Scott Hirsch on the 5 Trends Driving New Growth During COVID-19
There’s no denying the impact that coronavirus lockdown measures have had on every industry. But while some wonder how their particular markets can hope to recover, Scott O Hirsch has a more positive outlook: some sectors are showing all-time growth and by using the right digital tools are at the perfect time. Here’s where Hirsch sees the most opportunities for growth today:
It’s no surprise that this industry has seen major growth as people look for new ways to enjoy their favorite meals or shop locally while still practicing social distancing. Others, meanwhile, are looking for flexible delivery jobs where they can make extra cash while furloughed or unemployed. This creates a perfect storm of growth for apps like Doordash, UberEats, Postmates, and similar software. Scott Hirsch of Delray Beach also points out that a large portion of this segment focuses on online grocery shopping with delivery or pickup options, a relatively new market that was struggling to find its place before coronavirus changed everything.
The internet is always quick to adapt, which is why we’ve seen a sharp growth in cloud services and collaboration software as businesses seek new ways to communicate and work on projects together. Zoom has already become a byword while apps like Slack and Teams are seeing greater use, and simple services like Google Docs are being explored by more companies. Hirsch believes it’s the perfect time to bring your business to the cloud since it enhances collaboration and productivity regardless of your work environment.
Scott has also seen the rise of BNPL services. Already a hot sector for several years, it’s expected to see huge growth in 2020 due to so many employees going without paychecks for a period of time. These online services provide instant loans to cover necessities and are generally easier for consumers to use than credit cards. Hirsch advises everyone to expect a lot of growth from this industry in the coming years as consumers seek short-term help on the back-end of the pandemic.
This growth is being driven by one factor: parents stuck at home with their kids after school and daycare services have been canceled. These parents are looking for any way to entertain their children in an affordable way: gaming apps have risen in popularity, but even more, are turning toward bookstores and toy stores for physical products the whole family can interact with. Both of these industries desperately needed a boost to survive in the digital era and they are now thriving with new customers.
The consumer streaming marketing has seen a lot of attention in these times: Scott notes plenty of ambitious entrepreneurs using streaming to launch new businesses or find ways to keep their old businesses going during the lockdown. One common example is private tutors using streaming to teach prospective students (or teach yoga, cooking tips, etc.). Online streaming for entertainment on Twitch and YouTube is also more popular and it opens up new income streams.
Originally published at https://scotthirschceo.com on June 17, 2020.