The devastating impact of coronavirus is all more than evident now. After engulfing China with its lethal consequences, the disease has made Europe as its second hot target with countries such as Italy and Spain have become a hotbed for the spread of highly contagious Covid-19. Along with the social impacts which manifest in the form of a complete cut-off, isolation, and distancing, the economic impact of the coronavirus is equally concerning. All the industries are reeling under an unprecedented drop in the demand as malls, shopping stores, and convenience centers get deserted amid fears of disease spread.
Growing Industries
While most industries and business segments are experiencing a negative outlook in the business, some industries are positively impacted by the outbreak of this global endemic. More specifically, the sectors which are heavily reliant on the internet, such as the media and entertainment industry, eCommerce Industry, and online/virtual education sectors are getting an enhanced response from the customers. This is quite obvious as more and more people restricting their social movement and staying put in their homes to contain the spread of coronavirus. Hand Sanitizers are experiencing upturn due to a renewed focus on health and hygiene. Similarly, the segment of personal care with products such as soap, handwash, and disinfectants has got into the primary list of customers’ considerations. The eCommerce players are also experiencing an uptick in the demand as people are ordering things online and restricting their movement as much as possible.
Media and Online Streaming
We are also witnessing some interesting development in the space of media and the online content industry. While mobile phones, television, and personal entertainment segments are getting into focus of the growth story, the streaming content apps like Netflix, Amazon Prime has revved their content creation and coming up with new web series, short movies, documentaries, etc. to lure the customers. As governments and regulatory agencies are clamping down curfews to restrict movements, the demand for virtual education is on the rise too. Many companies such as Cisco, Zoom, and Google have ramped up their infrastructure and providing schools, colleges, institutions, and universities with access to their services at competitive rates. As data happens to be at the heart of all these virtual services, the data companies are cashing big on this opportunity. The demand for data has increased in an unprecedented manner and all telecom service providers are getting benefited from this enhanced use of the data.
Conclusion
As the intensity of coronavirus continues to remain unabated, it is becoming quite difficult for businesses and industries to cope up with the changed scenario and new consumer realities. As discussed above, some of the sectors have been immensely benefited by the restricted movements of people and these industries are expected to experience a new wave of growth in the coming days. The more reliance on the internet and data has become new business reality and it is, in fact, an opportune time for the conventional businesses to reframe their business model and put a focus on the virtual presence.
On a positive side, the outbreak of the coronavirus has come as a blessing in disguise. It has provided us all an opportunity to look old things from a new perspective and then accordingly take the decision to ensure the sustainability of the traditional methods/processes/methodologies in a new manner. What we essentially need is to have a positive frame of mind and then realign our resources to meet the desired business objectives.