COVID 19 has affected a lot of businesses not only in India but also across the globe. For some, it has been a win-win situation while for others, times have been tough. The economic fallout of the current COVID situation has surpassed that of the 2007-2008 world financial crisis.
Let us talk about the industries that have been badly hit by the pandemic.
1- The Airline Industry: This industry has been hit hard by the pandemic. People have stopped traveling and most states and countries have put up restrictions on travel. Because of this, most airline businesses have suffered badly.
2- Hotel Industry: As there have been restrictions on travel the demand for hotel bookings has also decreased immensely. This has led to a drastic fall in the hotel business.
3- Restaurants: The scare of COVID has kept people inside their homes and stopped them from going out. Moreover, restrictions in many places have led to restaurants being closed down and shut for months.
4- Films and Movie Theatres: Entertainment venues that were earlier hubs of fun and excitement and were jam-packed now lie empty. Movie theatre businesses are not doing well at all in this pandemic.
5- Event Businesses: Since COVID is a rapidly spreading disease, a lot of events have been canceled and the event planning business has witnessed a rapid decline.
6- Shipping Business (international): As mentioned above, the restrictions that have been put up by various countries have led to a decline in the international shipping business as well.
7- Retail: Retail businesses are also not doing that well. people have stopped going out to purchase items and issues are being faced with the delivery of goods from one place to another.
8- Gyms: Gyming includes exercises where contact cannot be avoided. All kinds of germs and bacteria lie hidden in gyms and it is unsafe to go there at this time of the pandemic.
9- Construction and Real Estate: This business had already been seeing a decline in our country but after the arrival of COVID there has been an even steeper fall. A lot of people are facing economic issues and thus there has been a step back in the purchases or renting of property by other people.
10- Automobiles: Automobiles are a huge investment and most people are not in a position to purchase an automobile. Moreover, travel restrictions have prevented people from stepping out and going to other places in their cars.
Now, let us talk about the businesses that are doing well during this pandemic. People are doing a lot these days to keep themselves differently engaged during this pandemic. Because of this, there has been a rise in many businesses.
1- Gardening and Home: This business has been doing pretty well as many people have been spending time gardening and refurbishing their homes.
2- Health and Fitness: This does not refer to gyming. Many people have been indulging themselves in fitness activities from home. Take for instance Cult Fit. They conduct online sessions and many people participate in these sessions and workout together as a group.
3- FMCG Businesses: FMCG goods including household items and other consumables are doing really well. Fear of COVID in this pandemic has triggered panic buying and led to most people buying products in bulk. This has significantly boosted the earnings of these businesses.
4- Beauty Industry: The beauty industry is doing extremely well as people have more time to focus on self-care, skincare, and many there beauty and care products. Brands like Nykaa, delivery eco-systems like Amazon, and many other online shopping and delivery platforms have been doing exceptionally well.
5- E-learning: E-learning is booming like never before. More and more people are now relying on e-learning. Powerful apps and platforms have come up in a matter of days to enable more and more people to learn at the same time. Students have the advantage of accessing the videos again and again and enhance their learning.
6- Medical Business: The demand for certain types of medicines and vitamin supplements as well as medical devices has soared in the past few weeks. Ventilator machines, drugs like hydroxychloroquine, test kits, face masks, and disinfectants are in great demand.
The exports of medicines are also on the rise. Many countries such as Iran and Italy, are in desperate need of medical supplies, in light of their strained healthcare infrastructure due to the pandemic.
7- Home Entertainment: Home entertainment websites like Netflix, Amazon Prime, and Hotstar among others are doing really well. Most people have a lot of free time these days and can spend time with their families. This has led to a boom in online entertainment websites which are doing pretty well during this pandemic.
8- Online Gaming: Many people have indulged themselves in online gaming activities like Pubg, Ludo King, and Monopoly to name a few. The online gaming industries have seen a steep rise in their profits and revenue as a lot of people are into gaming these days.
9- Online Dating: The online dating industry has also been doing really well. In these hard times, most people wish to form an emotional bond and connection with someone.
10- Cleaning Industry: Given the urgent need for disinfection and sanitization, it's pretty obvious how well these industries would do. Large building complexes and office complexes get their compounds cleaned and sanitized on a regular basis in order to avoid any risks of infection and spread of COVID. This has given a huge boost to the cleaning industry businesses.
It is always important to keep in mind that when doing business, you need to be smart and invest in various types of businesses so that if you do face any economical issues, you always have one pillar that holds you up strong.