Every year changing consumer patterns determine how companies do business & the growth of industries, but this year has been very unusual with a pandemic going on, has forced us to behave in a certain way, hugely favoring some businesses while some are hitting an all-time low in their performance chart.
Let’s get to know how our behavioral trends have impacted business across the globe in 2020,
1. Health first:
With health risks rising at this time, the need for essential medicines is at an all-time high giving huge profits to the health & pharma industry. Even the vaccine race that the world is into is also a huge money game. Not only medicines but medical equipment like ventilators, personal safety kits & masks production have also soared during these survival times, giving a huge boost in revenue to these businesses.
2. Can’t quit shopping:
Many of us love to shop to treat ourselves, but as physical shopping wasn’t possible during this difficult time, most of us have turned to online shopping options bringing the eCommerce industry the main marketplace in 2020.
3. Productivity:
While schools shut down & we were sitting at home to kill time, it was a good idea for many of us to learn something new to be more productive & better in life. Online eLearning platforms have hugely benefited from it, getting a lot of user engagements & proving value back to them.
4. Lifeline:
People who had the opportunity to continue to work online while offices have been shut were really fortunate. Internet service providers have become extremely important & the web has become a lifeline for many. Video conferencing & remote services apps have seen an all-time high user base growth this year.
5. Stockout!:
You must have noticed during the beginning of this year the prices of computers, tablets, routers & other IT hardware were standard but as time went by it drastically increased due to surge in demand for these equipment benefiting these businesses. Also, as work from home becomes a new norm, the need and demand for a proper office setup have increased sharply, making the demand for office furniture an all-time high.
6. Home fitness:
With no outdoor activity for months, many of us have decided to buy home fitness equipment & joining online fitness classes to keep us in shape. This has given unexpected growth to fitness equipment manufacturers across the globe.
7. Essentials:
Huge rush in supermarkets at the beginning of this year, where people tried to stock essential items like sanitizers, cleaners, handwashes, etc., in this uncertain time has helped companies in the FMCG business to have high positive growth rates.
8. Keep me in the company:
While many people are stuck at home for months, the pet market has witnessed an uncommon affection for dogs & cats. Many have chosen to buy multiple pets just to keep them in the company of a loving being.
9. Getting bored:
Desperate to keep ourselves engaged in our home 24x7, our demand for online entertainment & streaming services like Youtube, Netflix, Hulu, etc., have skyrocketed, resulting in tons of new content getting produced just to keep a huge population thrilled. This has opened digital advertising options the only way to reach out to people converting into a hefty sum of revenue for these platforms.
10. Alternate reality:
To live a free life, many have turned towards an alternate reality of games, resulting in the downloads as well as engagement of many gaming apps overwhelming their servers.
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