It’s fair to say that the COVID-19 pandemic has thrown the world economy into a tumultuous state. During the worst months, it seemed that no business was safe from the threat that the disease brought. However, this is not the case and some businesses have fared significantly better than others.
It’s important to understand businesses that have continued to thrive for a few reasons. First, despite what some believe, the pandemic is far from over. There’s every reason to believe that new variants could bring more headaches. Reports are already suggesting businesses prepare for 25% of the workforce to be ill during the first months of 2022. So, let’s look at which companies and industries have survived and even thrived, during and after the pandemic.
First, let’s assess how online businesses have fared during the pandemic. Unsurprisingly, internet usage significantly increased throughout the various lockdowns that were in place over the last two years. This has been and should have been used as a grand opportunity for online companies. With the right marketing strategies in place, it was easy for online companies to massively expand their reach and increase traffic levels from various different areas online.
Online businesses were – at one point – the only type of business that could continue their operations in the midst of a massive lockdown that impacted various countries. We’re still seeing the effects of this because there are reports that suggest most customers have not returned to the high streets. This is hardly surprising as these days almost everything that can be purchased locally can also be bought online and typically at a lower price. To survive now, local companies must understand how to perfect and market that crucial USP.
Another type of business that managed to thrive during the pandemic was logistic companies and services. With demand for online businesses rising, it only makes sense that customers were also more likely to use businesses that were shipping and transporting those same products that were in high demand.
Companies such as Bilt Industries also saw increases in demand as more new logistics services were set up and needed the right warehouse facilities in place. Part of the reason that the logistics companies were able to thrive during the pandemic is that they were ready to adapt to the new challenges that existed on the market. For instance, businesses used automated technology to ensure that deliveries could be completed at an efficient rate. As well as this the best logistics companies now offer solutions that benefit the client as well as the customer of the client. For instance, they provide 2-way tracking. This ensures that everyone can find out where packages are on the journey and when they will be available.
The most successful logistics services provide the highest level of flexibility and keep customer satisfaction at the right mark. Failure to do this tends to lead to significantly negative reviews and poor brand perception.
It’s safe to assume that the travel sector took a massive hit during the early months of COVID. However, time has moved on and the world is – at least partially – in a period of recovery. While the Omicron variant is making things difficult, we’re not quite at the point where travel is impossible. The option is very much on the board for most countries and people are eager to take advantage of this. It is evident that the general consumer is tired of being stuck in one place and is no longer satisfied with recommendations for a stay-cation. Particularly, when it seems apparent that government officials have not been taking their own advice.
This has led to predictions of a massive travel resurgence through 2022 with the first signs of this becoming clear towards the end of the last year. Rooms on cruises are booking up fast and popular travel destinations have started to raise their prices. Perhaps to account for the massive amounts of capital that was lost during the initial year of the pandemic.
While it might not turn out to be positive news for consumers, the travel industry could be about to experience a tremendous resurgence.
Finally, it’s worth noting that small companies also saw success and continue to see levels of success on the market right now. What is the reason for this? Well, there are a few key points to keep in mind. First, during the pandemic, governments encouraged consumers to support small businesses and keep them alive. Consumers rallied around this idea and there were strong levels of support for local businesses that audiences could trust or connect to on a more direct level.
Small companies were also less likely to be impacted by the pandemic because many were probably already operating remotely. This meant that there wasn’t much need to alter the business model at all. Instead, things continued – for the most part – on the same track.
Heading into 2022, small companies are also in a stronger position to adapt to further changes and challenges. They can make alterations to their models without the need for discussion or deliberation. There are even some polls which suggest that consumers are more trusting of small companies. Perhaps because they have been burned far too many times by larger brands that believe they are too big to fail.
It’s clear then that not every type of business has been negatively impacted by the COVID pandemic in the long term. Some were able to adapt to the situation while others have benefited from rises in demand now that restrictions are starting to be lifted and vaccines are more widespread. There’s every reason to hope that the situation will continue to improve as well. If you are running a business, this is some of the clearest evidence available that it does pay to recognize trends, follow patterns and gain a deep understanding of what customers want the most from your company. If you do this, then you can weather any storm.
Though industries are slowly but surely coming back from COVID, this piece does a good job at showing which industries have been able to thrive during this time. Logistics has been especially important, especially with people using delivery services more often than ever before.