From the last 100 years, the world has not experienced a pandemic. While most countries were not ready for this type of occurrence, even the business world did not anticipate shutting down operations for almost a year would be inevitable. Covid-19 is affecting millions of people across the globe. The healthcare sector of most countries has taken a huge hit due to the lack of resources and a growing number of cases. To contain the contagiousness of the virus, Governments of different countries have made lockdown mandatory, which has affected the economies.

To save SMBs from shutting down and the downward curve of the economies, countries are steadily unlocking essential business activities. People are still wrapping their heads around the disruption the virus has caused, resulting in changed consumer behavior and market needs.

Businesses’ are now focusing on comprehending and strategizing according to the “New Normal”. Due to the changes in consumer behavior, some businesses will experience a spike in profits, whereas others will need to resolve and reintroduce their brand in front of the customers to become profitable. 

Here are the Sectors which you can Consider while launching your startup

Pharmaceutical

The pharmaceutical industry has been in the center stage since the emergence of the virus. Leaders in this sector are working tirelessly to provide medication across borders, manage the safety of resources against the virus, and developing a vaccine for the world.

According to Fortune Business Insights, Pharmaceuticals Market is expected to reach USD 1,310.0 Billion in 2020; Eruption of the COVID-19 Pandemic to Accelerate the Demand for Effective Treatments and Drugs Worldwide.

Project Management and Communications

While most countries were in lockdown and business operations were shut down, the only way to continue working was to work remotely. Businesses and government agencies adopted video conferencing to conduct their work and communicate with clients, co-workers, delegates, and others. Since the last few years, video conferencing and PMS has become popular, but since the pandemic, the growth of this sector has been accelerated.

Market players in these sectors are leveraging the growing trends to increase their profits and are subsequently helping the world to communicate during the pandemic. For instance, in March 2020, Zoom Video Communications, Inc. A California-based remote conferencing services company announced free access to video conferencing tools for K-12 schools during the COVID-19 crisis.

Entertainment Streaming and Gaming

While people are at home due to the pandemic, people are resorting to some of the other sources of entertainment. People want to pass their time and distract themselves from the crisis, thus viewership of Netflix and other OTT service providers has increased. Additionally, the Gaming industry has seen a huge increase in users since the lockdown was imposed.

According to data collected from a survey conducted by OnePoll, an average person is streaming eight hours of content each day, double the number of hours from before the pandemic.

 

Logistics and Delivery

As people are resorting to online shopping rather than going to brick and mortar stores, the logistics and delivery business have to be on their toes. Though the supply chain was severely affected due to the pandemic and operation being closed down, the logistics and delivery business had to focus on hyper-local deliveries.

The concept of same-day delivery was popular even before the pandemic but the need for same-day and last-mile delivery increased as the brick and mortar shops were closed and people were ordering all their essential supplies online. 

Ecommerce Industry 

One industry that has experienced extreme volatility is the eCommerce industry since the pandemic has emerged. This industry has been impacted due to the changes in consumer behavior, people have shifted to online shopping.

During the inception of the pandemic, the e-commerce industry experienced panic shopping of some essential commodities. So If you are understanding the COVID business opportunities and launching an eCommerce website then make sure that you understand the trends and select products accordingly.

How Can FATbit Help?

FATbit is a technological solution provider company with customizable ready-made solutions for different sectors that will help you navigate through the pandemic. These are our products which will help you launch a profitable business during and after the pandemic: 

YoKart – Ecommerce Solution. 

YoCoach – E-learning Platform. 

YoYumm – Food Ordering and Delivery Platform.

Growcer – Grocery Marketplace Platform

YoRent – Rental Marketplace Solution.

Read the report to know the entrepreneur’s challenges & opportunities during COVID and gain in-depth about the strategies to come out of the pandemic as a winner.