Covid-19 is a destructive force for most businesses, but today we will talk about turning the situation to your advantage.
The Covid-19 pandemic has impacted all aspects of our life – health, social, mental, financial - the list is long. Everyone is affected by it and forced to adapt to a “new normal”, making us feel like the ground under our feet is shifting rapidly and we are losing control. Business, as one of the largest sectors in our economy, is heavily affected as well – but have you realised that some businesses flourished in this atmosphere?
There are a few business areas that are booming right now. This is not surprising because the majority of people use their services weekly or daily. Take the restaurant industry for example, it had to adapt in order to survive, changing from regular service to mostly take-out– this might not give the necessary boost for growth, but at least to stay afloat. Though the take-out policy depends on each country and its situation with Covid-19, Nordic restaurants, for example, are slowly recovering and coming to a regular level of customer flow and profit. Nevertheless, if it is hit with a second wave and lockdown is imposed, the situation might change and have negative consequences.
These changes and growth are the result of customer demand, the effect of Covid-19 and the reaction of business owners. Well-known fashion giant Dior re-opened its Baby Dior Ateliers in April to produce face masks, as well as many other dressmaking and tailoring establishments (and at-home enthusiasts) have pivoted their way in the same direction.
The war against Covid-19 does not only make people think about protection. The lockdown and having spent a lot of the time at home shifted our attention to keeping our bodies healthy and minds sharp.
John Foley, founder of Peloton Interactive Inc., just reached his billionaire status this September. The company cells at-home fitness equipment and due to its expensiveness wasn’t as profitable before the pandemic. Nevertheless, in 2020, Peloton shares have nearly tripled after mass gym closing in the US – in comparison with their low start in 2013 when the company raised only 307,000 on a Kickstarter campaign. Peloton is expected to have revenues of at least 3.5 billion dollars in 2021.
The at-home exercise fever created opportunities not just for sport equipment sellers, but also for athleisure clothe producers and sport instructors who had a possibility to go online. Real-time exercising/pilates/yoga/dance classes via social media or Youtube is growing fast due to the pressing demand of the pandemic. MadFit, a real-time exercise channel on Youtube created by a 24-year old dancer from Canada named Maddie Lymberner, had a huge growth boost within a year – it reached one million subscribers in August 2019, and in September 2020 it has more than 4,5 million.
EdTech and online learning platforms is another business area that’s blooming now, and we couldn’t be any happier. People are using their time at home to learn something new and improve their skills, enlarging the online education niche. Skyeng, an online language platform based in Russia, has opened a new branch in Spain this spring and now is developing their business abroad. The company claimed overall customer growth over the time of lockdown. Generally, schools and universities are transitioning to using online platforms, and according to Bloomberg EdTech is now an appealing area for the investors. It is safe to say that the technological advances have progressed extremely quicky due to the growing needs of the pandemic.
Today at Caddyboo we wanted to focus on the positive side of this situation of uncertainty, make notes, and learn from it. Finding out what customers need is always important in business, but in times of the Covid-19 pandemic it is crucial. Keep your eyes open, exercise your creativity and may online education boost your career now or in future.
The situation we are currently living in definitely took us by surprise. One of the most important lessons we have learned, as mentioned in this article from Financial Express, is that adaptation is essential in all environments. The key learning about this pandemic is learning to adapt to a constantly changing world.