Updated: Jan 16, 2021
EconWatch (11/01/2020)
Emily Liu
Within the past six months, the U.S. economy has undergone radical changes in its supply chain, consumer activity, and stock market. As a result, many businesses, both large and small, have been struggling to keep their heads above water. However, contrary to their counterparts, the following industries have seen success due to the ongoing pandemic.
Networking Services
With social distancing orders in place, many organizations turned to networking services to continue running their projects. As a result, many networking services have seen sharp increases in sales and interest. Microsoft Teams doubled its user interaction since November 2019. Slack saw its most successful month in March, gaining an additional 7,000 paid users. Furthermore, Zoom’s stock market value skyrocketed to around double since January.
E-Commerce
With shops and malls closed, there was no doubt that the e-commerce industry would see a massive increase in consumer demand. In response to the surge in orders, Amazon has made plans to hire an additional 100,000 employees. However, in some cases, the heightened demand has proved to be overwhelming. Ocado, an online delivery service, could not handle the increasing number of orders and was forced to temporarily suspend its services.
Home Entertainment
Since the quarantine period began, many people have found additional spare time and have resorted to home entertainment to relieve their boredom. As a result, the sale price of the Nintendo Switch shot up by 60% and is currently sold out in numerous stores. Additionally, the streaming industry experienced a massive spike in new users. Both Disney+ and Netflix garnered over 50 million additional users within five months.
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