5 TYPES OF BUSINESSES THAT ARE THRIVING DURING COVID-19 PANDEMIC by Chinedu Nnawetanma

The Coronavirus Pandemic has hit the world economy like a ton of bricks. Countless businesses across various industries have practically shutdown or are operating at fraction of their full capacity as a result of the restrictions on movement imposed by governments around the world to curtail the spread of the virulent COVID-19.

The International Monetary Fund (IMF), through its Managing Director, Kristalina Georgieva, on March 27 confirmed that the global economy has already slipped into a recession. Also, the Organization for Economic Co-operation and Development (OECD) cut its GDP growth forecast for global economy for the year 2020 to 2.4%, the lowest rate since the 2008-2009 financial crisis. At the national levels, the United States, United Kingdom, Italy, France and Malaysia are just a few of the countries that are almost certainly headed for a recession.

However, not every business has been negatively impacted by the global pandemic. Businesses in certain industries are actually thriving amidst the COVID-19-induced economic downturn. Changing lifestyle and business patterns occasioned by the restrictions on movement in various parts of the world means that people are now forced to spend much of their time indoors and engage in indoor and online activities, albeit temporarily. This has opened up a window of opportunity for online-oriented businesses.

Below are 5 peculiar industries that are currently witnessing uncommon growth in a recession-hit global economy.

1. Healthcare: It goes without saying that this is a boom period for businesses in the healthcare industry and its value chain. A lot of medical products and services are in high demand, such as surgical masks, hand sanitizers, disinfectants, vitamins and supplements, home healthcare and medical supplies, with many healthcare companies struggling to meet demands. Though saving lives is paramount in times like this, that has not stopped healthcare companies from smiling to the bank.

2. Social Media: Social media consumption has risen sharply across the world since the onset of the coronavirus crisis. According to a survey by the London-based market research firm, Kantar, in 30 economies between March 14 and 24, instant messaging giant, WhatsApp, has seen a 40% increase in usage due to the COVID-19 pandemic. Similarly, social networking platform Facebook has witnessed a 37% bump in usage since the crisis began.

Thanks to the ubiquity of the digital media, people are now discovering and leveraging novel ways of staying in touch with friends, family and colleagues; keeping abreast of happenings within their locality and around the world; and combating boredom amidst the lockdown.

3. Telecommuting: Organizations, including businesses, government agencies and religious bodies, have been forced to modify the way they operate in order to simultaneously keep their employees safe and ensure that their operations do not grind to a halt during the pandemic. More people than ever before are now working remotely. This phenomenon has elevated telecommuting platforms once considered luxuries to bare essentials of the work setting.

While stock markets have crashed and sent shares of travel and logistics companies like Uber and Lyft plummeting, the valuations of telecommuting companies like the video calling app Zoom have skyrocketed. The estimated net worth of Zoom's founder, Eric Yuan, has increased by more than $4 billion since the start of the coronavirus crisis.

4. Gaming: The entertainment industry generally is among the worst-hit industries in the coronavirus crisis. Movie studios have suspended production, sporting events have been cancelled, cinemas are shut, advert revenues for TV companies have dried up and streaming services like Netflix are struggling to churn out new content that will keep their subscribers engaged.

But the surge in demand for home entertainment has particularly benefited one niche business in the entertainment industry: online video gaming. US telco, Verizon, revealed in a recent report that video gaming traffic on its internet network during peak hours has spiked by as much as 75% since the shutdown in the United States began, and similar figures have been reported by other sources across other gaming hubs around the world.

5. E-learning: For many, this lockdown is an opportunity for self-improvement. And they have seized it to develop their knowledge and expand their skill set by taking online courses in software development, cooking, makeup, fashion design, foreign languages and entrepreneurship, among others. Parents have also enrolled their children in online academic programs while waiting for schools to resume.

All in all, apart from businesses in the healthcare industry (for obvious reasons), the biggest winners – for the lack of a more somber term – here are online-based and online-oriented businesses. A key takeaway for entrepreneurs during this economic gloom and doom should be the need to embrace the digital economy.

by Chinedu Nnawetanma
IG & Twitter: @Chinedugn

https://nairametrics.com/2020/04/04/five-industries-that-thrive-in-covid-19-downturn/

This is very enlightening. It shows that there's hope even in the midst of gloom. We just have to be innovative.

.

Learn high income skills guys....
D.M number in signature

Interesting. There are opportunities in e-businesses/internet businesses. That is for sure.

You didn't include streaming services? What money is health care making? Are you for real? Are more people going to hospitals or pharmacy than it was before the lockdown? No.
Every American businesses have been affected by lockdown apart from Streaming services whose patronage has skyrocketed. As more people are now at home and bored.
Online Gaming also.
Social media platforms and online dating sites also.

Frankly speaking,
The worst thing to lack during this period in Nigeria is DATA and INTERNET.

Correct.. let me add Eateries (Food Seller)

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All thanks to Coronavirus

This video explains the origins of Coronavirus


https://www.youtube.com/watch?v=bpQFCcSI0pU

Once Cows are not infected, Buhari does not care

That's cool...

Soapy

Is it impossible to consider that they created and unleashed this virus on the world? Their, 'lack of transparency' seems naïve to me. The world economy is bust, and they're buying everything dirt cheap. Their end game, in my view, is they come out on top as world leaders. We've got to wake up.

I dont have the skills in these area,,,,,, That's why I have to put up this land for sale,,,,

People selling food are cashing out here in Nigeria

I thought you would mention "food stuff business" after health care considering the amount of food people consume now.

Agriculture nko

No matter what....we will surely survive

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Not really true... The only business thriving now is Bitcoin trading...

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If you keep waiting for the govt to send you palliative during this period,then you are on a very long thing.

Internet DATA business

MAKING FACE MASK BUSINESS

Pornhub and xvideo has witness 100 percent increase

Greatzeus:
You didn't include streaming services? What money is health care making? Are you for real? Are more people going to hospitals or pharmacy than it was before the lockdown? No.
Every American businesses have been affected by lockdown apart from Streaming services whose patronage has skyrocketed. As more people are now at home and bored.
Online Gaming also.
Social media platforms and online dating sites also.

My sister works in an hospital... They had to send some staffs home cause no patient's coming... They said they can't pay 'em

You forgot to add small beer parlour businesses, all men must chill in d evening after spending the day at home.

POLICE BRIBE BUSINESS AS THEY COLLECT EGUNJE FROM CURFEW BREAKERS

You are welcome

Nice post OP.

Greatzeus:
You didn't include streaming services? What money is health care making? Are you for real? Are more people going to hospitals or pharmacy than it was before the lockdown? No.
Every American businesses have been affected by lockdown apart from Streaming services whose patronage has skyrocketed. As more people are now at home and bored.
Online Gaming also.
Social media platforms and online dating sites also.

Wrong
Microsoft has seen a 750% surge in the use of its products most especially Microsoft Azure & Microsoft Teams which is used for messaging and video conferencing /screen sharing. So much that they have had to reduce usage in some parts and limitations to their Subscription offering - some free subscriptions have even been suspended

Also due to the need to work from home, Windows Virtual Desktop usage and Azure Aadds to host Native applications has also surged

Zoom too has seen a jump in usage and revenue even with the recent security concerns

Home shopping /Personal shopping and delivery services like icart ( not sure the name) have also benefited

Some People are cashing out in the middle of this crisis

Food market