As employers and employees both battle against the wave of uncertainty and chaos that the COVID-19 outbreak has brought to our shores, many businesses are suffering the worst economic downturn since the Great Depression of the 1930s.
With shares in video conferencing platforms like Zoom almost doubling in worth since January, it’s important to focus on the silver linings and remain positive. With this in mind, Business Leader investigate 3 unexpected businesses that are faring better than others during the worldwide lockdown.
1. Sextech startups and sex toy companies
Valued at $30bn, the stress-relieving sextech industry has exploded over the last few months. Experiencing massive spikes in online orders, from vegan condoms to erotic audio apps, online pornography to AI sex toys, the demand for toys, apps and services is stronger than ever. Catering to those with idle hands and minds, initial predictions that the industry will grow to $122bn by 2026 may need revision. With stiff competition for the next big sexual wellness product, do you have the balls to invest in sextech?!
2. Online dating apps and websites
Although social distancing has put a stop to physical interaction for the foreseeable future, dating platforms, such as eHarmony, Plenty of Fish and Tinder, are reporting a notable increase in new memberships and video dating since lockdown began. The latest research, carried out by eHarmony and the Imperial College Business School, reveals:
- Between 2015-2019, 32% of relationships started online
- More than 50% of relationships will begin online by 2035
- By 2040, 70% of relationships will be attributed to online communication.
Changing the dating landscape forever, throughout lockdown singletons are having to get creative with their date nights. Popular digital rendezvous include cooking together over Skype, dinner-delivery roulette, attending virtual concerts, online gym dates and the Netflix Party App. ‘Netflix and ill’ anyone?!
3. Specialist marketing companies
As unnecessary outings are a no-no at the moment, traditional forms of marketing are rapidly dwindling. So, as brands opt to focus on their digital strategy, it’s interesting to note that:
- Only 8% of consumers think brands should stop advertising
- 75% say brands should inform people of what they’re doing
- Only 30% want to see brands offering discounts and promotions
Although many companies are pulling their ad campaigns and reviewing advertising budgets, as more people move online to do their shopping, proactive businesses are using this time to reflect and access new opportunities for investment and growth.
Full service digital, creative and PR agencies, like industry leaders Purplex Marketing, have adapted to the crisis with a controlled yet refreshing response. Utilising webinars to guide businesses owners and marketing teams through this period of doubt, 250 subscribers joined their first online seminar, which indicates the need for valid advice and support for post-COVID-19 marketing strategies is apparent.
Andrew Scott, Purplex Marketing’s MD, commented:
“Businesses should be using this down-time to look at their assets, and your website has never been more important as more business is set to move online when the crisis ends.”