Which Businesses We’re Talking About?
With the drop in foot traffic during COVID-19 lockdowns, many businesses haven’t survived. Retail spending is down across industries. Meanwhile, restaurants, hotels, and travel agencies may never be the same. Yet, business is booming for some industries. Whether they’ve become more vital during the pandemic or have creatively responded to fluctuating consumer behaviors, these companies are primed to re-emerge from COVID-19 victorious.
The global economy is bound to change post-COVID19. Get ready for it with this guide to the businesses that will not only survive lockdowns but thrive for years to come.
Wondering which businesses we’re talking about? Then check out this guide for everything you need to know.
With restaurants closed, fast food places offering limited services, and the toilet paper stockpile of 2020, it’s no wonder grocery stores are doing better than ever before.
Demand has surged in cities in lockdown. What are the most desirable products during the lockdown? Dried beans sales are up 166%, canned tuna sales are up 142%, and toilet paper underwent a whopping 212% increase in demand year over year.
It’s not just the big grocery store chains that are doing well, though. Mom and pop grocery stores are also seeing higher demand from locals forced to cook more meals at home. Plus, small grocers are playing a big role in keeping larger grocers well-supplied.
Delivery Service Businesses
Americans are struggling to make ends meet with furloughs and layoffs running rampant. Yet, that hasn’t done anything to quell online shopping.
From online home goods platforms to local food services, delivery businesses across the nation are thriving. So much so that GrubHub’s GrubSouth branch in Huntsville, Alabama, had to hire 30 new workers to cover the demand.
Even the e-commerce giant Amazon was affected by the hike in demand for delivery services. Customers were alarmed to discover significantly increased delivery dates as compared to pre-COVID deliveries.
Amazon eventually clarified that this would be a new norm considering the national circumstances.
Bars may not be considered an essential business during lockdowns, but beer, liquor, and wine stores certainly are. In all but a few states, alcohol stores have been open for business.
Alcohol stores across the country saw an uptick in sales, with people wanting to stock up to survive lockdown. Even those stores that were forced to close saw a good turnout for their curbside delivery services.
Rumors are that people aren’t just drinking the liquor they purchase in bulk. Many consumers reported that they were stocking up on alcohol for a DIY project. Specifically, they wanted to make DIY hand sanitizer just in case grocers ran out.
Also Read: 8 of the Best Business Financial Services
Fitness Equipment Manufacturers
Google searches for at-home workouts hit a five year high during US lockdowns. So, it’s no wonder fitness equipment manufacturers saw a spike in sales.
Yoga mats were among the top equipment types purchased during the lockdown. Technology startups with cloud-connected fitness equipment rose in relevance.
Perhaps most telling of all, though, is that Peloton’s Q3 revenues climbed by 66% during COVID-19 closures. In all, the company generated more than $524 million in sales and saw a 9% increase in extended trading shares.
Gardening Supply Stores
The pandemic wasn’t just a health scare. For many people across the world, lockdowns led to concerns over access to food, too. Perhaps this is why so many people turned to garden stores for seeds and other supplies during the lockdown.
USA Today reports that beginner gardening how-to website, Gardenary, saw double the traffic to their website. Garden installation service, Soul Fire Farm in New York, also saw a hike in demand for their assistance during the lockdown.
Even landscape and yard care companies are getting in on the action. Landscaping businesses across the country had to increase deliveries to cover all the extra demand from people with more time on their hands.
Telehealth is growing in prevalence and has been especially popular during COVID closures. With hospitals inundated with patients, it should be no wonder people are seeking care over the phone or computer.
People use telehealth to speak with health care providers about non-life threatening ailments and complaints. Since this can all be done digitally, social distancers can avoid the doctor’s office but still get help.
Indeed, telehealth services saw 50% more appointments made during the lockdown. This has set up the space to hit 200 million telehealth visits in 2020. That’s up over 60% from an initially estimated 36 million visits.
Cleaning Services and Product Manufacturers
Cleaning products are in high demand among stay-at-homers in the US. Clorox recently reported its best quarterly sales in ten years. That’s reflected in the company’s shares, which rose a whopping 21% in 2020 so far.
Compare that to the S&P 500, which fell nearly 10% this year, and you’ll see why Clorox has had to up its production of bleach to six times its historical average.
People in the business of cleaning are also thriving. As states have begun to open up, the demand for cleaning services continues to rise. New cleaning measures in place for gyms and restaurants will likely keep demand high.
Business is Booming: Get Your Share of the Market
Business is booming for these seven sectors. You can get in on the revenue share, too, by starting up your own company to take advantage of these trends.
If you’re considering starting a new business in 2020, The Just Read can help you do it. Learn more about us to get inspired about the latest trends in tech, product releases, financial world updates, and more!