5 Types of businesses that are to benefit from the COVID-19 situation

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All of us have had to undergo a drastic change in our lifestyle. A lot of people couldn’t fathom not going out to work or otherwise. Talking about the work culture, a lot of sectors faced the worst consequences but quite a few segments and businesses are expected to shine bright and really catchup in this COVID world.

Here are five sectors that will shine brighter post-COVID-19

E-Commerce:

Remember the time when our mother said not to order from the big basket as she doesn’t rely on the quality of fruits and vegetables. But today, she manages to order from the app and is happy with the stuff she gets.

In a way, the lockdown is gradually changing the mindsets of consumers and encouraging them to switch to online grocery shopping. This indicates that online grocery will be a sunrise sector in the long term, even after the COVID-19 chapter comes to a close.

Edutech

Before COVID-19 situation, digitalization was emerging in education by different sources like Byjus/Unacademy for better understanding and easy solution for students. During the lockdown, the concept of virtual classes and online learning have suddenly become the norm instead of novelty, even as conventional models are reshaped to make learning more personalized, engaging, and interactive.

BFSI

The time is perfect for players in the BFSI space to reinvent themselves and test newer business models that are more digitally-driven. By leveraging advanced technologies and digitizing their existing set of offerings, they can supplant legacy processes with newer, more optimized workflows, and address inefficiencies that have plagued the Indian BFSI space since time immemorial.

Health Care

Positive changes have been noticed in most of the people when it comes to health today. People are more careful about health and hygiene. They are also working on better eating habits and maintaining a fit body.

The medicines are now delivered through various app services and the concept of teleconsulting is growing. We might also see more healthcare-oriented investment from private and public sectors as the country enhances its healthcare infrastructure in the wake of the ongoing pandemic.

This will have a two-fold impact on the Indian economy. Firstly, essential healthcare services will become more accessible, available and affordable for the mass consumer. Secondly, and just as importantly, the number of employment opportunities will explode.

Technology

All those desk meetings are now happening on G-meet/Zoom calls. Indian IT companies should leverage their core value proposition and restructure their existing offerings at competitive price points. This will help players to survive in the short term – while preparing them to capitalize on the digital opportunity that will come knocking at their doors once the world goes digital.

Developing the core IT infrastructure and new-age capabilities, therefore, will become a priority for IT companies as they navigate the current choppy waters with speed, skill, and agility.