If you are looking to start a new business but sure which way to go and what to choose in order to fulfill your long-term or short-term goals. Read on to know more about the booming business sectors which made an exception even in current times.
COVID-19 pandemic has proved to be a game-changer for the human lifestyle. The way of living, the way we behave and perceive things are changed. Many of our habits have changed as we were living in an open world with no such restrictions as we are facing currently. We are encountering a new world altogether with new norms every day just to be safe. This sudden and adverse turn in habits and lifestyle has impacted the economies heavily across the globe. Many have taken a bad hit and sunk in the ground, on the other hand for many, the results turned out exponentially positive. Here, the capacity to adapt and making creative decisions plays a key role in the sustainability of the business. In this article, we will discuss 5 sectors that will surely face a positive turn in terms of profits and expansion.
1. WorkSpace Sector:
It seems like a story where we were going to our offices and working 9-12 hours a day. We had the opportunity to connect with fellow employees face to face and the conversations and meetings were good. The environment was exciting and indulging in office gossip was frequent. After the sudden changes, Most of the people are presently working from home. Meetings and discussions are occurring over a video conference and low internet speed is a common reason for the delay in projects and assignments.
Because of this, productivity has reduced and projects are getting postponed. The majority of businesses are trying to adopt various digital tools to manage their tasks. This spike in the demand for these services has worked as a catalyst for certain firms to create work from home solutions. The increasing adoption of these tools will surely open up new opportunities across the nation. Tools that make communication, team collaboration, and data security easy, will definitely be beneficial.
2. Edtech Sector:
Staying at home, made children miss their school premises, as they have been in their homes for quite a long time. The Edtech sector has experienced new growth in these difficult periods. Nowadays, As most schools are trying to rely on different online teaching platforms to suit their requirements, the Edtech sector is becoming their first and only choice to deliver the services. Taking online exams and classes became the newest challenge for schools.
Also, teachers are struggling to clear the concepts to their students. Pre-recorded videos are frequently being used, which contain more options and animations to make the concepts clear and understandable. These efforts and practices have given rise to LMS(learning management system) platforms. Home tutors and coaching centers are also making their lives easy by using such services. Ed-TechPlatforms like Byju’s, Extra marks, Vedantu, etc. are some of the platforms in the Edtech sector.
3. OTT Sector:
If you miss cinema halls, and the cheers from the crowd and the excitement they used to offers the best experience for viewers. We are unsure when we can experience it again, as people are preferring to maintain social distances and following covid 19 norms. Therefore, some yet to be released movies are releasing online, through collaborations with OTT platforms.
Meanwhile, we realized that authentic and valuable content can easily win the hearts of viewers anytime. Mythological series like Ramayan, Mahabharat, etc. are adored by everyone, which showed us, true content can hold the attention of any age group. Nowadays, OTT platforms such as Netflix, Amazon Prime, etc. have capitalized hugely and have become a necessity for many entertainment seekers than a luxury.
4. Hospitality Sector:
Hotels and restaurants have been shut down for many days which is hugely impacting the economy and the pockets of business owners. Many businesses fired their employees in order to sustain the period, and the future revenue figures are uncertain.
The branded ones can only survive these times. This has shown us the value of branding and good service in the hospitality industry. Hygiene has become a priority for people, it is a must in order to attract customers and generate revenue.
5. Self-Care Sector:
We all had lost ourselves in our busy schedules. We forgot to treat our body and mind well. This pandemic has shown us the importance of self-care during negative times. We got to know, to lead a stable and efficient life, keeping our minds stable is essential. This has resulted in a boost of self-care content consumption online.
Consumptions for healthy foods, exercises, diets, mind management, etc. have increased exponentially. Subscriptions for the online webinars of established trainers has increased hugely during these times. In current times, people care to stick with essential items than luxuries.
We have been compelled to adopt digitalization in our regular day to day lifestyle. These new norms and rules have created new business opportunities but at the cost of huge economic losses. Businesses had to adopt a new era with new normals and smartly diverse their operations and services. Employees also need to be aware of changing lifestyles and learn new skills or upgrade themselves in order to be better. Change is the only constant, adopting it wisely is in our hands.