Although one of the dominant news stories over the last 18 months or so has been about the impact the Covid-19 pandemic has had on the economic health of the global economy, one of the notable aspects of this is how unevenly this effect has been felt.
And while the public health measures that had to be taken by governments across the world to fight the pandemic have, in many cases, led to a complete shutdown of particular industries for prolonged periods, other sectors of the economy have actually seen unparalleled growth.
This disparity between those that have flourished and those that have floundered during the pandemic makes this topic so interesting.
With that said, however, which industries or companies have experienced a boom during the pandemic?
One of the consequences of the lockdown and social distancing orders put in place by various governments worldwide was that many of us found ourselves stuck at home for extended periods.
And with millions across the world unable to meet up with friends in person or to visit theatres, sporting events, or concerts, online entertainment filled the social void brought about by the pandemic.
Naturally, this meant that online forms of entertainment were increasingly relied upon. As a result of this, the online entertainment industry thrived during the pandemic.
This sector includes everything from online gaming companies to media streaming services – all of which reported recording-breaking numbers of new users signing up to and using their services.
Interestingly, although not unexpectedly, the online casino industry saw a boom during this time. With brick-and mortar-casinos being shuttered for the foreseeable future and many of us left looking for new and exciting ways to connect with our friends and family online, online casinos were increasingly a welcome option. As a result, an online casino in NZ has posted reports of record-breaking new user sign-ups.
Software as a Service
Software as a Service, or SaaS, describes online companies that provide or deliver service through software. And although the software industry was certainly booming before the pandemic, these companies continued to experience more growth as a direct result of it.
In fact, SaaS companies were one of the biggest beneficiaries of lockdowns and stay-at-home orders put in place by governments. It meant that millions across the world had to adapt to remote working.
This meant that with so many of us unable to work in a traditional office setting, SaaS products such as email marketing, website building services, video communication, digital payments, and other software tools became essential.
Cleaning and sanitation services
As you might expect in the context of a contagious pandemic, demand for cleaning and sanitation services exploded following government advice that businesses should put strict hygiene procedures to curb the spread of the pandemic and protect public health.
And as you have undoubtedly experienced when out doing your grocery shopping or any other daily activity, there has been a notable increase in the presence of cleaners and cleaning products.
In terms of the longer-term growth prospects, while the reduction in the severity of the pandemic in certain parts of the world means demand will undoubtedly fall, the continued presence of the virus in the community means this trend will likely stay for some time.
Delivery and logistics
With stay-at-home orders in full effect and many shops and businesses shuttered for the duration, online shopping became an important, if not the only, way of getting essential goods and products.
In this context, delivery companies became the vital link between us and e-commerce stores. To this end, the delivery industry stepped in to deliver food, clothes, medicine, and any other goods you can think of!
According to one report, the use of delivery apps more than doubled between March and December 2020. And the likes of Uber, Postmates, Grab, and DoorDash took in literally billions of dollars in revenue and profits throughout the pandemic.
Interestingly, this trend looks set to continue after the pandemic, with e-commerce set to further cement its dominance as the shopping method of choice for millions across the globe.
Online retailing and e-commerce
Closely connected to a rise in the usage of delivery and logistics services was a boom in e-commerce.
With shops shuttered for months on end, businesses across the globe had to drag themselves into the digital age and set up virtual shopfronts where individuals could purchase products.
For well-established companies in the e-commerce space, this shift only served to increase their dominance. For this reason, the likes of Amazon not only posted record-breaking revenue and profits figures but also saw a sharp rise in the value of their stock.
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