You would think that all businesses would seem to struggle during the past year due to the pandemic. Many businesses indeed have closed and struggled to survive. Health and pharmaceuticals are industries that would obviously thrive during the pandemic. But, let’s not talk about them. A majority of thriving businesses have become successful as a by-product of the shift in consumer demand due to the pandemic.
Technology has changed dramatically over the past year. In the pre-pandemic world, video chatting was mostly used for social reasons. From Skype, it transitioned to Facetime. Mostly video chatting was just an additional feature of your favorite social media app. Now you have Zoom, Microsoft Teams, and Google Meet, to name a few. Would you have thought that you would be video chatting with your boss a year ago? Schooling has adapted these applications and has made homeschooling everyone possible, something that parents, I think, are regretting.
Software Byproduct Industries
Technology has seeped into all facets of our daily life. Gaming has seen exponential growth in consumer interest. Tech has entered sports and collecting. Non-Fungible Tokens or NFTs are basically akin to digital collecting that might feel equal to physically collecting physical basketball or baseball cards. This was caused by the advent of cryptocurrencies, which have also been brought to the spotlight during the pandemic. Digital media has also seen a significant increase in demand as marketing is pivoting away from the traditional trend. Thus, monetizing social media has become an honest job nowadays—it is time to count those followers!
Real Estate Improvement Industry
The need for space has brought about the boom in real estate improvement. People are looking to add more space to their lives one way or another. Businesses are starting to account for the possible expenses in investing and starting a coworking space within their own offices. For those looking at the residential real estate industry, the trend is to head to the suburbs or the southern states. The vast majority, however, has focused on renovations and home improvement.
Interior designers, contractors, DIY shops, cleaning services, and restoration businesses have reportedly seen steady growth in their respective industries. You’ll either be staying at home or going for a hybrid schedule for the foreseeable future. Better start lobbying with your family or office managers for the change you want to achieve in your place of work or rest.
Groceries, liquor stores, and fitness equipment have seen a rise in demand recently. Your favorite gyms, bars, and restaurants have all been shuttered for the time being, so you have to fend for yourself. People are buying much more from these stores nowadays. As needs are met at home, more items are needed for the home as well. It is time to bust out that apron and get cooking.
Living alone can get monotonous and lonely. People have diverted their need for companionship to getting pets. With the rise of the commodities market, the delivery industry has also seen an increase in the demand for their services. As everything can be done online, the burden of your shopping gets passed onto your local deliveryman.
Tips to Entry
In every industry, there is a barrier to entry. We should consider this element before trying to jump on these industries’ bandwagons. Let’s use some creative thinking in trying to cash in on these trends. All industries ready for new entrants have various levels of difficulty. In terms of tech, check out those trending IT companies—you can get in on the action by buying their stocks. Gaming is on the rise; check in on those companies, too. If you’re into sports and collecting, look into NFTs. Getting into NFTs can be cheap and expensive at the same time.
Remember when you had to line up the night before for the chance at getting your brand-new designer basketball shoes? Getting into NFTs can bring those memories rushing back. Start-ups and investments you could look into in real estate-related businesses would be in the cleaning services industry. Check your community out if there might be a demand for these services. You can look into franchising as an option. The same can also be applied to the commodities market.
Take a look at your surroundings and try to notice a few things missing. Maybe you can provide it for those around you. Do not be limited to your local community, as logistics have greatly improved with the rise of demand.