United States- Clorox stated last week that its overall sales improved by 15% for the first quarter of 2020 due to high demand in cleaning products. People keep on maintaining good hygiene and it is beneficial to Clorox. Continue to read to see more industries that are booming amidst the pandemic.
A lot of industries were hit by the pandemic. One of them is the Airline industry. Many flights were cancelled and Airlines were forced to process refunds and re-accommodation. Even when they have been allowed to operate, they are still unable to generate enough revenue because people are not yet ready to travel due to the spread of COVID-19. Hotels and cruises are also facing the same problem. Majority of them had to lay off employees in order to save their brand in the midst of the crisis.
Gyms and other fitness centers are also trying to recover. Although people miss their workout routine, most of them still choose to do home exercises as they believe that it is not yet safe to go back. Will the fitness industry survive?
These are just a few of the many industries that were impacted by COVID-19. Despite this, there were industries that grew and have found a goldmine from it.
Here is the top four list:
As we rely on a digital world throughout the lockdown, online retail stores have been there for our shopping needs. A majority of businesses who previously relied on brick and mortar locations are now selling their products through online stores and social media platforms like Facebook, Instagram and LinkedIn. Some of them also turned to automation to save time and capitalized on their businesses. They have created mobile applications for order processing and some are now using messaging automation platforms such Manychat (Facebook) and Biglinker (LinkedIn) to promote their products and services.
This is one of the fastest growing industries worldwide as there is a high demand for medical products like face masks, medicines, medical equipment etc. Clorox Company is also under healthcare as they provide sanitizing and cleaning products. They earned millions of dollars because of the demand in their products during the pandemic.
Online Streaming Services
Who does not know Netflix or YouTube premium nowadays? Since most of the people are not going outside for entertainment, they are just purchasing subscriptions from online streaming services to watch movies, TV shows and documentaries to satisfy their entertainment needs. In the 2nd quarter of 2020, it was reported that Netflix generated total revenue of 6.14Billion dollars from 4.9billion from the corresponding quarter last year.
Home Workout Equipment
If COVID-19 was a downfall for gyms and fitness centers, it is not for gym equipment manufacturers. Peloton’s high tech home workout equipment experienced a jump in revenue of 66% as of last quarter according to Businessinsider.com. Other fitness enthusiasts are purchasing home workout equipment like dumbbells, kettle bells and ropes to maintain their figure and health.
While COVID-19 has irrevocably damaged more than one business and put a dark cloud over head but some have realized a tremendous opportunity and are basking in the light of the silver lining.