THE INDUSTRIES SET TO BOOM DURING AND POST COVID-19.
Never in history has any one event brought the whole world to its knees. It is clear now that we are dealing with not one but two crises. Fuelled by a health crisis, this economic emergency poses unending questions, one of which: How do we navigate, or even survive, this invisible assassin when we’ve never seen anything on such scale.
The reality is, the spread of cases and the economy will only worsen. If you think this will only affect us for a couple of weeks, think again. The Australian Federal Government has adjourned until August – 5 months away. Covid-19 is not only changing lives now, it’s going to change the way society runs forever.
But it’s not all doom and gloom. While we are still waking up in disbelief, there are businesses out there that are absolutely soaring. Nick Barnsdall reveals his predictions on the industries that are set to boom during and post Covid-19.
BUSINESSES THAT WILL BOOM.
If you’re a business owner in one of the following sectors, thank your lucky stars and start employing more people. If you’re not, get employed or start your own business. There’s never been a better time in history to found a company.
Food and Beverage Production
If you’re in the food production industry, it’s safe to say you’re thriving. You need to think about getting the product straight from your factory to the consumer; the middle man no longer exists. Get online or find a way to go direct-to-consumer – they are going to need it.
Office Supplies & Stationery
With everyone working from home, and our children joining us, school and office supply sales are set to go through the roof. There’s currently a gap in the market for an aesthetically beautiful bulk service home delivery in this field. While the big contenders in this space play well in bricks-and-mortar, e-commerce has never been their focus – their website designs are hardly functional, let alone appealing. This is a huge opportunity.
IT Services & Tech Products
Online communication has never been more important. Anyone who launches an app right now, that allows people to connect, is laughing.
Music, Hobbies & Craft
As our eyes glue themselves to the current train wreck of mainstream media, we find ourselves in desperate need of screen-free time. As 2020 becomes the staycation that we never could have dreamt, we will see a renaissance of craft, baking, games and musical instruments.
The reasoning behind this is clear; we need healthcare in order to live. As the current situation has highlighted, the most crucial roles in this world exist in healthcare. It goes without saying that healthcare equipment, mobile general practitioners and pharmaceutical delivery will see immense acceleration.
Rowing machines, e-sports, stationary bikes, yoga mats, yoga apps… the list goes on. I’m excited for the entrepreneur who has all the branding and marketing expertise and can jump on this treadmill and run with it. While there are already players in this space, no one is doing it well – yet.
The rise of this one is obvious for the short term (no one can get any goods into the country without being quarantined, if at all). Offshore manufacturing is not only at a standstill, it’s forcing Australians to reevaluate the origin of ALL of their purchases. A consumer who is once bitten, is twice shy. In a post-covid world, she will no longer look to buy products overseas. As a retailer, if your products are made in Australia, then ‘Made in Australia’ is your new Unique Selling Proposition.
Entertainment Streaming Services
While I wouldn’t advocate this one to consumers, there’s no doubt that the bulk of people are going to spend their downtime in front of Netflix. The detail is in CREATION rather than consumption.
BUSINESSES THAT WILL SURVIVE.
Organic/Artisinal Food Delivery
The average person’s palette is far more discerning than it was a decade ago. During ‘self-iso’, people will want to create a sense of normalcy, or even luxury, within their homes; after all, they’re not spending their money on events and restaurants anymore. If you can’t go to your local charcuterie or bar, you’re going to replicate your favourite cheese board or espresso martini at home. Cheers to that.
Soy Latte? Do it yourself. Fresh waffles? Make your own. Pressed Juice? There’s an app(liance) for that. As this new way of life sets to become the new normal, we look to bringing our daily habits – now faraway luxuries – to home. Coffee machine sales will spike, alongside any other DIY machine, home beauty appliance or household and garden maintenance product.
Any consumer good that can be sold online, including loungewear, sleepwear, casual fashion, toys and homewares, will carry on at a steady pace. People still need to feel good, now more than ever. They’ll be spending less money (if any) on occasion wear. Instead, they’ll be buying quality yet casual apparel.
In times like these, we question our previous lifestyle choices. ‘Do I really need to travel? Do I really want to go on that cruise ship? Do I really need to eat out every weekend? Do I really need ten cocktail dresses?’ Those who weren’t socially or environmentally conscious before are already turning over a new sustainable leaf.
To provide insight, we spoke to Founder of Partale HR Consultancy, Phillip Jordan, on why these services are critical during this time. “Businesses need to consider how they engage their teams in the current environment. HR can guide leaders on how to balance the immediate challenges with future growth plans, whilst ensuring changes impacting employment are done the right way. In this time, HR can also play a crucial role in supporting leaders in motivating and managing their teams, especially whilst working remotely. As we move forward, employers will also need to consider the wellbeing of their people, as our working and personal lives become integrated,” says Phillip.
The industrial age working system is built on the idea that people need to work together in groups. Indeed, this is only an idea, which has now most certainly been debunked. We covered it in a recent article on forced flexibility, highlighting that any business that isn’t location-dependent has more chance of survival, now and for the long haul.
BUSINESSES THAT WILL DIVE.
For the short term at least, social distancing will have an impact on the following industries. Having said that, if you’re in an industry that’s been in decline for many years, then this crisis has only spotlighted and exacerbated this. It is clear that Covid’s success lies heavily in the gathering of people, making those industries who rely on the unity of people the most likely to fall at its feet.Tourism
- Traditional Education
- Bricks-and-mortar retail
- Entertainment and events
- Sport and exercise
If you’re wondering whether these industries will only boom or crash in the short term, consider this: Studies show that this way of living is the new normal for 6-18 months. When people get used to a certain way of living for an extended period of time, they don’t go back. These new habits will be forever ingrained in our psyche.
THIS IS A STRUCTURAL SHIFT in so many industries because people will not enjoy a social environment the way they did before. When the deeply sad reality of this coronavirus really hits home, and some of us have lost loved ones, 2020 will be a life-changing experience.
Our priorities have shifted and we will never be the same again. The sooner you can adapt, the better off you’ll be!
If you’re looking for opportunity, call on the list above – it’s abundant with them. Start a business now, or get on board the right one.