How are businesses faring amid the worsening situation of COVID-19?
Businesses are taking a bad hit amid COVID-19. The coronavirus pandemic has already disrupted almost every industry across the globe. With lockdowns continuing to prolong further, global GDP is set to fall by 3%, according to the International Monetary Fund (IMF). Losses estimated to $2.7 trillion.
Tuesday May 12, 2020,
6 min Read
Businesses are taking a bad hit amid COVID-19. The coronavirus pandemic has already disrupted almost every industry across the globe. With lockdowns continuing to prolong further, the global GDP is set to fall by 3%, according to the International Monetary Fund (IMF). Losses as high as $2.7 trillion are to be incurred globally due to COVID-19. People are requested to maintain social distancing as there is no vaccine found for the disease yet. The only way to safeguard ourselves is through social distancing.
With all the major industries experiencing a downfall, there has been one business that’s been on the rise since the start of the quarantine. They are the on-demand app businesses gaining increased popularity day-by-day. In this blog, let’s discuss the impact of coronavirus on different industrial sectors and the increase in popularity of on-demand apps across the world.
Business growth is at stake
The global GDP is expected to decline by 7.5% in the first quarter of 2020.
Global stock markets are clearly experiencing the impact of the virus. As many as 14,000 businesses are shut down per day.
The cases counts are mounting, as well. As of April 29, it stands at 3.1 million cases, with casualties count at 218,500.
According to the CNBC Global Council, almost 40% of the manufacturing companies are already facing supply-management issues.
The travel industry is the worst hit leaving almost 50 million people jobless.
Almost 421 million students are deprived of their education due to COVID-19.
From the above facts, it is clear that business growth is a matter of concern in this quarantine season.
Entertainment business is gaining increased engagements
People are confined within their homes with nowhere to go. This has led to an increase in engagements in online entertainment platforms. People are finally finding time to binge-watch their favorite movies and series with their family. As a result, the market for these on-demand entertainment apps is on high. Social media users have reached a new record of 3.8 billion users in April. According to a report, there has been a 57% rise in the number of people watching movies through online streaming platforms.
Online streaming platforms like Netflix, Amazon Prime Video, etc., are thriving in this potential 350 million subscribers market.
Delivery services are the talk of the town
Another primary industry that has topped the charts this quarantine season is the delivery services. Food and grocery delivery services are gaining popularity amidst the chaos. There has been a 218% increase in the daily download rates of grocery delivery apps. Moreover, Walmart Grocery, the most popular in the market, is planning to hire 150,000 workers to meet the demands of the people. Food deliveries, too, are gaining popularity among people. With restaurants shut down for dine-in, people can access them only through online ordering facilities. As a result, GrubHub has joined hands with 20,000 restaurants in March alone.
Buying groceries online carries various benefits to people and grocery owners. Most of the grocery stores and restaurants are planning to take their business online to reach out to people. Not only grocery and food, there are a number of niche sections in this delivery business. Launching an on-demand delivery app is one of the better business idea for a startup entrepreneur in this pandemic.
Companies are inclining towards remote work apps
Most of the companies in the IT sector are adopting work from home facilities. However, there has to be a streamlined communication flow among the organization. To aid companies in these situations, remote work apps are coming to their rescue. Organizations are conducting virtual meetings with video conferencing apps. This significantly adds to their productivity. Apps like Zoom, Skype, etc., are breaking their records every day. In fact, Zoom became the most downloaded app in India, surpassing WhatsApp. Microsoft Teams, the app allowing virtual conferences among participants saw a 500% increase in meetings and conferences since the beginning of the lockdown.
Governments are encouraging digital modes of consultation
The healthcare industry is facing one of its toughest challenges ever since the start of the year. Hospitals and clinics are finding it difficult to house multiple cases of the pandemic. With that being said, the patients in need of medical services are declined or deprived of treatment and consultation with their respective doctors. Moreover, patients too fear to go to the hospital as there are high chances of disease contraction. This is where the telemedicine apps are gaining spotlight in the past two months. Their download rates are crazy with new user engagements every day. There has been a 140% increase in users in these on-demand doctor apps.
With virtual consultations aided by EHR and online prescriptions, these telemedicine apps are set to revolutionize the healthcare industry. In fact, the National Health Society (NHS) has already urged 7000 General Practitioners(GPs) to carry out digital consultations to patients in the UK.
The idea and future of Super Apps
Wondering what super apps are? Well, super apps can turn out to be the next big thing in the world. A super app is a multi-services app offering multiple services with a single app. Users can access grocery, food deliveries, consult doctors, stream a movie, all with a single app. Apps like Gojek have already established their brand in the market, offering multiple services predominantly in Indonesia. With advancements in technology, you can launch an app instantly in the market. App development companies are providing customizable clone apps nowadays. You can customize services in Gojek clone app and reach out to people almost instantly. This way, you are benefiting people in need and gaining revenue from your business simultaneously.
Entrepreneurs have begun to understand the vastness of the online market. More and more businesses are turning digital day-by-day. The on-demand apps are experiencing an upsurge ever since the start of the coronavirus pandemic. You can develop an on-demand app for your business and reach out to your target audience digitally. In the end, it is the one who survives that matters. So make sure you adapt to the changing world and take your business online as soon as possible.
Always remember, ‘true prevention is preventing bad things from happening in the first place.’