COVID-19: Opportunity for New Businesses?

It’s no secret that a lot of changes have happened in our behavior over the last few weeks following the worldwide lockdown. We have stopped traveling, so there’s a massive drop in demand for transportation, and consequently, there has been a lower demand for diesel and petrol and a lower need for a host of other products. There are suddenly no maids to do household chores and no delivery boys to deliver essentials or fresh food.

There have been significant changes in all fields, including industry, education, entertainment, sports, and wellness. And these changes are here to stay.

All these changes will not only create obstacles but also result in a lot of opportunities for budding entrepreneurs and existing businesses. Some company has already adapted themselves like chameleons quickly reshuffling their production lines, and catering to the new demands of their customers. This is because they have not been sitting idle and have kept their eyes and ears open for new possibilities.

Some corporates have cleverly made COVID-19 the enabler for fast growth at the same time serving the economy by helping it counter the threat from the disease.

With everyone afraid of their colleagues and strangers because they are not sure who is a carrier of the disease, sectors such as contact-less devices for a range of environments are gaining ground and will continue to do so.

The delivery of uncontaminated fresh food itself has become critical, but this had lead to growth in several sectors such as the delivery industry, cold-storage facilities, cooking appliances, production of packaged foods with minimal human contact during manufacturing.

A lot of services have already moved online, and, in China, even the judiciary system is going online in a big way with filings and hearings getting digitized. Hopefully, this will also result in the proceedings going faster everywhere. Cloud services and solutions to minimize paperwork, as well as physical contact, are picking up.

With everyone spending more time indoors, all kinds of electrical appliances including dishwashers and washing machines, sterilization machines, sweeping robots, etc., will be much in demand to cater to the growing needs of households, especially since people may not prefer having a maid or cook since it increases the risk of infection.

Even entertainment is going off-line. The IPL has been postponed, and many other games have been pushed back, leading to lower revenue for sports channels but higher revenue and traction for online gaming and social network gaming.

The education industry is gaining by leaps and bounds on the internet. Every kind of education, whether it is primary, secondary, higher education, or even extra-curricular activities like dancing, cooking, sports, are moving online. What is creating the boom in this sector is also the fact that you are not restricted by the physical space of the classroom and can now enroll as many students as you want as long as you can cater to their needs.

The Healthcare industry too is seeing a massive demand for all kinds of medicines, health supplements, personal heath check-up devices, disinfectants, masks, sanitizers, etc. Even online consultation from medical experts is becoming the norm.

With virtually everything moving online, the computer and internet industry, which was already flourishing, will get a further boost.

There will be a host of other industries which will soon latch on the new possibilities. And new kinds of industries will cater to the new demands. Let’s look for such opportunities and help the economy recover quickly.

Thank you for reading this post, should you have any suggestions or feedback, please feel free to share your thoughts in the comments below.

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