The emergence of COVID-19 has brought devastation to people all over the world. Everything from the death of loved ones to the shutting down of small businesses, these are all crises that people have had to accept and find ways to move forward from. The road to recovery and building back a sense of normalcy comes a little easier for some more than others. But despite the difficulty in navigating this seemingly chaotic world, is it possible to see the good in these devastating times?
Well, the possibility is definitely there but it truly depends on your perspective. It’s safe to say that the pandemic has had negative impacts on many individuals and it’s being said to be the worst recession the country has ever seen. With the stay home orders and social distancing regulations, these measures in preventing the spread seem to be the current cure for now but it’s sending many brick-and-mortar small businesses belly-up.
According to statista.com, coronavirus is expected to drop global retail sales by 5.7% this year alone. But that number only holds weight within certain industries. Coronavirus has indeed done its fair share of damages to many businesses but for certain industries, as terrible as this may sound… the coronavirus is the best thing that’s ever happened to it.
Again, this might come off as somewhat insensitive to the times but this is the reality of the outlook of businesses during an economical crisis such as this. Some of these industries that are thriving now during the pandemic may lose its edge after the pandemic, whereas some industries that are thriving because of the pandemic will see long-term continued success.
Let’s take a closer look at the industries that are beautifully flourishing in the wake of COVID-19.
Top Industries Flourishing During the Coronavirus Pandemic
Home Improvement Industry
With everyone being forced to stay home to slow the spread, it’s left many households sitting at home with nothing to do and idle hands. In efforts to not get bored or waste time in front of the TV, people have chosen to take full advantage of their time at home by taking on various home improvement projects.
The businesses that support home improvement projects are booming in sales right now. Companies like Home Depot, Lowe’s, and other local hardware stores have seen a spike in sales since the emergence of the deadly virus.
Home Depot’s shares have increased by 4.21%! In addition to that, keyword searches related to home and garden have risen 140% and online businesses related to the industry have had more page visits as well.
The area of home improvement that consumers have shown the greatest interest in is gardening and plumbing. The shortage of toilet paper has forced households to use alternative methods for properly using the bathroom but it has unfortunately led to needing to snake their toilets. Instead of calling a plumber, people have just learning how to do it on their own.
If you’ve ever thought about starting your own e-commerce site but were too afraid to, now is the time to do it. Online shopping was already a popular way to shop for lots of people. And now, these orders to stay at home orders have just given people a more valid reason to shop online.
As a potential e-commerce business owner, you have to strike while the iron is hot, and with the pandemic going on, the iron is scalding hot right now. The pandemic has created new buying behaviors and habits. The reality is that people are scared and they’re willing to do whatever it takes to protect their families, even if it means staying at home and shopping for all essential household items.
So what that’s saying to potential e-commerce business owners is that this economic crisis is your time to shine. If you can learn how to build a website, your business will be set in an ideal market with the perfect market conditions to start an online business. You’ll have access to the latest tech trends, can create personalized web content, and have the ability to offer competitive prices and promotions to adapt to your customers’ unique preferences and buying behaviors.
The economic “boom” in the health and beauty industry is also a result of people being stuck at home. But you also have to note that this boom is also a result of startup innovators having to creatively adjust to the “new norm” of working conditions.
The frozen beauty product line NaturAll Club, is a prime example of how the ability to adjust to the new working environment is detrimental to success in questionable economic times. Just as people have had to stay home and social distance themselves from close family and friends, they’ve also realized that it didn’t necessarily mean they couldn’t be social with them still.
This realization is what led to the craze of virtual parties. Being trapped at, home, people have searched for any excuse to put on clothes and get dressed up, even if it is to sit in front of a computer screen and dance to some of their favorite jams. This desire to look good even during quarantine has sent shockwaves across the beauty industry.
Everything from hair extensions and makeup to false lashes and skincare products, people have been putting more effort into how they look to be “camera-ready,” now more than ever before. It’s also caused more people to utilize their social media accounts more as well.
You’ll notice that more and more people are giving tutorials on various hairstyles and makeup trends, and will always promote the products they’re using throughout their tutorial videos. Some people have formed partnerships with various lines of products and offer discount codes to all shoppers using their code.
The irony is that people are caring more about what they look like now that they have nowhere to go, more than they did when the world was open for business! It’s amazing how boredom can strike and impact people in different ways.
The coronavirus has certainly made its mark on 2020, for better and for worse. But there’s no denying the positive economic impact it’s made on certain industries. Sure, some industries are suffering more than others while certain industries are thriving significantly, but the numbers don’t lie.
If you’re considering entrepreneurship, especially in the beauty or home improvement industries, your chances for success are very high. If you’re considering, now is the time get strike while the iron is hot.
Ideally, the pandemic would be over by now and no lives or businesses would be lost but the reality is that there still is no cure so the entire world population will have to continue to stay home. But this will also help keep the economy from completely plummeting. Remember, it’s all about perspective here, despite the circumstances.
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