The COVID-19 pandemic is hurting businesses and national economies across the globe. In the USA, the percentage of people out of work hit 10.4% (according to a BBC report) and at one point 41% of France’s workforce was placed on the government’s furlough scheme.
However, as is the case with virtually every crisis, there are some business opportunities to be capitalized upon. The remote working genie, for example, isn’t going to just pop itself back into the bottle once COVID-19 is done. Video conferencing software has become sophisticated enough to take the place of a meeting room with the likes of Zoom and Cisco’s Webex leading the way.
With the added benefit of remote working reducing carbon emissions from workers’ daily commutes, and many workers enjoying the fruits of remote working that include hours of additional time with the family every day; remote working in some form or another is likely here to stay.
So who will be the winners in terms of this shift in working?
Communications Software
Shares in Zoom rose 50% between February and April 2020 and continue to rise month by month as of September. Online streaming and TV services have also seen huge increases in demand, so much so that the likes of Netflix and YouTube have had to reduce the image quality of some of their services to ease pressure on local internet providers across Europe.
Share in-home gym equipment has also gone up dramatically as people take up new fitness regimes at home and online fitness classes have also experienced a huge boom.
As perhaps expected, pharmaceutical companies have also benefited in some instances with sales of muscle relaxants and respiratory drugs increasing. There is also a race to bring to market more specific COVID-19 drugs and, of course, a vaccine.
CyberSecurity Software
VPN and cloud storage providers have seen a huge increase in demand thanks to the COVID-19 pandemic.
Remote working through personal Wi-Fi connections can present some security issues. With many computer systems not sitting behind and protected by a corporate firewall, there has been a shift in the people carrying out many cyberattacks.
A lot of the tools that have traditionally been in place were built to suit the typical corporate environment, within which a member of the cybersecurity team would be able to physically see and touch a computer with an issue.
With many companies only having a few weeks’ notice before shifting to a remote working model, cybersecurity has been a real challenge for many. Remote working models and cloud computing transitions that were planned to take 2 years have literally been put in place in a few weeks or days.
E-Learning
With people concerned about their jobs and with others placed on furlough schemes, e-learning platforms such as Udemy and several other distance-learning providers have seen a surge in demand.
Also, many states in the US and countries across the world closed schools for a number of months in 2020. This saw a huge increase in the use of Google Classroom and similar e-learning tools that school teachers could utilize.
Online Shopping & Delivery Services
According to UK data, even before the lockdown was implemented across the country, many had already increased their use of food delivery services, according to Statista data. Any of the food delivery services such as UberEats and Deliveroo have added contactless delivery options to reduce any risk of transmitting the COVID-19 virus between drivers and customers.
Many restaurants have been forced to adapt and make use of food delivery services to survive the pandemic.
Remote Documents
Another surge in demand related to the pandemic is the need for the ability to sign documents remotely. With logistics somewhat compromised during lockdown, it has been easier for businesses to take everything online — including conferencing, payments and official documentation.
Hellosign and Pandadoc offer eSignature solutions that have allowed many businesses to function completely online during the pandemic.
Virtual Office Services
Without the need for a “bricks-and-mortar” office building, virtual office services have experienced an increase in demand too. Virtual receptionist providers such as Moneypenny experienced a surge in growth, which has led to a huge recruitment campaign.
Virtual office address and interactive virtual office software from the likes of sococo have also seen a welcome increase in interest over the past 6 months.
Areas for Opportunity
If this trend is not going to completely reverse, which seems unlikely at least for the next 6-12 months, then what opportunities are still available to be taken advantage of?
Many businesses will need to make a transition to an online format to survive into 2021. Can companies capitalize on the increase in demand for video streaming, e-learning and home delivery?
For example, can sports coaches create successful YouTube channels and e-learning courses to replace the face-to-face format that they have relied upon for decades?
In line with the increase in e-learning subscriptions and enrollment, new skills in digital marketing and web design may have to be learnt in order for business owners to successfully transition to an online business format — with a professional presence and an efficient way to reach potential customers.
Unfortunately, the ability to adapt and overcome could make the difference between survival or annihilation in 2020.
