11th September 2020

What sectors are doing well during COVID-19?

As coronavirus (COVID 19) has torn through countries’ economies around the globe, you’d be forgiven for thinking that no sector was safe. And while there have been major casualties, it’s also true to say that certain sectors are doing well during the pandemic. Some are even thriving.

So, let’s look at these sectors in detail and how they’ve managed to do so well in such turbulent times.

What type of businesses have done well?

Perhaps the most important sector that’s thriving is that of pharmaceutical and healthcare provision, particularly anyone involved in developing a vaccine or reliable coronavirus test. Apps and other tech is also being created to improve track and trace, help with physical mental health and wellbeing, and also enable NHS staff to access online training ready for a possible second wave this winter.

Some other types of tech companies have seen a boom too, with the huge increase in the numbers of people working from home. 

Obviously, the supermarkets have also done well. In fact, sales hit an all-time high in March as consumers bulk-bought necessities to get through lockdown. Many of the supermarkets saw large upturns in online shopping as well, with shoppers preferring the safety of their sofas to setting foot in actual stores.

We’ve mentioned online shopping. This is another sector that’s done well during the pandemic. Ecommerce sellers have played a vital part in providing things like clothing, exercise equipment and electronics, as well as essentials since the start of the outbreak.

Finally, we need to mention online streaming service providers. With cinemas closed and people staying at home, boxset-binging has become more popular than ever.

What do these sectors have in common?

The most important thing they do well is to give customers what they need in as simple way as possible. Supermarkets were able to keep the shelves (almost) fully stocked, ecommerce companies managed to deliver to households safely and quickly, while entertainment platforms made sure their offerings were what people wanted to watch.

For the thousands of new homeworkers, having reliable and affordable video and phone conferencing software is a must. Apps like Zoom have seen users plump for their tech because it’s easy to use and free, in its basic form.

Adaptability and speed are important too

Equally important to these sectors’ success is how quickly they’ve improved things to cope with coronavirus. Supermarket supply chains were improved by being simplified, and they were able to recruit thousands of new workers quickly. They also reduced their opening hours to keep stock levels high.

Ecommerce businesses also took on lots more delivery drivers, and changed how they delivered packages to keep drivers and customers safe.

For those involved with pharmaceuticals, the race is on to find a vaccine to combat the virus, as this is the only way we can truly start to get back to normal. Companies are working faster than ever in the hope a breakthrough can be found quickly.

It’s also important to think about what your users might benefit from in uncertain times. Netflix did this by developing Netflix Party, so people could watch a film or programme anywhere in the world at the same time as their friends. They also temporarily reduced the quality of their video streaming as more and more users signed up to help keep it as good as can be for everyone.

Zoom also had to address possible security issues when it started to become popular, which it did quickly, to stop consumers’ fears about its safety.

Digital technology equals sustainability

It’s impossible to predict how the future will look, but it seems likely that these sectors will continue to thrive. The change in behaviour of both consumers and businesses looks like it’s here to stay, so as people adjust to a new way of doing things, it’s vital businesses know how to implement digital technology to help them adapt quickly and effectively whatever sector they’re in.

If you’d like help and advice with digital tech for your company, please get in touch. Here at The Base, we have many tenants and partners who are involved in this sector. We also run regular online networking and learning events you might find useful.

 

If you are looking for office space or co-working space in Warrington, with social distancing measures in place, contact us today.