While the pandemic has plunged the global economy into a deep crisis, many business organisations managed to sustain the blow and overcome the crisis.
Some leading industries that managed to keep their boats sailing through the storm have shined as a ray of hope for the world economy. For example, Jeremy Fleming, the co-founder and CEO of Stagekings and IsoKing, effectively saved his business from Covid.
Stagekings is an Australian leader in making stages for the event industry while IsoKing manufactures home furniture.
Read on to know how some of the best-performing industries in the world managed to stay afloat during the economic break-down.
One of the most significant contributors to the global economy is the medical sector.
Although the front-line workers in the healthcare sector worked hard during Covid, the pharmaceutical industry stayed immune to the deadly virus. Increased hygiene practices raised sales of disinfectants and sanitisers in the world.
According to recent statistics, the global medical mask market size stood at $2.15 billion in 2019. It is further expected to reach $ 4.11 billion by 2027, exhibiting a CAGR of 8.5 per cent during the forecast period.
The IT sector managed to stay in a relatively better position during Covid. With increased internet subscribers, work from home and virtual hand-out systems helped employees stay productive throughout the pandemic.
Video streaming services like Amazon Prime, Netflix, and Disney Plus saw a considerable rise in subscriptions as they offered the best choice for keeping people entertained from the comfort of their homes.
Mobile companies recorded the highest sales during the pandemic. The telecommunications industry helped people stay connected from different geographical locations during the lockdown.
Online shopping sites like Amazon saw an upsurge in revenue as many people chose to buy stuff online rather than risking their health by going to stores. This switch to online shopping helped increase employment in their logistics division too.
Fitness Equipment Companies
With gyms and walking parks getting shut down, fitness experts looked at options to buy fitness equipment for home use. The availability of online fitness sessions increased the sale of items like yoga mats and boxing equipment for regular gym-goers.
Online Tutoring Services
Most schools have switched to virtual learning and assessment tools. Private online tutors are helping children cope up with the new e-learning system from the comfort of their homes.
Grocery Stores and Supermarkets
As restaurants closed for dine-in options, people started stocking up kitchen supplies and groceries to cook at home. The trend recorded an increase in sales at local grocery stores and supermarkets. People significantly sought everyday essentials like toilet paper, cleaning equipment, and frozen food.
As significant countries emphasised social distancing norms, the public transportation sector was severely affected. It gave rise to the demand for cars and bikes as the best option to travel safely.
As online banking witnessed a boom during the global pandemic, e-commerce payment services like Google Pay and PayPal grew considerably.
Coping with the challenges of the pandemic was no easy task. But the industries and businesses that were able to adapt quickly to the “new normal” were the ones that not only survived the pandemic, but also came out of it stronger and more profitable.
Other Australian companies can learn from the success stories of Jeremy Fleming and how he saved his business from Covid.