The Covid-19 pandemic and its resultant economic fallout have presented an unprecedented challenge to the business worldand the economy. With office closures, staff working from home and a mass decrease in public footfall, it’s clear that firms needed to react immediately to the new barriers established by the pandemic, or risk disappearing off the map.

As ever in the business landscape, more enterprising companies have found ways to stay afloat and benefit from the unpredictable conditions offered by coronavirus, whilst of course others have fallen by the wayside, unable to adapt their practices or cope with the extreme difficulties faced by businesses.

Many industries are still weathering the storm, but in what condition they will emerge remains to be seen.

Quick Reactions Key

Immediate industry beneficiaries of the coronavirus outbreak are easy to pinpoint, including the pharmaceutical industry, online retailers and games and technology firms, however all these industries prospered only by reacting at lightning speed to ensure their business could continue.

When the outbreak first became apparent back in early spring, there was a real fear that medical supply lines would be scuppered due to potential closures of factories in India and China, therefore the pharmaceutical industry worked tirelessly throughout the pandemic, in tandem with governments and other bodies, to ensure that supply lines remain clear.

Online retailers like Amazon and supermarket delivery agents have been able to significantly profit from the restrictions brought about by Covid. Clearly, if the majority of the public is under orders to remain indoors, then the need for quick and reliable online commerce is essential, not least in regards to essential items like food or medicine, which may not be as readily available at physical stores. Amazon have demonstrated their willingness to expand in places like the UK throughout the crisis, and announced in September that a further 10,000 jobs would be brought in across the country.

Additionally, entertainment, gaming, online gambling and streaming services benefited massively from the increased market offered by coronavirus. Netflix, Disney+ and Nintendo all reported increased business during the outbreak. With physical venues closed, including bricks and mortar casinos online casino gaming also saw a boost. Brands such as Boylesports Casino, GVC Holdings and William Hillhave benefited greatly given the shift in punters wagering and playing online casino games from the comfort of their homes.

Tough time for Travel

Sadly, other industries have struggled hugely during 2020 with the challenges offered by Covid. Airline and travel industries experienced a mass loss of demand almost overnight in March, and whilst there was some respite for travel over the summer, the industry continues to struggle in the aftermath of such a harsh economic shock. British Airways estimates it operated only 20% of its usual schedule between March and August, and if these huge industries fail, there are fears of mass unemployment and recession for the local communities which support them.

Traditional, brick and mortar retailers have also continued to struggle despite some return to normality, especially those without an established online presence. Fears of deserted and derelict high streets have led for calls for government support, otherwise vital and beloved high street business could be lost forever.

Ultimately, coronavirus has taught all of us many cruel lessons, and the business world in particular has sharply reminded its industries of the extreme competitive nature which continues to be present. Whilst a healthy amount of competition is required for an active business community, further calls will continue to be made for government support to protect jobs and industries in wake of the extreme challenge to all created by coronavirus.