For Tuan Nguyen, who opened his Vietnamese restaurant Simply It, 2006 was a “golden time.” The coronavirus, as well as the relocation of a nearby hospital, has left his business devastated. He officially closed Simply It’s doors in May 2020.
Nguyen is not alone. According to a recent report, more than 100,000 small businesses in the USA alone have closed their doors forever due to the coronavirus
While many businesses worldwide have shut down, others are finding ways to stay profitable — and relevant — as social distancing becomes the new norm. Dearborn Denim, a small clothing manufacturer in Chicago, shifted from making jeans to making masks.
While some industries — like retail and restaurants — are struggling to reinvent themselves, others are not just surviving, but thriving in the wake of COVID-19.
Six Industries Growing in the Wake of COVID-19
What industries has COVID-19 been good for? Some are expected, but others might surprise you.
Business and Finance Publications
Business and finance news and information sites including online trading and investing sites are growing at a fast pace, with huge increases in viewership and, where relevant, subscriptions.
In a related development, there’s been a surge of interest in online trading, leading to millions of new accounts that have been opened with brokerages. That’s fueling an interest in content that explains the basics of capital markets, trading, and investing.
This is the first time in several years that politics is not the top news category, according to Axios. This is particularly notable given that it is an election year.
In addition, in the wake of the coronavirus, people of all ages are looking for advice regarding their personal finances and portfolios, thus sites like DebtBusters.com.au are receiving more attention.
It is no surprise that many more consumers are turning to online shopping to replace a potentially hazardous trip to Target. In just the first month of the pandemic, Amazon hired more than 175,000 new employees.
But Amazon isn’t the only company seeing sales soar.
Online grocery shopping has also increased dramatically, according to the co-founder of FreshDirect. But it isn’t just large companies.
The stock of e-commerce software company Shopify (NYSE: SHOP) has more than doubled since the start of the year. As The Globe and Mail put it, Canada’s Shopify is now “worth more than Starbucks Corp., Boeing Co. and Citigroup Inc.”
Communication and Collaboration Software
Zoom stock has more than tripled since the beginning of the year. That shouldn’t shock anyone. But it had been rising even before the pandemic as the global workforce became more distributed.
Other collaboration software companies may also see a marked increase in profits.
Online delivery companies like DoorDash, Uber Eats, Deliveroo and Caviar have had a contentious past. Conflicts with drivers and small restaurants left their futures uncertain. That changed quickly as the coronavirus kept most people home — and left restaurants without dine-in customers.
Despite an overall economic decline, the delivery services industry is set to grow by 3.61% in 2020.
The closing of schools around the world has, predictably, resulted in a growing demand for remote learning technology and supplies as parents and teachers grapple with figuring out how to facilitate learning from home.
While many parents may be happy to release the reins back to teachers when in-person classes resume, some may choose to continue homeschooling, particularly those with special-needs family members. This could result in an increased demand for homeschooling resources.
Drive-In Movie Theaters
The drive-in movie industry has struggled in recent decades. Although there were over 4,000 theaters in the USA during the 1960s, there are only roughly 300 drive-in movie theaters today.
Since the pandemic, however, the industry looks bright. The Aut-O-Rama drive-in movie theater, in North Ridge Ohio, expects to sell out every night as families look for a way to enjoy a night out — while adhering to social distancing.
Although drive in cinema was never a big draw across the pond in Europe, perhaps we will see more of these start to pop up there too?
The way we work, live, shop, and communicate has changed drastically in the past few months.
While some businesses have been devastated, others are finding unusual opportunities despite the pandemic.
One thing, however, is certain — COVID-19 will change the economic landscape for years to come.