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The most profitable industries in 2020 or how to survive the pandemic

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Developing incident management plans has recently become the thing at the top of the list for numerous businesses. Meanwhile, some companies have been unprepared to cope with the pandemic and social isolation challenges. We would say that market analysis, reviewing your clients’ needs, and using modern technical resources are keys to keeping your business afloat. Certainly, creative thinking and some kind of boldness also help enterprises to overcome the crisis. By changing main areas of focus or business models companies get the chance to grow and increase their income.

In this article, you’ll find the most successful firms and industries in 2020. We want this post to become the source of inspiration for all enterprises that faced the risk of crisis during the pandemic. That’s why we will also dwell on the strategies of how to mobilize efforts and stay in business in uncertain times.

Most profitable businesses in 2020

Everything’s automated these days and food purchasing for restaurants is one more example of it. The automated service attracted 1.2$ million of investments in April 2020. Delivery, healthcare, TV, and internet providers have also soared to great heights this year. 

One of the indispensable services for Americans, Instacart delivers goods from local grocery stores, pharmacies, and specialty retailers. New investments raised the company’s value to  $13,7 billion. If you are determined to start a business or develop the web-product for your enterprise, dive into exploring other successful cases. 

1. Social commerce 

This industry cost is an $89.4 billion market for now and it keeps up growing significantly. This model of e-commerce allows users to shop directly on social media. People tend to utilize Facebook and Instagram more for entertainment, while communication stopped being a primary focus. However, once the payment is approved, customers continue to enjoy their feed. 

2. Takeout and Delivery

Numerous restaurants and cafes provide visitors with takeout and delivery services, which immediately expands the client base. Visitors can use services like Uber Eats or take full advantage of the custom delivery app. And if cafes and fast-food restaurants work in the usual mode, they implement a digital menu and ordering stands. 

3. Marketplaces

More and more companies adopt marketplaces where everyone can sell products and services. You’ve definitely heard about  Amazon, eBay, Alibaba and Rakuten, and other online retail giants. According to the statistics, 48% of people navigate to a huge e-commerce marketplace when purchasing online. 

4. Online education

Byju’s app is now the most valued educational company. Indian mobile app offers online education courses to scholars and prepares students for examinations. The platform with the freemium business model has a valuation of $11.1 billion. 

5. Mobile apps and podcasts

In a third-quarter of 2020, gaming apps were the most downloaded app category on Google play. Applications for communication and business come immediately after the gaming section. Podcast hosting platforms, like Buzzsprout and Captivate, are also gaining in popularity.

6. Accounting

For many companies, money management remains the Achilles heel. With a net profit margin of 20%, accounting, tax preparation, and payroll services are the most profitable industries. Brex offers enterprises cash management and produces corporate cards for IT startups, which can be integrated with accounting systems. 

Adjusting to the pandemic: 5 powerful strategies

Sometimes all that you have to do to stay in business is to think a bit differently. It’s time to share with you several inspiring techniques and examples. Read them to find out which way is most suited for your company. 

1. Meet pressing needs

Needless to say that biotech and medical corporations will raise their revenues drastically. For instance, Gilead Sciences’ stock grew by 17% just over the month. All because it produces medicine, inherently designed to overcome Ebola and effective in the treatment of COVID-19. Another example of satisfying urgent needs introduces disinfectant manufactures. Clorox specialized in manufacturing disinfectant wipes has multiplied income, compared to 2019.

2.  Recreate a pre-pandemic lifestyle

Obviously, multitudes of people feel a lack of socialization nowadays. Now, this was used by Peloton, a company that developed spin class and running tracks with touch screens technology. Thanks to tech you can feel the atmosphere of training, conducted by qualified instructors and track your statistics. What is more, meetings are held in groups, which brings even more encouragement to participants. So if you work in the sphere of healthcare or fitness, think over creating healthcare appliсation, providing interaction between customers.

3. Stand out from the competitors

Even if competition in your industry is extremely high, that’s no excuse for giving up. You should focus on the strength of your product, and find something that differentiates the company from many others. Simple and fast connection without registration explains the popularity of Zoom. Also, the app broke records in 2020 thanks to high-quality audio and video and an intuitive interface. It’s fair to say that during this year Skype has lost its crown to Zoom.

4. Refocus on business directions

When Starbucks looked at data, they found that even before COVID-19 outbreak 80% of visitors have made transactions on the go. Then the company decided to develop Starbucks Pickup, where visitors can order coffee in advance, pay for it through the Starbucks app and get orders via Uber Eats. At the same time, the company plans to reduce the number of traditional coffeehouses and its visitors.

5. Go digital

Remember: building business resilience during the pandemic often means full digital transformation. Plus, assisting other enterprises in online communication can be a successful strategy. For example, the cloud communications platform Twilio gives enterprises smooth channels for online interaction. Nowadays, the product can be an essential tool for crisis management. 

We’re here to help your business during the pandemic

PNN Soft delivers IT-services in a pandemic. The company has 20 years’ experience in creating highly efficient solutions, but we are continually honing our skills to deliver advanced technologies. We have developed more than 1000 efficient and stable web-products for different industries, including mobile and desktop applications. Security is our primary concern when it comes to digital transformation. 

We are determined to seek innovative solutions that meet individual companies’ needs. That is why we know which technologies spell success for your business. 

PNN Soft takes full advantage of Scrum and Agile methodologies to ensure constant communication with customers and build a flexible manufacturing process. Our Agile-teams of professionals include software developers, testers, GUI designers, technical writers, and managers.

If you want to create a marketplace, payment app, or corporate portal, fill in the form below.