COVID-19 has endangered the growing economy of countries witnessing a rising number of cases. The most overwhelming decision for leaders across the world was announcing a complete lockdown with the availability of essentials. Countries have closed borders and do not plan to open it until further notice. The on-going lockdown has crossed more than 90 days for many nations and has been a challenging phase to deal with. All the industries under different umbrellas are suffering serious bankruptcy and struggle to find ways to strive in a difficult time.
However, few countries are slowly resuming activities on a minimal scale. India announced unlock 1.0 on June 4th and our country is witnessing a gradual revival of work and a step towards stabilizing the economy. Though industries are allowed to commence operations, many firms are facing a challenge to restart work after incurring extreme losses. However, some sectors are showing signs of revival in the phase of unlocking.
Let us know about the industries that seem to rebound stronger post the lockdown.
Wifi and Broadband Connections
The culture of work from home seems to continue for a longer span of time hence, people need better quality internet speed to work with efficiency. Many employees worked late hours at the office and did not feel the need to install wifi connections at home but with the pandemic restrictions, wifi has become essential for the IT workforce.
The shift from TV to streaming apps is a recent one. Stuck at home many elderly, as well as youngsters, have turned to apps like Amazon Prime, Netflix, and Hotstar. As these apps demand high-quality internet speed, wifi is a must. Many households are now heading to get individual wifi networks for themselves. Furthermore, adhering to the current scenario the wifi and broadband companies will witness a boom in business.
Restaurants and Cafes
The F&B (Food and Beverage) industry observed humungous losses in the lockdown. Many leading food chains witnessed layoffs due to incapability to pay salaries. Though many restaurants and cafes were running home delivery, people were hesitant to order food from outside.
But with unlock, 1.0, restaurants and cafes are allowed to give take away from their location as well as deliver to customers. After so many days of home food and quarantine, people are stepping out in huge numbers to get hands-on favorite foods. After the ease of lockdown, many restaurants are swarmed with delivery orders and the post lockdown situation seems to work in favor of the food and beverage firms.
A huge chunk of the population has switched to online grocery shopping amidst the pandemic lockdown. Online shopping prevents stepping outside the house and helps following social distancing precautions. Retail platforms like Bigbasket, Grofers, and Bazarcart have gained immense profit with the on-going situation.
However, the local Kirana shops are also forming personalized retail address. People now are preferring to order from their local stores with the online option. Hence, local shops will start a buzzword with this historic switch.
FMCG (Fast Moving Consumer Goods) Sector
Firms dealing with FMCG will bounce back once the borders re-open for shipping. The historic low rates of crude oil will help reduce expenditure for these companies. Many people want to order/buy products from respective distributors but the lack of stock due to COVID-19 is a barrier. But as the goods reach the country, an unbelievable upsurge in the sales is expected.
Health Insurance Firms
The outbreak of COVID-19 is an ice-breaker for people to invest in health insurance. Most healthcare insurances claimed to cover expenditure for COVID-19. Therefore, people are planning to insurance for future pandemics or any health emergency. The insurance sector expects to witness a growth post the lockdown.
The lockdown has imposed serious drawbacks for most of the industries. Firms are economically unstable and worried with less number of working power hence, an economic comeback for the country is difficult.
Few industries have benefitted in the phase of lockdown but most industries are lagging with basic resources. Hence, slowly and steadily with government support and people’s contribution to the economy of the country will see an outstanding revival.