The pandemic has caused negative repercussions to almost all industries worldwide since the COVID-19 outbreak in March of last year. Due to the pandemic restrictions, many companies had to close temporarily. Some businesses even had to shut down for good as they weren’t able to surpass the global crisis.
More than a year of the pandemic has passed by. Surprisingly, some resilient industries have managed to survive and even thrive. This is because the pandemic has presented new business opportunities, and some have taken advantage of these. They are quick to adapt to the new business landscape and changing consumer behavior in a pandemic.
Here are top industries that are booming amid the pandemic:
1. eCommerce Industry
The eCommerce industry has long been thriving even before the pandemic. In recent years, many consumers have already relied on eCommerce businesses. Whether doing online shopping or purchasing products, they place their orders online and get their items delivered right at their doorsteps. Thanks to various eCommerce platforms such as Shopify, BigCommerce, and Wix, they allow both consumers and sellers to meet digitally.
During this pandemic, the eCommerce industry has all the more boomed. The stay-at-home orders and restricted movements have compelled people to stay indoors and conduct business transactions online. In fact, a report shows that online shopping rose to 44 percent last year, and new business applications have soared in the US.
2. Construction Industry
The construction industry has long been flourishing. The real estate market has been making significant profits in recent years. This is because many individuals aspire to own their dream home and invest in properties for business. The pandemic has posed a major threat to the real estate market. But surprisingly, a related industry has been thriving—the construction industry.
In fact, home improvement projects have soared in the midst of the pandemic. As most households stay in the comfort of their homes, they have reevaluated their living spaces. Many of them have pursued home remodeling projects such as kitchen, bathroom, and basement renovations. Some even have hired landscaping services to improve their outdoor spaces.
3. Food Industry
The food industry has always been thriving as foods are humans’ basic needs. Without food, we won’t live and survive. However, the pandemic has posed some major challenges to the food industry. Food insecurity has become apparent in some parts of the world. The pandemic restrictions have hampered even food supplies.
Surprisingly, food-related businesses have emerged out and boomed during the pandemic. On top of this is the delivery service. This makes sense in a pandemic as people get stuck at home and order food online instead. Some households even hire people to do the groceries for them and get these delivered to their houses. The challenge, however, is to keep up with the demands for healthy and nutritious foods amid the global health crisis.
4. Manufacturing Industry
The manufacturing sector has surprisingly taken the spotlight in the list of booming industries during the pandemic. This claim can be justified by a manufacturing and distribution survey. The survey sought to gauge and measure the status of the industry in terms of profitability. It turned out the sector has shown a high and modest increase in profits among several businesses.
This profit success can be attributed to how the manufacturing industry has adapted to the pandemic situations. New and emerging trends become apparent such as localized production, digital transformation, and resilient supply chain. All these help the industry get by during the pandemic.
5. Firearms Industry
The firearms industry may seem unlikely to thrive during the pandemic. However, this sector has appeared to be booming despite the global crisis. This can be proven and justified by the increase in gun sales and hunting licenses. Even firearms insurance providers can take advantage of the boom in the industry.
Many hunters have purchased new firearms and ventured into hunting pursuits. For one, hunting allows them to go outdoors and have some recreation without compromising their health. Two, this enables them to put food on the table for their families. Lastly, they have all the time in the world to pursue outdoor hunting.
Desperate times call for desperate measures. And this is what sets apart those thriving industries from those that are not. The eCommerce, construction, food, manufacturing, and firearms industries have proven resilient during the pandemic. Still, it’s fair to acknowledge the challenges posed by the global crisis and that some industries don’t have a competitive advantage. But as a business owner or entrepreneur, you’ll do what it takes to keep your business afloat or even keep it booming.