3 sectors that will thrive in the post-Covid economy

April 13, 2021

Sectors that will thrive after Covid

The pandemic experience in 2020 has shocked the world and caused massive disruption in many industries. This includes almost every sector one can think of. Businesses were shut down, people lost their jobs and the economy struggled heavily.

The worst part is that the effect of pandemic and global lockdowns lasted far longer than anybody imagined and for many industries recovering from that loss is immensely hard. However, there are still some industries which even though suffered from the COVID19 effects on the economy but will recover fast and continue to thrive to grow in a post-pandemic world.

Which sector will grow after Covid-19?

Let’s see which are the sectors that will grow post Covid based on the retail trends and socio-economic events.

Education-Technology

Schools and colleges were the first places to be shut down because of the risks the pandemic brought for the students. It didn’t take so long for the institutions to realize that technology is the way out for students during this tough time. And just in a few days, the trend of online classes was booming. This did help many colleges continue with their operations.

Having online classes was first considered a temporary solution during the lockdowns. However, this also opened new horizons for underprivileged children across the world. The idea of ed-tech was found to be effective and many international organizations were fascinated with the outcomes.

Thus they planned and started executing the same strategy to educate children from third world countries. An example of that is the effort the World Bank is putting in countries like Afghanistan.On the other hand, some industry-leading colleges, Harvard being one of them, announced to take the upcoming batch for completely online classes.

Thus it’s clear that the ed-tech industry will continue to be talked about in the upcoming time.

eCommerce

Who doesn’t know about the crazy growth eCommerce experienced during the pandemic? Even when the economy was at the peak of its destruction globally, the eCommerce industry was growing as a whole. The only thing that shifted was the consumer’s choices. Luxury items sales stunted while home essentials grew tremendously. The obvious reason for that was the lockdowns themselves.

The world was shut down and the tough circumstances made people buy everything they need over the internet. But this wasn’t just a temporary trend or a need of the time. Industry analysis reports quoted by many big publications suggest that the eCommerce industry will continue to rise even after the lockdowns are completely lifted off. Here are the basic reasons behind this;

  •         Consumers have developed new shopping habits
  •         The fear of COVID isn’t going away over night
  •         Mobile devices growth is continuously pushing eCommerce
  •         If any item is shortened, online shopping is the answer

The best option for any small business that offers products (belonging to any field) is to rely both on physical outlets (if it’s in the best interest) while also investing in developing online channels alongside. After all, in 2021 you don’t need a pandemic to realize how important eCommerce can be for reaching your audience.

Co-working spaces

COVID pushed industries to shut down and forced people around the globe to practice isolation. Only companies that were somewhat stable during that time were those in which employees could work from home.

Work from home became a trend and it seemed like everyone was enjoying it at first. After all, when was the last time when employees could be with their family all day while still being at work? However, working from home had its shortcomings as well. Many studies proved that soon after the whole ‘Work From Home’ notion, the employees’ productivity started declining.

It was because every employee was used to a work environment where other people around them are being productive as well. This is where co-working spaces started booming more than ever before. Although during the period of intense lockdowns most of the coworking and shared office spaces were shut-down completely, they started getting more attention as soon as those lockdowns were lifted. The reason for this is that remote work has become a part of the culture for so many companies.

Many industry giants have in fact mentioned that they’ll let employees work from home forever. And since working from ‘home’ isn’t a permanent option for many, they’d go for the subscription of a high-end coworking space instead.

Thus co-working spaces are here to not only stay but see immense growth in 2021 and way beyond it.

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