Introduction
The Coronavirus pandemic has hit the global economy hard. Barring a few, almost all industries have witnessed a huge decline. With falling revenues, employees being laid off and the fear of massive social backlash, it would be safe to say that the pandemic is as bad as the Great Depression of the 1920s.
However, human history has shown that every crisis also leads to the opening up of opportunities for the ones who are ready to adapt and are early movers. This is true of the ongoing Coronavirus pandemic as well.
Even though 90% of all businesses have slowed down, closed or are running at huge losses, others, have seized the opportunity and are performing quite well.
In this article, we will look at five industries, who have actually registered strong growth and increased their valuations to the tune of billions of dollars.
List of 5 Industries flourishing during the COVID-19 pandemic
1.E-Commerce Industry
For the past five years, the E-Commerce industry has been seeing multiple double-digit growth. However, it was during the pandemic, that the industry really came into its own. With most governments announcing lockdowns, people were forced to depend on ecommerce suppliers for home deliveries.
This is a major reason, why companies like Amazon, Walmart and other have been able to reach record sales volumes. In addition, platforms like online food delivery and others have also been able to keep themselves afloat during these tough times.
2.The Cryptocurrency Ecosystem
At a time when the global markets saw their worst down grading, one asset, which saw exponential growth were cryptocurrencies. Crypto like Bitcoins and others saw a number of new investors moving their investments away from stocks, shares and SIPs and investing in cryptocurrencies.
This was partly because of the fact that these assets were able to hold value, increase valuations and turn over huge profits for their investors. Apart from big investors from Wall Street, many normal individuals (retail investors) used the Login to start trading in Bitcoins.
3.The Ed-Tech Business
Even though ed-tech platforms are something new, they have been able to see some great growth because of the pandemic. Many governments have been extra careful about shutting down schools and colleges. This has allowed ed-tech platforms to flourish during the pandemic.
As more and more parents start feeling the need to make their children keep pace with education, they are signing up on these platforms and taking subscriptions for various online courses. This industry is still in its infancy, but is seeing great growth.
4.Social Media Platforms
According to reports, social media platforms are seeing record login and uptime hours by consumers. While this was something, which was expected during the lockdown, it has exceeded many expectations. Many small social media companies are also vying for a larger share of market, and taking on big players like Facebook and Twitter.
This is not only leading to an increase in revenues through ads, but is also making startups turn profitable in the first years itself. Many entrepreneurs and developers are creating small platforms with the hope of getting enough members to cost-effective.
5.Digital Payments and the Fintech Sector
With governments all over the world prioritising digital payments, almost all countries have now local home grown startups offering great digital payments and fintech solutions. The immense potential of this segment has even made tech giants like Amazon, Google and Apple to get into the fintech space.
The fintech space is seeing a major bump in digital transactions because of the pandemic. This is also a sector, which works in close coordination with Ecommerce. Payments processing is also an area, which is seeing major innovations in the pandemic.
The Final Word
One thing, which closely binds all the industries mentioned in the list, is their reliance on digital and technology. It means that the digital space is one, which has seen record growth and holds the potential of ensuring that we safely get over the pandemic. Can you think of some more industries, which we can add to the list?
Editorial Staff of the TechnoRoll, are a bunch of Tech Writers, who are writing on the trending topics related to technology news and gadgets reviews.