The coronavirus outbreak brought our lives to a standstill in the blink of an eye. The effects of the pandemic aren't just confined to specific nations, businesses, or race; the entire mankind is undergoing this tough time together.
Every moment, thousands of individuals are losing their lives while others are battling with this deadly virus. Roads are empty, our favorite malls, stores, theatres, stadiums, everything is shut, and businesses are undergoing unexpected downfalls.
The horrifying coronavirus brought every powerful community on its knees, so we simply can't expect good times overnight. The globally spread malady will keep the world sick for a very long time and we simply can't deny this fact.
Impact of Coronavirus On Major Industries
While the magnitude of the COVID-19 effect might fluctuate from industry to industry, there are numerous industries that are suffering the most and are undergoing the worst time during the pandemic.
It is even expected that the way industries operate might change permanently in the coming time. Amid the pandemic, some industries are adversely affected while others are expected to flourish.
Let's explore the top industries in the world that are hit adversely and are undergoing a tough time right now!
Industries that are Adversely Hit By the Pandemic
The aviation industry is amongst the worst-hit industries affecting the domestic as well as international flights that got canceled due to the worldwide lockdowns. Since there are no fresh airline bookings as of now, International Air Transport Association (IATA) observes 2020 global revenue losses for the passenger business of between $63 billion and $113 billion if the spread of this deadly virus continues at the global level. The aviation industry is expected to undergo a serious liquidity crisis if the lockdown extends.
Retailers are severely affected since the malls, shops, shopping centers, stores are shut. However, there is no major impact on essential goods retailers. Online retailers can expect great profits during this period, while other retailers have to wait until the economy opens phase-wise.
The overall outlook can be expected to improve after the recession and online retailers are definitely going to have a good time throughout this phase.
The automobile industry was already having a tough time and this novel coronavirus outbreak turned out to be a curse for the entire industry. Due to the economic scenario, the automobile volumes and demands in undergoing a rapid downfall. The industry will gradually revive in the coming time, but for now, and there is no good news for the automobile industry.
Because of the limited operations of public transportation recently, the public transportation industry is undergoing serious losses and the industry has come to a halt. Railways have paused the train services and the freight train services are reduced during the lockdown period. In fact, freight trains are carrying goods of only 60% of their capacity.
Moreover, metros, city buses, taxis, etc have paused their operations since everyone is locked down in the house and no one is preferring to travel till the situation comes back to the normal. In the time to come, when operations will resume, we can expect a good time for public transportation, but still, people will be hesitant to board public transports and things will take time to get back to normal.
Industries that are Thriving Now
When the majority of the industries are really hit hard by the pandemic, everyone wants to know which industry will grow in the future and which all businesses will boom in 2020. Let’s discuss the booming industries that have clear skies amid and after the pandemic!
During the lockdown, when everyone has managed to stay inside their homes, lives have become difficult for patients who need regular health checkups. People are hesitating to visit the hospitals due to the fear of coronavirus spread and looking for some safe alternative.
At this point, telemedicine, telehealth, and on-demand doctor applications are thriving and gaining attention. Telehealth is experiencing a great climb recently and eventually, people will get used to telehealth and telemedicine. Since telehealth visits are a trending idea during the pandemic, it will become a habit post-pandemic and businesses are looking forward to investing in this industry.
Since the malls and shopping centers are closed for now, the online shopping industry is experiencing heavy demand for online orders. Online shopping businesses have just skyrocketed overnight and experiencing unexpected profits as never before.
Retail platforms have undergone a six percent global traffic increase between January and March 2020. Overall, retail websites generated 14.34 billion visits in March 2020, up from 12.81 billion global visits in January 2020.
People will hesitate to go for traditional shopping even after the pandemic is over, so online shopping will be a great trend to grab customers' attention in the coming time as well. In fact, sales of online furnishings and home décor are also growing and we can expect great sales in this industry.
Before the pandemic, people weren't used to purchasing grocery online, but today purchasing grocery online has become the new norm and a necessity. Unlike the transportation industry that is really hit hard by the pandemic, online grocery is gaining the spotlight and every individual is ordering grocery online. Every day, we can notice a great hike in downloads of grocery apps.
Instacart observed its app downloads rise by 218 percent from February to mid-March based on consumers' apprehensions about visiting grocery stores during the coronavirus outbreak.
As using cash can act as an infection transmitter, people are making a rapid switch from cash payments to cashless payments during the pandemic. People are looking for digital payment solutions where they can make online payment apps and stay safe while getting rid of cash payments.
So, these contactless and online payments are gaining traction not only during the pandemic but will continue after the pandemic as well.
Heading to New Future Backed by Technology
Undoubtedly, the lives are adversely affected by this deadly virus, but technology trends have made survival easy and safe for humanity. From making our essential services accessible, getting healthcare assistance online, working remotely, technology has made every necessary thing viable to us.
Businesses are operating online, the education industry is going online, making online payments; we have encountered and learned many new things during this pandemic. However, the types of industries that underwent an economic crisis will take enough time to get back to normal. Things will become better with time, and we can definitely expect new lifestyles that will be backed by technology in the time to come!