27 Nov 5 business sectors that are thriving in lockdown
The Coronavirus pandemic has affected all of us in one way or another. It has been an incredibly difficult year for a lot of businesses, especially those in hospitality and events that have been forced to shut down once again, during the second lockdown.
However, while the majority is struggling, that’s not the case for all. There are some business sectors that actually benefited from the lockdown and are continuing to thrive in such an environment. Let’s have a look at five of them:
Thousands of businesses across the UK have shut their offices back in March and employees have been working from home. Adapting to this new “business as usual” has meant making sure that staff have been able to do their job efficiently from home and that they have sufficient ways to communicate with each other.
Online video conferencing apps like Zoom, Microsoft Teams or Skype have seen massive growth during the lockdown, with hundreds of businesses using their services.
On top of that, many educational institutions have made use of these apps for online lectures or digital meetings. The web conferencing industry is forecasted to keep growing even after the lockdown, since it has become an essential tool in daily business use.
With all restaurants forced to shut down during the lockdown, it comes as no surprise that food delivery services are thriving. If people cannot go out to their favourite restaurants, they can at least still enjoy their delicious meals from home. That’s why online takeaway apps like Uber Eats or Just Eat have been extra busy during the pandemic.
It’s not just takeaway apps either - grocery delivery services have been nearly impossible to access because of the huge demand. Having groceries delivered to your doorstep is a much safer and a more social-distanced way to do your weekly food shop during a pandemic. So, the increased popularity of this service comes as no surprise.
The digital entertainment industry is absolutely booming during the lockdown and for very obvious reasons. With cinemas, theatres and other entertainment venues closed, people have had to find ways to entertain themselves from home. This meant that the industry giants like Netlifx and Amazon Prime have seen great numbers of new sign-ups to their services.
It doesn’t stop with these companies though, lockdown has been beneficial to other digital entertainment providers as well. Content creators on YouTube have grown their audiences, podcasts have gained more listeners, online gaming companies are seeing larger numbers of players and so on..
Health & fitness
Gyms and fitness classes have been shut since the first lockdown as they are perceived to be of higher risk of spreading the virus. However, fitness enthusiasts were not going to break their habits and forget their fitness routines.
Sports equipment has been selling like hotcakes and things like skipping ropes, resistance bands, weights and even some of the heavy-duty exercise machines becoming nearly impossible to get hold of.
Other health and fitness related services have been thriving as well, such as fitness apps that provide guidance on working out from home and live online workouts with fitness instructors.
While you’d think that people would use lockdown as a chance to save money (that they would usually spend on going out or commuting to work), the reality is slightly different. People have been increasingly shopping online for items that are usually not quite as popular. This includes all kinds of household items, homewear clothing and other items that support their new hobbies.
Popular online shopping trends that appeared during the lockdown show that people are taking up baking, gardening and doing DIY projects around the house. As a result, the demand for cooking ingredients, gardening tools and DIY equipment has grown in e-commerce stores.
Is your business thriving or is it ‘challenged’?
While it’s good to see some businesses thriving in lockdown, we know that many businesses are looking for ways to survive.
If your business is finding the current position is tough then it’s important to seek professional help at an early stage.
Here at ASfB, we can help you take a pragmatic view of your business and consider the best strategies available. We can review your current situation and give you advice to help you make informed business decisions.
We can also find the best financial support options for you and help with the application process.
We’re growth accountants, so our aim is to help you survive the lockdown and ensure that you’re set for business growth after.
If you think we can help you,why not call us on 01202 755600 or drop an email to email@example.com to get in touch.