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Expert Answers to Biz Questions
Listen in! Pick up some expert advice to a reader's question that we selected from CyberSchmooz.
5 Industries That Are Continuing to Grow in 2020
The COVID-19 pandemic has hit the economy with brutal force. Some industries are more impacted by the coronavirus crisis than others, such as Leisure and Hospitality organizations that face travel restrictions in place as peak tourist season approaches, or the Property Management companies that are struggling to make their own mortgage payments with unemployed tenants who can’t pay rent.
However, not all industries are collapsing under economic pressure. The shift in supply and demand has instead made certain goods and services increasingly valuable, setting up growth predictions unlike anyone could have predicted.
If you’re thinking about launching a startup or wondering how your current business can switch gears to stay afloat, check out these five thriving industries that will continue to grow in 2020.
1. Courier Services
With stay-at-home orders in effect, less people are calling cars from Uber or Lyft to get to their favorite watering hole and back. But social distancing has opened the door to massive growth in a similar side gig economy: courier services.
DoorDash is like having a personal shopper at your fingertips and allows you to stock up on the essentials without stepping foot outside of the door. Favorite beverages? Check. Common convenience store items? Check. Amazing food from local restaurants? Check!
This gives consumers a way to support their local economy, keep drivers employers, and receive the goods they need while staying at home to help flatten the curve. If you find yourself out of work due to COVID-19, these jobs offer easy application and acceptance.
2. Freelance Jobs
Speaking of the side gig economy, freelancers are experiencing an increase in demand as more and more people are working from home. If you have creative skills and technical experience, you can upload your talents on platforms like Fiverr or Indeed and find jobs that match your talent. Some popular freelance jobs include copywriting, video editing, and web design, but the sky’s the limit when it comes to services you can sell.
3. Streaming Sites
In the past, we’ve praised Netflix for disrupting a dinosaur industry and giving video rentals a life-saving breath of innovation. Now, with so many people stuck at home, streaming services have become more popular than ever.
Platforms like Netflix, Hulu, and Amazon Prime add value to their service by creating their own original content, while newbies like Quibi on the scene are shaking things up with bite-sized clips optimized for mobile devices. These could be good stock options to keep your eye on, but always invest at your own risk.
4. Holistic Wellness
Another way people are passing the time while relaxing at home is with holistic health. Times are stressful, so keeping our minds and bodies at ease has become increasingly important.
Over the last few years, essential oils have significantly grown in popularity thanks to their soothing, aromatherapeutic benefits and the powerful healing powers offered by the plant extracts. But in 2020, it appears that cannabis industry will launch to an entirely new level as more consumers learn about CBD, the non-psychoactive counterpart to THC.
CBD.co is the “Amazon of CBD”, offering a seemingly endless collection of brands with products in all varieties. Find liquid tinctures, edible treats, flavored vape juice, and even topical salves. Cannabis comes in many forms, but they all help alleviate pain, anxiety, and depression—which more and more people are struggling with during this great period of uncertainty.
If your business is struggling to keep its doors open, you might consider increasing your health and wellness inventory with inspiring products people can get behind, whether that’s with CBD offerings, organic lip balms, or natural deodorants that cut down on plastic consumption. Consumers are more motivated to make a purchase when they can feel good about the cause they’re supporting.
5. Athletic Apparel
While some of us are Netflix and chilling at home, others can’t stand sitting still and have contributed to a spike in athletic apparel like running shoes. Some companies, however, have nailed the athleisure game by offering two-in-one apparel that doubles as loungewear.
The trending company Vuori takes this hybrid approach and is welcomed with great customer reviews—because who doesn’t love ultra-comfortable workout joggers that can pass as casual pants, or swim trunks that moonlight as nice shorts?
We predict growth in online exercise platforms, as well as technology software that enables long-distance communication while the COVID-19 pandemic remains in effect. What are your predictions for 2020? Let us know in the comments below.
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