Adaptive companies that have thrived amidst lockdown3 min read
While many companies are being challenged by COVID-19, some others are actually thriving during lockdown and adapting to the changes in lifestyle the pandemic has brought on. Here are five companies that have managed to make the most of the ‘new normal’.
Perhaps the most unlikely star of the post-COVID world has been Zoom. The company was coming off of a lukewarm year when the pandemic hit. It was then the video conferencing platform saw an eye-watering surge in use. It wasn’t just companies adapting to video conferencing at home, Zoom became the go-to social tool for families and friends to connect and socialise while staying in.
The company saw its active user base grow by 67% in the first quarter of the year, while its valuation ballooned to 42 billion dollars (US). Of course, their intense growth hasn’t come without issues surrounding data and privacy, but the once relatively obscure tech company is now a household name.
Countless companies that were already capitalising on the online delivery trend are now seeing the fruits of their labour pay off. One of these is family-run business Laithwaithe’s Wines in the UK. Despite the lockdown, they’ve found that families and friends still turned to wine to keep them together, especially over social Zoom calls. And with so many still apprehensive about setting foot in supermarkets, there’s been no slow down in deliveries. They saw an uptick of 117% in sales of their Prosecco and increased demand for their smaller bottles, suited to those living on their own.
Being stuck indoors has meant a take up in online content streaming. While that’s meant a huge boost in growth for both Netflix and Amazon Prime, it’s newcomer Disney Plus that is truly thriving during lockdown, boasting the most impressive gains, racking up over 50 million subscribers since its launch. Whether you put it down to divine timing (it launched just a few weeks into lockdown in the UK) or the droves of families flocking to its service to keep little ones entertained, it only took five months for Disney Plus to achieve what Netflix built over seven years. And with movie theatres closing and production and release dates stalled worldwide, it’s been a welcome win for the entertainment giant.
Lockdown has led to many setbacks for fashion businesses. While brick and mortar retailers are being hit the hardest, e-commerce ventures have also seen their supply chains disrupted. However, shop closures have led to increased orders for online fashion retailer Boohoo. From March until May, it saw a 45% revenue increase which surpassed analyst estimates for 15% growth. Key to sales growth was more purchases of home and loungewear pieces, such as hoodies and joggers as well as tops for those wanting to look smart during work video conferences.
If there’s one thing the coronavirus has taught businesses, it’s the importance of having an online presence. The virus forced many small businesses to adapt and provide their services and products remotely or through delivery. As a result, many have taken to building or re-developing their websites online to support an increase in online bookings and purchases. One company that’s benefited well from this is Wix. The DIY website builder saw demand boom at the beginning of April with registrations up by 63% to 3.2 million.