Which Industry Super Growing During COVID-19
There are many shortcomings due to the pandemic but some Internet companies are benefiting from increasing demand for their services.
There are 40 million new internet users from 2019 to 2020 alone, as compared to 100 million from the previous 4 years.
Users are also using more digital services for the first time. More than 1 in 3 digital service consumers started using the service since COVID-19. These new users are also likely to stay with the new services after the pandemic. 9 in 10 new digital consumers intend to continue using digital services even after COVID-19.
There has also been a shift in consumers behavioral patterns. They are increasingly moving online for food delivery, groceries, education and entertainment. The spike in food deliveries subsided as lockdowns eased. However, the surge in new users on entertainment streaming platforms is predicted to continue their subscription plans. Digital financial services have increased and leading financial institutions saw their engagement increased upon enhancing their applications. Companies in such industries can grab the golden opportunity by enhancing their products and services and investing in marketing efforts.
Some industries such as online travel and ride hailing services have been experiencing temporary setbacks while others such as e-commerce, online media and digital e-payments have been doing well. You may want to consider entering certain growing industries to diversify your business portfolio. If you are in affected sectors, you may also want to consider focusing on certain products and services more than others.