The COVID–19 pandemic has had significant impacts on the business world, with many businesses being hit badly, some to a devastating extent. Many people have lost their jobs, while others have endured salary cuts.
However, some businesses are not only continuing to maintain profit levels during the pandemic, but their business is booming. The ‘stay-at-home’ and ‘work-from-home’ lifestyle has helped some companies to grow their profits during COVID-19.
Here are 6 types of companies that are not only surviving but thriving during the COVID–19 pandemic.
Grocery stores have been experiencing significant gains due to COVID–19. People all over the world have been buying food and other grocery products in bulk, especially in the first quarter of 2020. Many people were scared that they might run out of supplies and so stocked up whatever they could. Even though this panic buying has died down, many people still don’t venture out as frequently as before, and so prefer bulk buying groceries, as well as cooking at home a lot more. This resulted in a huge growth in the sales of grocery stores.
Tesco experienced an increase in their sales during the first 3 months of the pandemic, way above their expected figures. Many grocery stores have also made shopping easy and safe by delivering groceries to their customers’ doorsteps. This is especially useful for elderly people who need to stay at home for their safety. Many companies also make use of portable card machines for home delivery which helps customers to make payments easily at home without any hassles.
Video-on-demand platforms such as Netflix and Amazon Prime are gaining more subscribers during the pandemic. Netflix reported that they had picked up over 15 million new subscribers within the first 3 months of the pandemic which was way more than their expectations. Watching their favorite shows at home has become a favorite pastime of many as lockdowns and other restrictions rolled out globally.
These platforms are easy to subscribe and offer a wide range of genres which people can watch within the comfort of their home. Many new films are opting for the direct digital premiere with the help of OTT platforms, as they have been unable to do large-scale releases in movie theatres due to the COVID–19 pandemic. This has helped these platforms to gain higher viewership with an increase in membership growth.
Sanitizers and Masks
Unsurprisingly, companies selling sanitizers, masks, and gloves have been hugely profitable in 2020. Washing hands regularly can be difficult when not at home, and in these situations sanitizing your hands is crucial to prevent yourself from getting infected. Hence the sale of hand sanitizers has increased tremendously during the pandemic.
Even makeup companies like Vichy have cashed in on this trend, making profits by selling hand sanitizers and similar products. Similarly, companies selling masks and gloves have seen booming sales during the pandemic. People have been stocking up large quantities of masks, gloves, and sanitizers which have resulted in unprecedented growth in sales of these products.
A large number of big scale and as well as smaller companies are benefitting from online sales. Since most stores were shut during the lockdown, people looked to online shopping to purchase items that were not easily available in their regular grocery stores. Even now, many people are reluctant to go out and prefer to shop online. Online shopping platforms like eBay, Amazon, Shopify, and many others are experiencing a massive increase in their sales during the COVID–19.
Amazon had excellent revenues in the first 3 months of the year, totaling more than $75 billion. People have been experimenting a lot during the pandemic, reflected in an increase in sales of electronic and kitchen items due to various cooking trends that emerged during the lockdown. A lot of people have turned to fitness during this pandemic and so online sales in workout gear and equipment have also picked up sharply.
News channels and other companies in the news and information sector are also thriving during the pandemic, as people are glued to the news to get regular updates on the pandemic and restrictions. Although some like BBC news announced that they had limited staff during the lockdown, many news organizations continue to operate as usual, with on and off-camera staff continuing to work from home.
Video conferencing companies such as Zoom have seen massive growth in sales during COVID–19. Most educational institutions are relying on Zoom to conduct virtual lessons, with students all over the world are learning their regular curriculum subjects through Zoom. Additionally, as several businesses transitioned to work-from-home models, they relied on Zoom video calls for their office meetings. Zoom and other video conferencing platforms are gaining huge popularity for people to keep in touch with their family and friends, whether locally or on the other side of the world.