An essential driver of entrepreneurial success is the ability to adapt to changes that shake our world. Great entrepreneurs are able to turn scary moments into amazing opportunities by pivoting to tackle new challenges and meet new demands. However, this year has presented one of the most intense challenges that entrepreneurs can fathom: a worldwide pandemic that has redefined all parts of the supply and demand chains that entrepreneurs seek to master.
Still, for those individuals seeking to use entrepreneurial skills in rising to the new demands and challenges of COVID-19, this new world presents a certain level of excitement and a desire to understand what exact industry changes might welcome innovation. These curious individuals might be interested to analyze COVID-19-related industry changes. A new study from the garden retail store, Brecks.com, looking at sales impacts of COVID-19 is a good place to start.
Overall, the industry that fared the best during COVID-19 so far was e-commerce and non-store retailers. The industry showed over a 20% uptick in sales as customers went online to purchase goods and services that could be accessed and used while complying with social distancing. Individual stores have been adapting to meet e-commerce preferences for the past few years, but social distancing may have provided the push that many businesses needed to lean into digital. Of course, this change isn’t easy, so leveraging existing platforms like Amazon or eBay as well as reconsidering the digital marketability of existing inventory may be good places to start.
Other industries that did markedly well included grocery stores, alcohol sellers, as well as building and gardening stores.
On the other hand, stores that suffered the biggest hits during COVID-19 were clothing and accessory stores, and restaurants and bars. Still, in terms of entrepreneurship, some of the best ideas for accessibility emerged from the necessity to re-imagine dining from restaurant managers. The innovative adjustments taken by restaurants during COVID-19, highlighting drive-through offerings, menu adaptations and safe to-go pickup procedures are strong examples of this.
The conclusions we can make from the industry impacts of COVID-19 are clear for entrepreneurs. First, the industries that performed especially well were those that rose to fit rising needs, as with grocery stores or alcohol sellers, as well as those industries that were already leading the way in future-focused digital practices. On the flip side, entrepreneurs should note that of the industries hit the hardest from COVID-19, individual success stories came from businesses like restaurants that were able to reimagine their service offerings to the new world.
From these two sides, entrepreneurs can note the importance of being proactive and creatively reactive as routes to success.