‘SCOPE OF DIVERSIFICATION: BUSINESS IN THE POST COVID ERA’
by: VEDIKA BANSAL
According to the International Monetary Fund, the global economy is likely to experience the worst financial crises since the Great Depression of the 1930s as a consequence of the COVID-19 pandemic. While people are confined within the four walls of their houses, online shopping, e-learning, and adopting fitness regimes are the ultimate source of leisure, and maintaining good personal hygiene and social distancing is of paramount importance. Midst the infamous pandemic, many businesses have grown and could potentially diversify in the post COVID era too. According to the 6Wresearch firm, “the India Surface Disinfectant Market size is anticipated to register growth during 2020–2026.”[1] This research and consultation firm also found out that due to the outbreak of COVID-19, there has been a substantial efflux in the demand for surface disinfectants in India. The practices of sterilization and disinfection are mandatory in the field of healthcare for the control of hospital-acquired infections. Business organizations (such as beauty parlors, aviation industry, and many more entities) have also necessitated the implementation of disinfection procedures since the pandemic has alarmed them about the importance of improving hygiene standards for a safer workspace. Thus, a golden opportunity of diversification could knock at the door of surface disinfectant industries in the ensuing years.
As a consequence of the persistence of the COVID-19 pandemic, social distancing has become the fundamental precautionary measure. The boom in online shopping has provided an impetus for the increased growth of and demand for courier and
delivery service industries around the world. The demand for grocery delivery services has been anticipated to increase industry revenue by 7.6% over 2019–20, to total $5.5 billion.[2] This has brought about competition and spurred the proliferation of web platforms such as UberEATS, Menulog, and Airtasker. Furthermore, these operators have aided in the consolidation of their hold to continue expanding business operations after the pandemic comes to an end.
As a productive means of spending time during the lockdown, individuals across the world are trying out and mastering new skills on e-learning platforms. For instance, Duolingo is an app that provides the opportunity to learn different languages online and is observed to have shown a 148% increase in sign-ups in the US, especially during March.[3] There is no age barrier for seeking education. Online learning platforms such as edX and Coursera have become popular where one could enroll for free verified courses from prestigious institutions. Thus the ease and low cost of pursuing new hobbies or verified degree courses from home could overpower the possibility that the abrupt zest for skill mastering will only last until normal life resumes. Thus e-learning companies could continue to be a success. Before the pandemic, the fitness industry-valued around $100 billion (£80.4bn), hence it could be implied that the fitness industry was already booming.[1] Amidst the lockdown, numerous fitness professionals are reaping benefits from conducting online fitness sessions. For instance, thousands of people are viewing the fitness modules of a British fitness instructor named Joe Wicks mainly due to his child-friendly workouts. Wicks has not only raised his profile, but has also raised money for charity, and post-lockdown is likely to see returning customers. Many fitness enthusiasts would be desperate to work out at gyms after months of squeezing a workout into their living room, but the cost-conscious and or the ones who prefer the privacy and flexibility of exercising at home are most likely to turn to online fitness. Thus, the fitness industry will continue to flourish. Throughout history, events such as economic recessions and pandemics have changed the trajectory of economies and businesses. The Homo sapiens have not yet been blessed with a certain date to mark on the calendars to bid adieu to the pandemic but people have learned to laugh away the Apocalypse by reading amusing memes.
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