Are you curious to learn more about the online businesses that are prospering despite this pandemic situation?
Though this COVID-19 has been a disaster for many industries like travel on the other side, this has led to the upliftment of many service-based businesses including healthcare, entertainment, education, and much more.
Customers’ sudden demands for some of these essential services contributed more to the expansion of these businesses during the crisis. By providing customer-centric products and services, these businesses were able to shoot with their arrows even during these unexpected scenarios.
Here, we have outlined the best brands that are doing amazingly well even at the time of the COVID-19 threat. Let’s explore the online businesses that grew even in the pandemic.
According to Statista, online retail websites generated almost 22 billion visits in June 2020, up from 16.07 billion global visits in January 2020.
Due to the harmful effects of the COVID-19, a lot of consumers have embraced e-commerce shopping to avoid gatherings in brick-and-mortar stores.
Even for buying essentials like grocery items and medical products people are opting for e-commerce websites and apps. Here, let us explore a leading e-commerce platform that managed its business operations during the pandemic.
With the most influential economic and cultural forces, Amazon managed its business operations during this crisis. Amazon’s first-quarter sales reports revealed that the company has driven $75.5 billion in the first quarter, up from $59.7 billion the same quarter a year ago.
Amazon’s latest financial statement reports that the company had actually totaled $88.9 billion over the second quarter of 2020 due to the COVID-19. Owing to the high demand for grocery products during the COVID-19 period, it had increased its grocery stocks by 160%. This tripled the grocery sales compared to previous years.
To meet the customers’ needs of the hour, on March 17, 2020, Amazon announced that it would temporarily sell only household staples, medical supplies, and other high-demand essentials instead of delivering products that are of low-priority.
As it is crucial to adopt new practices like social distancing, self-isolation, etc a majority of people have developed an appetite for in-home entertainment.
This has paved a great way for the expansion of OTT (Over-The-Top), video streaming, online gaming, and other digital entertainment platforms.
Owing to the impact of the COVID-19 pandemic, the video-streaming platforms have seen over 113% rise in the number of average users since the nationwide lockdown, and the global OTT market is expected to rise and hit a revenue of $438 billion in 2020.
Take a look at the tremendous growth of the OTT giant Netflix despite the pandemic. We have written a detailed blog about the best OTT platforms around the world do check it out to learn more.
Netflix is a streaming service that offers a wide variety of award-winning TV shows, movies, documentaries, and more on thousands of internet-connected devices.
According to a report by Reuters, Netflix’s global total has reached 182.9 million from January to March of 2020. Netflix added nearly 16 million new subscribers during the first quarter of 2020, and its growth numbers more than doubled what the company predicted in January.
The first-quarter earnings report released by Netflix stated that the earnings-per-share (EPS) was around $1.57, revenue generated was $5.77 billion and the global paid net subscriber additions were 15.77 million.
With most of the people now staying at home to counter the spread of COVID-19, the exposure of healthcare products like bleaches, disinfectants, sanitizers has gone to the peak.
During the pandemic, the distribution of hand-sanitizing products has reached up by 90,000+ worldwide and is also expected to reach 150,000+ by the end of 2020.
Here is a popular sanitizer brand that boosted its sales and revenue due to the outburst of coronavirus.
Clorox is a US-based company that manufactures cleaning products including bleaches, disinfecting wipes, and other cleaning supplies to remove stains, deep clean, and sanitize. By the end of the first quarter in 2020, the company reported earnings of $1.89 per share and generate a revenue of $1.78 billion. Net sales rose 15% to $1.78 billion. Organic sales jumped 17% in the quarter.
The company reported that its fiscal-third quarter sales climbed 15% as consumer demand for its cleaning products soared in response to the coronavirus pandemic. The company also raised its fiscal 2020 forecast. Moreover, the overall shares of the company rose by 3.6% in premarket trading.
In the fourth quarter of 2020, sales increased by 22%. Clorox delivered earnings of $310 million, or $2.41 diluted EPS, compared to $241 million, or $1.88 diluted EPS, in the year-ago quarter, representing a 28% increase in diluted earnings per share.
The abrupt rise of the COVID-19 pandemic has led many IT organizations to encourage their employees to operate from home. An estimated 16 million U.S. knowledge workers started working remotely due to COVID-19 as of March 27, 2020.
While working remotely, regular communication within the teammates, leads, project managers, and others should be carried seamlessly. Therefore, employees are looking for platforms that provide excellent communication solutions for remote work.
Based on our research, we found that Zoom, one of the best communication tools that a lot of people opted for to maintain seamless connectivity within teams while working from home.
Zoom, a video conferencing tool, has clearly been the biggest brand to break out. The company hosts 300 million meeting participants a day, according to CEO Eric Yuan. Zoom previously said it crossed 200 million daily meeting participants in March. Its stock is up by 120% for 2020.
Zoom (ZM) reported that its revenue skyrocketed to 169% for the three months ending in April.
At present, there are 265,400 companies with more than 10 employees using its platform, resulting in an increase up by 354%. The upgraded versions drive revenue between $495 million and $500 million.
Virtual Fitness Training
Due to social distancing and self-quarantining practices during the coronavirus pandemic, fitness studios have stopped operating. Many fitness trainers have shifted to online platforms for providing digital fitness training programs like posting challenges on Instagram, going live on Facebook, posting fitness tutorials on YouTube, and others.
This has encouraged many healthcare aspirants to dive into online fitness training. According to a March 2020 survey, 16% of adults in the United States had taken to using more online exercise videos.
While researching the online fitness-related businesses that did well during the pandemic, we came across the Peleton, a company that manufactures fitness equipment. Its smart reinventions during the crisis have supported them to receive positive outcomes.
Peloton is an American fitness equipment manufacturer that handles its business operations well during these pandemic times. Revenue grew 66% during the fiscal third quarter and membership for its mobile app rose up by 30%.
People purchased its fitness equipment and tuned into its live classes. By the end of the third quarter, the revenue boosted up to $524.6 million. Also, Peloton has raised its 2020 outlook for connected fitness subscribers, which are defined as a Peloton user with a paid subscription, to 1.04 million to 1.05 million, from a prior range of 920,000 to 930,000.
The company said it ended the quarter with a connected fitness subscriber base of more than 886,100 people owing to the COVID-19 pandemic.
Grow Your Online Business Despite Pandemic
Hopefully, we have covered the top companies that blossomed even at the time of this stormy pandemic situation. Either you are starting a new business or finding ideas to grow your current business during this COVID-19, it is good to take inspiration from the existing brands that are doing well.
If you find any difficulties and wanted to strategically implement the best-working tactics for your business to flourish during this COVID-19 time, then free to reach our ColorWhistle. You can leave us a message or give us a call +1 (919) 234-5140 or ping us on Skype at any time. We are happy to work with you!
Do you know any other brands that are doing amazingly well during this pandemic time? Let us know in the comments section below.