The COVID-19 pandemic has transformed the way businesses operate. As the whole world scrambles to contain and slow the spread of the novel coronavirus, the long-term economic consequences are still unclear. With so many restrictions being imposed at different capacities to contain COVID-19, many businesses have experienced a somersault.
However, while several companies are shutting, some are effectively marketing during these trying moments, and as a result, keeping things above board. Some of the industries thriving despite the pandemic include moving, healthcare, and large corporations, whereas the most hit sectors include CBD and alcohol.
While several businesses have suffered massive losses as a result of the coronavirus pandemic, some sectors like the moving industry have experienced significant growth. Travel restrictions resulted in the shutdown of many businesses, but the moving firms are part of the companies that didn’t shut, which means that with proper protective measures, people could still relocate to their new destinations.
Similarly, since people need safe shelters, relocating is considered essential in some cities; this is following the directive that requires people to quarantine in safe places. And for some people rescheduling their relocating date is impossible. Additionally, for college students, some moving companies are permitting students to store their personal belongings free for 30 days to get other affairs in order.
With so many changes and adjustments, the healthcare sector may never return to ‘normalcy’. Being at the frontline in the fight of coronavirus, healthcare providers have been learning and innovating new medical solutions. Consequently, digital health firms have had the opportunity of a lifetime to develop and market healthcare products and services that could be relevant even after the COVID-19 outbreak.
For instance, one of the recommendations by the U.S governments is to reduce the time spent in public gatherings. Therefore, patients are advised to seek virtual consultations and care, which, in turn, markets the telemedicine sector. On the other hand, companies producing personal protective equipment such as respirators, nose masks, tissue papers, hand sanitizers, and other health-related products are on the boom.
Unlike the impact of advanced technology, demographic changes, climate changes, digitalization, and other uncertainties, the effect of COVID-19 is nothing that has been experienced before. But for big corporates that had advanced their digitalization platforms before the pandemic, their story may be different. Such organizations may be experiencing moderate to a low impact.
By moving their operations to remote stations using online communication tools and conferencing, their businesses continue. Also, as people are discouraged from public places to reduce the spread of coronavirus, corporates like banks have had the opportunity to market their online services to reduce the number of customers vising their branches. As a result, there has been an increased number of customers using digital channels to access their money.
On the other hand, while other sectors are thriving amid COVID-19 pandemic, others like CBD and alcohol have had the greatest hit. With over one million infections from coronavirus pandemic, stiffer measures are being imposed to contain and slow the spread of COVID-19. The restrictions have had massive pressure on the alcohol industry.
Alongside the WHO guidelines of social distancing, the government has issued lockdown restrictions, the closure of bars, and restaurants, to help contain the pandemic. Such measures lead to a decline in alcohol and CBD consumption, which has been a big blow to the industry.
Subsequently, bars and restaurants are the major alcohol distribution outlets, their closure leads to drastic reduced sales. Additionally, people have switched to working from home and keep social distance hence affecting the sales and marketing operations of the industry. On the same note, CBD has also been affected in the same way. Despite the record of high sales in the early stage of the pandemic, CBD brands are worried about what would happen after. Scott Riefler, who is the chief scientific officer, CBD supplier SoRSE Technology stated that his firm had experienced massive sales of up to 40 per cent in February and March.