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Trend Spotting: How Covid Has Changed Our World

by | Apr 28, 2021 | Newsletter, newsletters

What does frozen food, dogs, and bathroom renovations have in common? They all saw significant growth during the past year, directly related to the pandemic.

The news media loves to tell us about all the negative things that have happened because of Covid. Restaurants and bars has closed. The Denver Mart closed. Gyms shut down. People stopped traveling, causing airlines, cruise ships, and theme parks to lose money.

But business has not been all that grim in the past year and a half. In fact, many industries have thrived because of the shifts brought about by Covid. Let’s explore the trends and similarities in these industries and see how we can apply this information to our businesses. Here are just a few of the industries that have exploded during this time:

Ecommerce

Almost every ecommerce company saw a significant increase in sales, as the industry as a whole grew at 44% last year. From large players like Amazon and Esty to small mom and pop shops, ecommerce was a big winner. More importantly, this has now become the new normal and many people prefer to shop online, meaning that this will only continue to grow for the foreseeable future.

Software Applications

Whether it be the software you use to power your ecommerce store, communication tools like Zoom, digital security systems, healthcare IT, or elearning platforms, software grew at tremendous rates during 2020. The cat is out of the bag, and many organizations have realized that remote working is not only possible, but often more efficient. In a recent guest post, about remote learning we saw why there is no going back to the way it was before. The result is true for working in general – it is now a digital world and will likely stay that way to some extent in all industries including healthcare, education, consulting, purchasing, and even trade shows.

Delivery Services & Logistics

The shift to ecommerce came faster than anticipated, and companies like FedEx and UPS couldn’t be happier. And with the transportation of ultra-refrigerated vaccines lining up to be a key need of 2021, it’s no surprise to see transportation services growing at significant rates. Packaging such as boxes, pouches, and padding have correspondingly seen growth as well.

Online Food Delivery

One of the industries hardest hit by the economic shutdowns was restaurants. The industry is attempting to offset revenues lost from dine-in capacity restrictions and consumer unease about eating out during a pandemic by getting online and having the food delivered to its customers. Online food delivery platforms like DoorDash, GrubHub, and UberEats have been around for a while, but staunch consumer preferences for eating out, particularly in the major US market, had been a key restrainer of growth. Covid-19 has changed all that, driving rapid expansion in the user base for these platforms as well as the number of restaurants hosted by them that is expected to outlast the pandemic.

Frozen Food

Panic buying and increased indulgence purchases have driven remarkable growth for frozen food and ice cream brands during the pandemic. this means that packaging materials for these products has grown as well.

Pet Ownership

Covid-19 led to a boom year for the pet industry by triggering a surge in pet adoption. This includes not just dogs and cats, but all types of animals including reptiles. Pet wearables and other accessories are a great niche to consider if you are selling online.

E-Bikes

When lockdowns struck in March of last year, bike retailers were bracing for a major slump. Instead, the opposite happened. Demand for bikes and particularly e-bikes soared worldwide as consumers sought fun, safe alternatives to public transport during the pandemic, and supply chains struggled to keep up. If you are looking to expand your online business, bike accessories might be a good option.

Home Renovations

Spending more time at home than ever before, homeowners have been putting some of the money they saved on canceled trips and vacations this year toward home improvements. The outlook for home improvement projects in 2021 is expected to remain bullish as projects shift from interior applications like kitchen and bath renovations, to exterior applications, such as replacement of siding and fencing. Already a fast-growing market, outdoor living got a boost during the pandemic from staycationing homeowners with extra cash on hand due to canceled vacation plans. Bath renovations have always been popular with homeowners, even more so during the pandemic. This is also true with public facing buildings due to concerns over sanitation.

Home Workout Equipment

With most countries locked into their respective homes and away from gym and studios, fitness enthusiasts have had few other options than to rely on and purchase home workout equipment to stay in shape throughout the pandemic.

Streaming Services

The quickest answer for entertainment, similar to home-gyms, came in the form of home theaters. Along with splurging on big-time television sets, online streaming service top guns like Netflix, Amazon, Hulu, Disney Plus, YouTube Premium, and Spotify became instant must-haves to satisfy our entertainment needs. Disney’s newest and, as far as many investors are concerned, most important business — streaming — experienced blockbuster growth as people quarantined at home. Disney said it had more than 100 million subscribers worldwide across its Disney+, Hulu and ESPN+ streaming services. Powered by the release of “Hamilton,” Disney+ has about 60.5 million by itself, hitting the low end of its initial five-year goal after only nine months in operation. Perhaps you should start your own TV show?

Conclusion

If you can spot some trends in the growth industries and apply it to your business, you might just find that there is a huge opportunity awaiting for you. This might just be the best time ever to grow your online sales.

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