3 Industries That Are Thriving in the Coronavirus Crisis
If you’re like the rest of us then you’ll probably find that it’s pretty easy to get sucked into an endless cycle of coronavirus news these days. Whether you’ve got the TV on playing a constant stream of news updates or find yourself checking social media for news every hour, it’s a dangerous game to play that certainly has effects on our mental health.
And, last week was particularly rough in terms of business news. Following nearly a month of social distancing and statewide shutdowns, over 17 million Americans have filed for unemployment in just the past three weeks alone. Businesses are being closed and certain industries are at risk of disappearing forever.
However, it truly isn’t all bad! Don’t let the bad news outweigh the good. Here are three industries that are thriving throughout the coronavirus crisis and social distancing. They’ll all be tasked with helping stimulate the economy once things get a little bit better.
1. Grocery Stores
Aside from healthcare workers, there’s a select group of individuals who are keeping our country running during the coronavirus crisis: grocery store workers. And, the grocery stores themselves are turning a pretty massive profit during a time when nearly every other competing business is deemed to be “non-essential.”
CNBC’s Jim Cramer says that “Amazon, Walmart, and Costco are among the top retail plays as customers have another reason to shop online and clear grocery shelves as dining out is limited across the country.” However, on top of that, you’ll note that most stores are finding creative solutions to social distancing measures.
Most grocery stores are increasing the amount of time dedicated to investing in grocery deliveries and creative app developers and entrepreneurs are diving head-first into the ripe market. In the following months, expect lots of new contactless grocery delivery apps to pop up in a similar style to Uber Eats and Door Dash.
It’s easy to see just how online communication platforms like Skype and Zoom might benefit and even thrive throughout the coronavirus crisis. With nearly the nation’s entire workforce now working from home, remote teams are finding new ways to establish an “office” setting online. And, it’s proving to be pretty profitable and productive. Because workers aren’t wasting time on a morning commute and in unnecessary meetings, it’s likely that many companies will continue to adopt this remote working method long after the pandemic is over.
That brings us to our second good news industry of the week: cybersecurity. As more and more companies shift to a work from home business model (that’s likely to stay in place, at least in some way, after the coronavirus crisis is over), cybersecurity companies are also benefitting from this shift. CyberArk, for example, expects its revenue to rise by 19% for the entire year.
In the following months and even well into the next year, expect to see the cybersecurity industry continue to thrive. This includes companies that produce and install protective malware to companies that work to reduce internal threats such as corporate spying, careless employees and data breaches.
3. Remote Services
This quarantine is far from over, at least in the sense that we all want it to be. Experts are increasingly suggesting that we won’t be able to return to “normal” life until there’s a coronavirus vaccine that’s readily available to everybody, which could take up to 18 to 24 months. In the meantime, we’re all just going to have to learn how to get used to living life remotely.
And, while that does definitely include working remotely, it also includes getting used to handling other daily tasks remotely as well. Experts believe that other remote services will also continue to boom and thrive throughout the coronavirus crisis. This includes DocuSign, a service for remotely scanning and signing documents to send back to colleagues or other officials.
Other winners in this industry include telemedicine services, teletherapy services and similar services that allow people to live a seemingly normal life while we’re all practicing social distancing and are under self-isolation.
More Good News: Saving Made Easy
While many people might be experiencing financial hardships right now, the financial industry itself hasn’t been too hard hit, depending on what you’re looking at. Financial apps that help people save money during a global crisis or recession will continue to become more and more popular in the following months.
And, we’re here to help you, too. We’ve got even more good news for you! That is if you love saving. But, who doesn’t love saving?
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