Overall, the COVID-19 pandemic has had a devastating impact on the American economy and hit small businesses particularly hard. Yet, despite the well-documented plight of some industries, others have not only survived, but thrived during the pandemic. Here are five industries that are booming according to Forbes.com:
1. Online Retailing
Online retailers have indeed fared well during the pandemic. Amazon continues to be a juggernaut. While the company’s sales growth has been impressive for the past decade, Amazon received a big boost from the quarantine as consumers could not go to stores to make purchases. On March 12, the beginning of the COVID-19 lockdown, the company’s stock price closed at $1,676.61. By the end of June, it was nearly $1,000 higher than it was just a few months prior.
2. Workspace Solutions
Out of necessity, businesses are increasingly moving to more remote and flexible workforces. As workforces go remote, having the right collaborative technology and security have become a top priority for executives. Zoom became a video conferencing leader during COVID-19. In fact, Zoom’s adoption rate surpassed previous industry frontrunners GoToWebinar and Cisco during the past several months when companies scheduled virtual meetings when it became impossible to host in-person gatherings.
A perfect storm of events helped lift the supermarket industry. Restaurant closures meant that people who normally eat out would instead have to make their own dinners. Even with stay-at-home orders in place, supermarkets remained open as “essential businesses.” People who were out of work tried cooking on their own, and social media was filled with photos and videos of amateur bakers making breads, cakes, and other treats. Prices rose, as people feared shortages, and demand went up. Additionally, food stores did not have to rely so heavily on couponing and other price promotions to get customers in the door.
4. Liquor Stores
It is well documented that home alcohol consumption rose during the pandemic as stressed-out parents worried about their employment status and the added responsibility of home-schooling their children as they tried to work. Liquor stores were designated as essential businesses, and people starving for socialization began hosting virtual cocktail parties via Zoom. With flexible schedule schedules and many people out of work, cocktail hour did not have to wait until 5 p.m.
Netflix added nearly 16 million new subscribers during the first quarter of 2020, and its growth numbers more than doubled what the company predicted January. Q1’20 was the largest three-month jump in the streaming service’s 13-year history, as people looked for entertainment options while theaters, cinemas, nightclubs, and concert venues went dark… and still have not fully returned.