The outbreak of COVID-19 and its rapid spread around the world has had serious implications for the international economy. It has negatively affected global stock markets and industries such as entertainment, travel, hospitality and retail. However, despite this, various types of businesses are still going strong and remain unaffected by the negative socio-economic impacts of the COVID-19 pandemic.
It’s no surprise that some types of business have been more successful than at adapting to their COVID-19 business landscape. Businesses that help people socially distance from others,
retailers that enable online shopping, restaurants that enable people to eat and drink at home and online health services are some primary examples.
Below is a list of businesses that continue to thrive and are expected to have growth opportunities post COVID-19.
- Grocery Stores, Liquor Stores and Essential Retailers
Since COVID-19, stay-at-home Americans have been stocking up on groceries, liquor, pet essentials, paper products and other essential items. With the general public practicing “social distancing” and many U.S. states closing restaurants, both large and small grocers have seen surges in customer demand. Home delivery has also skyrocketed resulting in retailers hiring additional labor, partnering with delivery service providers, and investing in online ordering systems. According to Grocerydive.com thirty-one percent, or roughly 40 million U.S. households have used online grocery services during the first month of the COVID-19 pandemic. Demand for home delivery is expected to continue as more consumers shift to this new way of shopping.
- Cleaning Services
With the spread of COVID-19 around the country, it is no surprise that professional cleaning services that sanitize offices, restaurants and homes are in high demand. Furthermore, OSHA has issued new sanitation guidelines for businesses in the wake of COVID-19, which are expected to continue going forward. As the economy continues to open up and more businesses resume operations, this expands the market for deep cleaning and sanitation services.
- IT Services and Online Support Technology
Almost immediately after the onset of COVID-19 came a rapid digital adoption. According to a recent survey conducted by the McKinsey & Company we have vaulted 5 years forward in consumer and business digital adoption in a matter of the first 8 weeks of the pandemic. Since COVID-19, there’s been an increased demand for services that support remote working environments, online education and telemedicine. As we have become increasingly digital, we have grown to depend on a wide range of information technology services, including tech support, cyber security, website design and software development. These virtual practices and the tools needed to run them are expected to continue into the future.
- Medical and Healthcare Businesses
Since COVID-19 there’s been a surge in demand for medical supplies, pharmaceuticals, online doctor visits and other medical services. Companies such as Johnson & Johnson are “repurposing” products developed for HIV, Ebola and other epidemics while other companies are developing testing kits for the virus. Despite notorious tendencies for rapid fluctuations in the stock market, the pharmaceutical industry is predicted to enjoy economic growth as a result of the coronavirus.
- Warehouse and Shipping Businesses
Storage, distribution and shipping of essential goods and services is vital to the global supply chain. Since stay-at-home orders were put in place and online ordering skyrocketed, additional demand was put on trucking and delivery services. According to a study by McKinsey & Company, compared with last year, trucking volume initially increased 30 percent. Home delivery is expected to remain popular post COVID-19.
Even as many parts of the U.S. economy are unable to operate at full capacity, these five types of businesses are “business as usual,” and even thriving. The post-COVID-19 world is predicted to bring growth opportunities to many of these types of businesses.