lot of them are learning just virtually. This will create new behavior. After this a lot of students, a lot of people will question, do I actually need to go to school? Will going to school, getting that degree, will that even prepare me for the future?
And now the world has changed so dramatically in a short period of time.
2# Industry number two, medical products. Anything that is related to curing or preventing the coronavirus. We’re talking about hand sanitizer, mask, right, anything at all that could help people to do that. Now, of course, there’s still a huge shortage of this in the world, but thinking about this in the future, when this is over when there’s a vaccine when there’s a cure and everything’s back to normal this will not be the last time we see a virus like this. I hope it is, but we also have to be a realist.
So understanding that this might come back and there might be other viruses in the future. So being in the medical supplies business not only it is a great business to be in not just to make a profit, but it’s a business that could save a lot of people’s lives.
3# Industry number three, delivery services as now we are stuck at home and the government advise us to stay at home that we are ordering takeouts, we’re ordering delivery, we’re buying more things online. Delivery services are huge. Even logistic companies in the right sector could be booming as well.
4# Industry number four, The in-home entertainment industry. Of course, we’re talking about Netflix. Of course, we’re talking about Disney streaming. Of course, we’re talking about YouTube. Now although on YouTube you can see a lot of creators, content creators, their AdSense revenue is down simply because there are fewer advertisers advertising on the platform. However, more people are tuning in, more people are watching their content. They are now building a base. So it depends on the audience that you are serving, but in-home entertainment is booming as well.
Now it is a good time especially if you are an entertainer, you are a creator, now entertain. People need entertainment, they need that escape. Keep creating content, build that customer base. Don’t slow down, grab a phone, grab a camera. Now is the time to connect and serve your audience. Now is the time to really expand the reach.
5# Industry number five, online gaming. People are bored out of their minds. They want some kind of entertainment. Again, they want some kind of escape. It could be online gaming like casinos, people now cannot go to the physical casinos but they still like to gamble or online gaming in terms of just playing games online. That is huge as well, and it will get bigger and bigger especially later on when VR is more popular. This industry will be booming for many, many years.
6# Industry number six, online dating industry as now people are more isolated people are more lonely than ever. We crave that human connection, right. More people will be single.
Now if more people are working from home there are fewer opportunities to even go to a coffee shop and meet somebody. Online dating will be huge, it’s already huge so it doesn’t even have to be a dating website but anything that serves that particular industry will be booming as well.
7# Industry number seven, software, especially software that helps people to connect or work remotely. Skype, you have Slack, you have Zoomed. Anything that helps other people to connect and communicate better, that kind of software will always be booming. Any software that helps people to start an online business. That business would also be booming as well so don’t overlook, think about how you can serve that particular market because people’s buying behaviors are changing, they are developing new habits. Things won’t be the same after the coronavirus is over.
8# Industry number eight, supplement industry. The supplement industry’s always big, but now with the coronavirus, people are more health-conscious. People are living more fearful. They want to make sure that they have a strong immune system. They want to take care of their body, wanna take care of their own health.
So people are taking more vitamins. People are taking more supplements, right, to make sure that they are strong that they could protect themselves. And now not just they are buying supplements for themselves but also buying supplements for their family. So the supplement industry is also booming as well.
9# Industry number nine, supermarkets. Now, this is very, very obvious as people are stocking, right, overbuying a lot of food. Groceries, the supermarket is absolutely booming. They’re getting more sales. In fact, they are running out of stocks. People are buying more than what is needed because out of fear, so supermarkets also booming industries.
10# Industry number 10, now this may not be a very glamorous industry but that is the cleaning industry. Offices, hospitals, homes. Now people are, again, living more fear-driven. They want to have a cleaner place. They want a sanitized place so they make sure that they want to hire a higher-quality group of professionals to help them clean their places. So the cleaning industry is also booming.
So these are the industries that are booming due to the coronavirus. What we have to understand is this. Either you want to be in these industries or you want to think about how you can serve these industries. Or you wanna think about how you could change your business model because one thing that we do know is that things are never going to be the same.
People will buy differently, people will shop differently, people will spend their money differently. Their priorities will change. As an entrepreneur, it is your job to see what are some of the problems in the marketplace that you can solve and only you could solve. Don’t get too hung up on your existing business model. We all have to pivot and protect and preserve what we have.