COVID-19: 5 Industries That Have Thrived During the Pandemic

COVID Business OpenRestaurants, hotels, travel and retail are just a few of the industries that were hit particularly hard during the pandemic and that will likely continue to struggle as the country begins to slowly reopen. But despite the negative impact of COVID-19 on some enterprises, there are a few businesses that actually experienced positive economic growth.

Pharmaceutical. Considered an essential business, pharmacies remained open during the peak of the pandemic and have experienced a substantial increase in business. In fact, Rite Aid reported that upon the onset of the quarantine, online sales grew 10 times greater than normal demand levels, Forbes reported. As a result, the influx of business has pharmacies and health companies looking to fill a number of new positions to meet the online and in-store demand.

Grocery. Throughout the quarantine, a trip to the grocery store may have been the only outing most Americans experienced. And although there were disruptions in the overall supply chain, grocery stores continued to generate substantial revenue, which created a demand for additional positions ranging from shelf stockers to public relations staff and even supply chain logistics managers. For example, in early April, the superstore Walmart was looking to fill nearly 150,000 new positions to meet the growing demand.

Landscape/gardening. The pandemic grounded Americans to their homes for what seemed like an indefinite amount of time. And even now, as the country begins to reopen, most Americans remain closer to home until a vaccine becomes available. As a result, many landscape and lawncare companies experienced an unseasonably good business. Allwood Recyclers in Oregon told KATU-TV that business since the start of the pandemic has increased with the surge in deliveries of yard and garden materials. Smaller nurseries also saw business pick up in the spring and summer months.

Food delivery services. Since the beginning of the pandemic, many consumers have been relying on food delivery services such as Uber Eats, Grubhub and DoorDash, as well as grocery and meal kit delivery services. In fact, spending on meal delivery services increased 70% from last year, according to data from research firm Second Measure, Barron’s reported. In addition, the data also indicates that the size of food orders have increased by 24%. When asked how they’ve utilized grocery delivery, 66% of consumers surveyed in a poll conducted by OnePoll and reported by Fox News, said they have utilized at least one type of food delivery this year and 55% have tried a meal kit delivery service.

Communication technology. With so many people working remotely, businesses in communication technologies have experienced a sharp increase in the demand for their products and services.  Slack Technologies reported adding nearly 9,000 new paid customers in Q2 of this year — an 80% increase compared with the previous quarter. Zoom, a very popular video conferencing tool, now hosts approximately 300 million meeting participants a day, and its stock is up 120%.

Conclusion

The pandemic has thrown a serious financial blow to many industries and has impacted nearly 21% of the U.S. labor force. And even as states begin to reopen, it could take a while for most businesses to recover. As an insurance professional, it’s important to keep the lines of communication with your commercial business clients open and to see how you can help during this challenging time. And while there are no easy fixes, just being there as a resource for policy and coverage questions, billing issues and claim processing can go a long way to building solid, long-term relationships with your clients.

About FastrackCE

Ensuring continuity in business in the midst of a crisis situation such as the COVID-19 pandemic is vital. At FastrackCE, we make it easy for insurance professionals like you to maintain current continuing education licensing requirements so you can focus on serving your clients. When you need us, we can help. For more information, call 800-544-3605 or visit us at fastrackce.com.

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