Although the Covid-19 pandemic brought companies to a halt in unprecedented ways, some startups and entrepreneurs have embraced digitization and are thriving while others have fallen.
We’ve witnessed industries, particularly those relating to travel and hospitality, hit hard by the pandemic. Even in countries that have been hardly affected by COVID-19, a lack of customers has damaged enterprises in ways that will take them and the industry a long time to recover.
The loss of skilled staff and their business knowledge takes a toll on progress, and getting trading back to normal will be challenging.
Technology – The Enabler
However, some entrepreneurs and creatives say this is the perfect time for companies to look deep into their operations and do things differently. For example, don’t rehire people in the same roles, instead introduce smarter technology like AI-powered systems in departments including marketing, accounting, sales, customer service and support.
Many entrepreneurs have already come up with various startups, and new jobs will come online for workers as these businesses grow. These new entrances have a higher chance of;
- Gaining more momentum post-Covid-19 pandemic
- Attaining long-term success during and after the Covid-19 Pandemic
So what areas of business are using technology to drive an upturn in activity and sales?
There’s no getting away from the reliance we all have on online communities and platforms like Facebook, Twitter etc. According to Forbes, the Tech’s Big 5, i.e. Apple, Amazon, Microsoft, Google, and Facebook, are intrinsically woven into businesses insofar as it’s not enough to have a great product. You also need the marketplace and community.
Even if you’re hanging out local and your customers are local, the online community is paramount for promotion and communication. Your local patisserie will spend hours on Instagram, Facebook sharing images of their latest baked goodies to woe and entice favourable comments, likes and shares.
Remote working has given rise to online collaboration and workflow productivity tools, of which there are many, including (listed in no particular order):
- Slack (recently acquired by SalesForce)
- Microsoft Teams
- Google Drive
Many more popular online apps make remote working not so remote, and there are many startups to watch in this space. A couple new apps on the scene are:
- Glue (from the startup Memory)
The pandemic lockdowns have consolidated for everyone a preference for online shopping. What will become of the malls and shopping strips is anyone’s guess. Moving product has stretched resources, inventories and supply chain management, as well as logistics and transport.
A shakeup has been overdue, and now startups are emerging with smart solutions for managing relationships, product, ordering, delivery and everything in between. Forbes says to watch out for:
However, there are many more startups, particularly software companies using AI in logistics, including:
- and many more according to ai-startups.org
Hello, cryptocurrencies and the blockchain. With banks slow to develop new products, the blockchain and digital currencies have had a free ride to speak, with the usual competition.
You know cryptocurrencies are in the mainstream when PayPal allows them for purchases. So far, the cryptocurrencies allowed in your digital currency wallet in PayPal are:
- Bitcoin Cash
Other digital currency payment gateways include:
- Coinbase Commerce
- Circle Pay
It’s not only digital currencies having a good run, AI in Fintech generally is leaving its mark to detect fraud as well as assess clients credit risk and value company assets among other uses like assessing insurance claims.
So what sectors are doing well during the pandemic and continue to grow when life returns to normal?
Many grocery stores and shops are closed due to the covid-19 pandemic; thus, many people plant vegetables and do plumbing maintenance independently. Therefore, any entrepreneur who starts a startup that sells gardening and plumbing materials has a higher chance of thriving.
Manyy animal shelters advised pet owners to adopt pets while at home, and many people embraced this suggestion when the lockdown came into effects.
In New York alone, the pet adoption rate has increased to more than ten times the standard adoption rate.
And even in many search engines, the number of people searching for pet products has increased, clearly showing how a startup in pet products will thrive during and after the Covid-19 pandemic.
Home Beauty Products
Many people now prefer doing skin and hair care routines by themselves. As a result, most startups in wellness and home beauty products are currently witnessing increasing sales revenue from their products.
In the future, the upward trend will have a positive, permanent impact on the beauty industry. The page views for most haircare and home skincare products have increased since the Coronavirus pandemic came.
Any startup that is in these sectors has a higher chance of thriving post-Covid-19 pandemic.
But you’d have to say the winning sector for startups since COVID-19 is no surprise it is Tech.
Times have been tough in business, and it’s the tech sector that reigns supreme for new startups since COVID-19.
With the development of apps and software using Artificial Intelligence at a deeper level, there will be some fascinating times ahead. For example, according to CodeBots, there are three levels of AI. Their article helps you grasp the depth of opportunity business has with AI now and in the future and why some may be worried about robots with too many smarts. 🙂
By no means does this article cover everything that’s changing in business since COVID-19. It is just the tip of the iceberg which is why we enjoy researching and writing on many topics.