Businesses have been struggling and some will continue to struggle even after the pandemic is over. It is clear that businesses that rely on physical presence didn’t have a great time during this crisis, but there are companies and general sectors that are actually doing better and will continue to boom after the crisis.
Online businesses, on the other hand, weren’t hit as hard, in fact, some are doing a lot better. It was pretty clear that the future is online, but it seems that it is even clearer now. Let’s have a look at some of the businesses and sectors that will keep on growing in the upcoming years.
Entertainment is one area which has in part moved online since the internet became a thing. The scope of entertainment activities that are available online has been growing and it will keep on growing. Netflix already changed the game when it comes to streaming services. It became the default go-to place for people when they want to watch films and series.
Gaming has also shifted online. Pretty much all games that are released nowadays can be played online or come with updates that go online. In fact, if you wish to buy a video game nowadays, you will probably not be buying a physical copy of the game, you’ll probably be downloading it.
Casinos also went online. A lot more people nowadays are playing their favourite slots and other casino games online. Online casinos offer a lot more than just games, have a look at this Spinzaar review at slotswise.com and you’ll realise what we’re talking about.
Yes, entertainment can thrive online, but what about the other E – education? Is education online-friendly? Of course it is, and this opportunity has been exploited in the past, but apparently not sufficiently. There is increased demand for online education and the range of different courses that are available is growing.
For example, Duolingo is one of the most popular platforms for learning languages and there has been a steep increase of signups. Just in March the increase was about 150% in the US alone. It is possible to get cookery classes from top chefs and even writing classes from leading writers.
But we are moving a step further than that now. Large, prestigious, mainstream universities are also considering offering full university courses online.
Fitness was often seen as one of the sectors that can’t survive online, primarily because it depends on the physical presence of those who participate in the training or are there to exercise at the gym and so on.
But fitness video tapes have been around since the 1980s. People have been spending a lot of their time at home and gyms remained close in large parts of the world. So, people and companies started looking for alternatives.
It is possible to book online classes and work with an instructor over Skype. But this situation also created an opportunity for another industry – the producers of home fitness equipment. People who are planning to work out at home are buying fitness equipment.
Food can’t be delivered online, after all a burger cannot be sent via email, but you can order food online and it will delivered to your door. To be fair, this has been an option for quite a while, but it is becoming a lot more popular these days, especially with restaurant closures.
Online shopping is another massive sector that will likely grow even further. You’ve surely seen the Amazon figures, the company has doubled its profit by July. Even in non-pandemic circumstances, online shopping is the preferred option for many customers simply because it is more convenient.
There are many companies who weren’t offering online shopping, or their offer was quite limited, but the new situation made me move more boldly into this direction.
What the future holds
In short, a lot more services will switch online, and many products will be ordered online and be delivered to people’s homes. The future is online and the crisis was just a catalyst. We will see how the market responds and what will happen in 2021, but the direction is pretty evident.