Top 5 Businesses That Grew As A Result Of A Tumultuous 2020
COVID-19 has had devastating impacts on economies worldwide, but some businesses are thriving during the pandemic. This article highlights some of those brands that continue benefiting from a tumultuous 2020 and how workforce intelligence may have played a role.
1. Food Delivery Apps
By now, the troubles that befell the restaurant industry are common knowledge to most executives. Dining restrictions forced restaurants to alter how they primarily serve customers, shifting to delivery and curbside pickup. However, delivery orders quickly became the lifeline that kept many restaurateurs in business.
Third-party food delivery services, particularly UberEats, DoorDash, and GrubHub, grew during the pandemic, according to Barron’s. Between April and September, all three companies generated roughly $5.5 billion in revenues. It was twice the amount of their combined revenue same period last year, which was $2.5 billion.
Many online retailers have fared well during the pandemic, but none more than Amazon, a retail powerhouse. The company received a big boost during the pandemic partly because, in the beginning, consumers couldn’t visit stores to make purchases. However, the growth trend continued as Amazon reported record-breaking earnings of $96.15 billion in revenue for the third quarter of 2020 – a 37 percent jump in earnings.
The online retailer acted swiftly in March 2020, when the pandemic first hit, hiring 175,000 people to fill temp warehouse and delivery positions. Plus, they plan to turn most of those positions into full-time jobs. For Amazon to quickly create so many positions, HR (Human Resources) must have had good workforce intelligence data to lean on for sound people management.
3. Collaborative Technology
Out of necessity, companies moved to more flexible and remote workforces. Gartner reports that nearly a quarter of CFOs (chief financial officers) plan to move at least 20% of their employees to permanent remote positions. Therefore, making collaborative technology and security a top priority for many executives.
In 2020, Microsoft Teams reached 44 million active users by March and 75 million during the pandemic lockdown. According to Aternity, the platform surpassed Zoom in usage growth from February to June. But, part of the reason Microsoft overtook Zoom was probably due to debacles with Zoom’s end-end encryption, which are now resolved.
Zoom became the video conferencing leader amid COVID-19, and the consumer adoption rate has surpassed previous leading industry competitors – GoToWebinar and Cisco. Virtual meetups are safer than in-person meetings today, so Zoom’s growth along with Microsoft Teams and others come as no surprise.
Restaurant closures and stay-at-home orders boosted the supermarket industry. More people had to make their dinners, and supermarkets were considered ‘essential businesses,' thus, have remained open throughout the pandemic.
Naturally, the demand for certain products soared amid COVID-19 since many feared shortages, causing prices to rise. According to the SN Center Store Trends Survey, 55 percent of retailers and wholesalers say the pandemic led to increased center store product sales – 10 percent or more. Additionally, 27 percent of respondents expect sales to increase further by 5 to 10 percent.
5. Terraboost Media
Terraboost Media is a Chicago-based ad agency that combines wellness and marketing. The company produces kiosks that pair wipe stations and sanitizing gel with advertisements. Their products are typically found in grocery stores, malls, and other business establishments. Terraboost Media has grown by 600% since the pandemic began. Thanks to the spike in demand for hand-sanitizers, wipes, and the need to keep patrons safe.