During these uncertain times, it is important for businesses to adapt to the economy’s landscape. While many of these changes that we are experiencing around the globe are temporary, there are many sectors that are sure to change for the long term. With many countries experiencing lockdown, industries are in an unprecedented state of flux. There are, however, ways in which businesses can not only keep their heads above water, but anticipate and react to trends that are emerging as a result of COVID-19. In this article, we’ll go through some of the sectors that are seeing signs of growth despite national lockdown and how other businesses can follow suit.
Every business owner will be well aware of the rising prominence of mobile ordering in recent years. With more people spending time indoors and on their devices, this trend has been significantly magnified. As found in a recent Engine survey on Coronavirus, people are spending anywhere between 10-30% more time online due to Coronavirus with the bulk of this time being spent on mobiles. According to Riskified’s recent e-commerce data study, mobile app sales increased by 71% during the first two weeks for the food industry alone. While there has been a decrease in desktop use, countries in lockdown have still ultimately seen significant growth in consumer time spent online.
With e-commerce now being centred around a multi-device journey, it is important to target both areas as there is a strong interaction between the two. At novi.digital, we are able to carry out UX audits and build full strategies for clients so that both of these areas are optimised. Once we have a clear understanding of your business, we will usually recommend one or a combination of our services that target areas of improvement:
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While many industries have been affected for the worse by Coronavirus, there are some sectors that have grown as a result of lockdown. Below are some of the industries that have been stimulated by people spending more time indoors. For business owners that are not working in or with these sectors, there is still plenty to consider about what could be learnt from them.
Social distancing has necessarily resulted in a wide variety of sectors being required to work from home and, as a result, technology develops associated with these industries have grown significantly. Fintech, for instance has seen a 72% increase in app use as a result of lockdown as found by the deVere Group. This trend, however, extends to all areas of technology that assists with business: video teleconferencing, MarTech, EdTech, AdTech, and digital communications more broadly.
While the initial panic buying that accompanied the announcement of COVID-19 as a pandemic has largely subsided, increased online grocery sales remain as a result of lockdown. With 43% spending more online on their regular shop since the outbreak and food deliveries becoming the new ‘norm’, it is very likely that online grocery sales will see long term growth as a result of Coronavirus. Similarly, non-grocery food delivery services are up by 11.5% from the same time last year.
As a result of lockdown, people are finding new ways to keep themselves entertained whilst indoors. As found in a recent Mintel study on gaming trends, the share of adults who play video games in the UK had increased from 59% to 71% between 2018 and 2019. This is development is sure to only magnify. While this is particularly useful for video game developers, sports brands have also highlighted how this trend can be utilised by becoming more actively involved in Esport tournaments than ever before. This move towards digital entertainment has also seen a sharp increase device sales, such as TVs, games consoles, and computer monitors for home work set ups.
It would be easy to dismiss the growth in the cleaning product and PPE sectors as a short term boost that will only last as long as the Coronavirus is a public health threat. However, for businesses within the cleaning product sector, there has been a noticeable shift in consumer behaviour towards eco-friendly options as discussed by Mintel. This is a trend that is sure to remain in the long term as consumers engage in increasingly health and environmentally-conscious buying. Similarly, in the aftermath of SARS that largely remained within China, PPE became more commonplace in day-to-day life. With Coronavirus reaching and affecting far more countries, it is very likely that PPE manufacturers will experience continued growth.
As a public health crisis, COVID-19 has naturally resulted in more people considering their personal wellbeing and mental health. As indicated by the recently popular free sleep therapy sessions of meditation app, Headspace, consumers are exploring new ways to look after themselves. Individual self-care is something that is, more broadly, developed as a result of self-isolation which is something also seen in the conversation surrounding healthy eating that has resulted from COVID-19. With 70% of new human diseases originating from animals, the already-growing plant-based diet trend is sure to only develop further.
Without the ability to leave the home for anything that is not essential, online learning and personal fitness has found a new home online. Subscription services for online gym instructors and virtual learning environments has risen sharply as more people spend time indoors. As discussed in a recently published Times article on Coronavirus’s effect on education, the move towards virtual learning was one already occurring at universities around the world. Technology-based resources for fitness and education will only grow further as more people explore these avenues during lockdown.
Whether your business is working directly in an advantageous sector or not, our team can help go through transferable areas based on the insights discussed in this article. Whether this is improving your business’s SEO and mobile friendliness, or helping develop a more comprehensive strategy that works with other sectors, our team can help point you in the right direction.
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