Although the COVID crisis has left many businesses struggling to survive, there have also been success stories as people switch to online companies rather than using traditional bricks and mortar outlets. So with the companies that operate via technology booming, what does this mean for the future?
Amazon is a success story of the COVID crisis. Already the richest company on the planet, the COVID lockdown has caused a massive increase in all their services from online shopping to their streaming services. According to Amazon insiders, the company has taken on over 100,000 new employees in their U.S. warehouse facilities alone. Does this suggest the end of the shopping mall? It certainly may help its demise.
Video conferencing companies are also doing well. Zoom which most people had never even heard of 12 months ago, is a success story of the COVID crisis, as many people switch to working from home and getting in touch with friends via this technology booming in all aspects of life.
Microsoft teams and other collaborative conference tools are booming as many companies have cut back on expensive office space and have moved their employees to home working.
Cloud services are also booming technology in this troubled time as companies switch to the online format and need the additional space to store documents and online collaborations.
Streaming services are certainly having a great year. Already gaining traction in the entertainment world, the closure of movie theatres, such as Cine World, is only going to add to their success. The COVID crisis has caused people to stay away from crowded spaces and to view the latest releases from the comfort of home. Netflix, Amazon, and YouTube profits are up and this technology, booming at the moment, does not look likely to be losing popularity any time soon.
The sales of technology are also up. Although the COVID pandemic initially affected production and supply to the tech giants including Apple because of the supply chain from China, this now seems to have been resolved. In technology, booming sales have arisen as people upgrade their phones, TVs and home entertainment systems.
Not all technology is booming. The car industry is in trouble and according to global figures; one in six people working in this industry are likely to lose their jobs. Analysts predict that the pandemic will have a lasting effect upon this industry and will change the landscape of this once important industry.
In America, car production is down by a massive 90%, and customer demand is equally low. The COVID pandemic has created financial uncertainty and although the automotive industry will continue, this is not the time for most people to even consider buying a new car.
In any time of crisis, there are always winners and losers. Traditionally, a crisis has always led to an increase in revenue for bars and the entertainment industry but in today’s world of the new normal, the main winners are the companies offering technology booming all the way to the bank.