As countries went under lockdown and WFH (Work from home) became the only mantra for businesses and industries to survive, technology-backed businesses in education, healthcare, agriculture, health, content and essential retail trade have emerged as winners globally. There has been no better time than now to recognize the power of digitally amplifying your business to stay afloat and future-proof. While every economic recession is different, in a report by Investopedia, essential industries like healthcare, food, consumer staples, and basic transportation performed well and have remained largely inelastic.
As the world slowly and steadily emerges out of lockdown, even if not from the Covid-19 pandemic (although we constantly hope it does), we have culled a list of industries that have remained covid-proof in these mercurial times.
Online Education: According to WEF (World Economic Forum) Covid-19 resulted shut-down of schools left over 1.2 billion children out of classrooms, because of which education has not only dramatically changed, but e-learning remotely on digital platforms has become imperative. Before the pandemic, global EdTech investments had reached US$18.66 billion in 2019 with the overall market projected to reach $350. Language apps, virtual tutoring, video conferencing tools, and online learning software has seen a significant rise since Covid-19. WhiteHat Jr that had launched a coding tutorial in the US, helped the company log an astounding 200-250% growth in enrolment.
Pick Up And Delivery: With delivery services to the rescue for restaurants, essential goods, groceries, and ecommerce stores, the business of pick up and contactless delivery has seen a significant spike. According to CNN, downloads of Instacart, Walmart’s grocery app, and Shipt have increased by 218%, 160% and 124% respectively. Moreover, pharmaceutical business has also seen a medical commerce boom with people quarantining themselves at home instead of visiting a physical store.
Ecommerce Marketplace: According to Quantum Metric report, online sales have surged 52% from a year ago, and the number of online shoppers has increased by 8.8% since the outbreak. Salesforce in its report, ‘Global Shopping Index’ has seen a surge year-on-year of 51% in home goods, and 31% growth in active apparel, toys, and games. On the other hand, between March 10 and March 20 digital spending on essential goods (food, personal care, etc) spiralled to an astonishing 200%.
Wellness And Agriculture: Even though gyms and health centres remained severely affected by the pandemic, digital platforms have risen to the occasion for health, wellness, and fitness industries. From online training apps, to yoga and meditation apps, the industry is booming. In a similar trend, countries and organizations across the world are focussing on efforts to keep agriculture safely running as an essential business. With local demand for premium fruits and vegetables growing and customers ready to pay a premium for it, many start-ups are looking towards flourishing in the smart agriculture market. Click on Kheti Buddy Farm to see how technology and on-ground agri expertise are already improving farming habits and boosting productivity.
Healthcare Consultation: Remote healthcare consultation has become essential for people navigating the impact of pandemic living. Moreover, official recommendations from both CDC and WHO have encouraged the use of telemedicine, paving the way for on-demand doctors, nurses, and other healthcare service providers to rise to the occasion remotely and on-ground.
Want more info? Check out how these businesses have adapted to the crisis.