Post Covid “Business as Usual” still remains to be redefined. At first, we had to rush to find quick fixes to deal with lockdown and demand shifts. And now it’s all about slowly finding our focus again.
Uncertainty’s still in the atmosphere, so we’re still to determine what exactly post Covid business as usual means. For some industries, the Covid19 crisis meant unexpected growth, and it’s still unknown whether these pikes will stay.
Over all, the crisis has hit the American economy hard, particularly small business. However, during the same period, there were varied levels of growth in some industries, because of their line of business. For obvious reasons, digital and ecommerce business boomed during the Covid19 crisis. But digital business was not the only sector to see growth during the pandemic. Even industries with unprecedented sales pikes face uncertainty, and now have to figure out what will be their new post Covid business as usual.
- Wellness industry growing $1.5 trillion global wellness market—encompassing health, fitness, nutrition, appearance, sleep, and mindfulness—is growing at 5 to 10% per year. This is a logical outcome of the Covid 19 pandemic, after everyone’s health was at risk.
- The more you stay in, the more groceries you buy. The U.S. supermarket and grocery store industry normally grows 1-2% per year, however, in 2020 it grew approximately 12%. This increase was the obvious result of significant reduction in dining out habits, as people stayed home and cooked more.
- The Happy Hour also stayed at home. Liquor stores increased sales by 28% from March to November 2020, while bars dropped sales by 33% during the same period.
- Ecommerce and online retail have grown the most, for obvious reasons. According to emarketer.com, US ecommerce growth has jumped over 30%, accelerating online shopping shift by almost 2 years. And Amazon stock increased almost $1000 from March to June 2020.
- Meal delivery services have also seen spikes in demand, with health products and groceries as key drivers of growth. After rushing to accommodate demand, they’re now defining what changes will remain in adjusting to post Covid business as usual.
- Sweet home theater. Netflix obtained 16 million new subscribers in the first quarter of 2020. These growth numbers were more than double what the company had predicted, and the largest in the company’s history.
- And then, there’s the Zoom growth record: 326% increase to $2.6bn in 2020. So, after such huge jump… How do you project post Covid business as usual?
The growth in these industries confirms that there are always opportunities, even in the worst crises. And it’s also an indicator of just how much the pandemic changed our lifestyles, not just our consumer habits. These industries epitomize the post Covid “Business as Usual” because most of these changes are likely to stay. The question is, to what extent? What do you think? We’d love to hear your thoughts, drop us a line!
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