Covid-19 has caused disruption in economic activities, halted the production of non-essential products because of a decline in demand, and has even caused the shutdown of various small businesses. Although many industries faced a huge setback because of the current crisis, some industries stayed afloat and some even flourished. These industries are food production, telecom services, entertainment, financial services, pharma, online delivery, remote learning, digital marketing, and technology.
The pandemic caused a lot of panic-buying. As a result, many grocery shops and food marts faced huge shortages. This led to governments relaxing restrictions on food production to meet the growing demands and many farmers used online avenues to reach out to customers and deliver food items to them.
There was a rise in home cooking because a lot of restaurants were shut down. This caused an increase in online orders for fruits and vegetables. Because of the large number of deliveries, the Plastics and Material Handling industry thrived as well. Plastics were required for packaging food products and crates were used to efficiently deliver them.
Mobile and internet services have blossomed during the lockdown. They have been the only way to keep in touch with family and friends. Since many began to work from home and students began to use online platforms for learning because of the lockdown, the demand for internet services rose and internet service providers prospered.
Covid-19 caused many movie theaters to shut down and movie releases to get postponed. However, a few online resources and movie watching platforms didn't let anyone miss out on their entertainment. Many movies saw an early release on these online platforms and people could catch up on the movies they missed as well.
The News Industry also survived the pandemic. Information and updates on the number of infections, mortality rate, progress in the development of a vaccine, ways to boost immunity, the status of final year exams, and stock market rates among others were a few of the things that news services provided. Watching the news on TV or reading online newspapers became a safer alternative to reading news on print.
Fintech Industry and Insurance
Online payments and net banking have grown rapidly during the pandemic since cash exchange and use of ATMs can cause the Covid-19 virus to spread. To deal with these issues, many financial services have shifted online to assist with online payments safely and securely. Fintech companies are going to come up with new and innovative technology to make payments more flexible for users.
The use of PoS machines will reduce considerably and mobile-based or contactless payment methods will take over the financial market. Because of fear for health, there has been a rise in insurance investments as well and the government has provided insurance for health workers too.
Pharmacies also witnessed an increased amount of buying during this lockdown. People stocked up on vitamin pills, immunity supplements, handwash liquids, soaps, household cleaning products, etc. Their purchase of hand sanitizers and masks increased considerably to combat the virus.
To treat the corona positive patients, many hospitals needed medical kits and equipment. To meet their requirements, there was a rise in the production of medical-related products. This led to a drop in the manufacture of other equipment except for those required solely to treat Covid-19 patients such as ventilators, oxygen cylinders, etc.
Online Ordering and Delivery
E-commerce platforms survived the crisis as well. Since stepping out of the house to purchase products posed a health risk, most people began to opt for online deliveries, and as a result, the e-commerce platform bloomed.
The pandemic caused people to begin using online tutoring websites more. Learning websites have also become popular and many schools and colleges now use video chatting platforms to teach students.
The digital marketing industry prospered the most during the pandemic. Social media websites were used more than ever by many companies. Social media marketing grew to promote company brands and products since the distribution of flyers and pamphlets dwindled. As a result, online advertising increased.
E-mail marketing also grew to keep target audiences informed of various services and updated with the latest activities of companies whose websites they had subscribed to.
The Role Played by Technology
Since many sectors have turned to online avenues to keep their businesses up and running, we can see that technology played a key role during the pandemic. Earlier seen as simply a convenience, technology became a necessity. Without it, not only businesses but our lives would have been majorly affected.
Leaving the house to buy essentials would have been dangerous, without the news and internet, everyone would be in the dark about happenings around the world and without online financial services, handling cash would have posed a major health risk as well. Even after the pandemic, technology may continue to play a vital role.
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