As the legacy of this Corona Pandemic continues to unfold, it’s offering powerful signals of what people value, their priorities now and what is likely to persist in a post-Coronavirus world.
Here are four Caribbean industries that are growing fast now and set to boom post-Corona. Why? Because the fact is, consumers will always embrace brands that solve their biggest problems and right now Corona has been giving us, our fair share of problems. That said, crises can be both threatening and liberating.
So whether you’re an entrepreneur, creative or self-employed, it pays to be in the headspace that asks the question — which industries are set to thrive now and grow, so that I can align my skills, experience, and reputation for business opportunities?
It will do you well to pay attention to current and future consumer mindset and needs and this is why after 6 weeks of tracking things I’m sharing my own thoughts on the 4 Caribbean industries set to bloom because of the Corona Crisis.
1. Wellness
This is clearly a no-brainer. The Wellness industry, which was valued at US$4.2 trillion in 2017 and was already expanding faster than global economic growth, will see an acceleration because of the Corona Virus.
The wellness economy encompasses industries that enable consumers to incorporate wellness activities and lifestyles into their daily lives and the key areas are Personal Care; Beauty, & Anti-Aging; Healthy Eating, Nutrition, & Weight Loss Wellness Tourism; Fitness & Mind-Body; Traditional /Unconventional Medicine and Workplace Wellness.
The fact is, as we go through this pandemic, and people are obsessively reaching for their hand sanitizer as they move through their daily lives, they’ve become very attuned to their health and wellness and are doing whatever it takes to stay sane and healthy. The demand for trusted information, people, products, experiences to help them along their Wellness Journey is palpable right now. And that desire to remain safe and well will be stronger than ever, after Corona.
2. Online Education & Skills Training
We’re now witnessing the massive migration of people online in unprecedented numbers. Some are working remotely, some are seeing to their children’s ongoing education, some are running their business and others driven by industry shifts and job losses, are seeking to use some of that time productively, and so will embrace platforms that connect them with teachers, experts, and mentors in their quest to learn new skills, especially digital skills and life skills like..cooking.
Projections had shown the e-learning market worldwide with a forecast to surpass USD$243 billion by 2022. We’re already seeing online courses, webinars, skills coaching and tutoring already on the uptick! The Corona-effect will likely accelerate those industry projections.
3. eCommerce
The Caribbean has had a very bumpy and protracted journey towards eCommerce over the last 15 years, as online payments continue to be a pain for retailers and entrepreneurs seeking to set up shop online for various industries.
Now, with much of the Caribbean staying home under quarantine and curfew orders, ordering restaurant and cafe food, groceries, fresh produce and pharmacy products and having them delivered has been accelerated, big time. It has even moved a few of the legacy banks to tweak and launch eCommerce solutions to match these times. We are also seeing a couple of Fintech Startups set up their campaigns to get new clients for their eCommerce solutions.
Fact is, Caribbean Retail, Food, and Beverage Industries especially, are already forever changed. We’re also seeing, farmers seeking new markets to boost lost tourism and farmer’s market income; mall shops, restaurants, and other brick and mortar brands being forced to pivot and match the rising needs for choice and convenience of consumers in lockdown. This trend will continue after Corona. Ohh the delicious possibility of eCommerce becoming more mainstream in the Caribbean, thanks to Coronavirus.
4. Online Events & Virtual Experiences
We all know about the Experience Economy, we’ve been living that trend and watching the fast growth of the Caribbean Events Business especially over the last 3-5 years. But, as the first couple of Covid-19 cases were announced in the Region, we watched the Caribbean Events Business fall off the proverbial cliff.
From Carnival, Big Brand summer parties; Music, Literary and Food Festivals to Conferences – have either canceled until 2021 or hopefully rescheduled for the last quarter of 2020. Now, since moving from the initial WTF moment of shock, we are now witnessing virtual events and experiences become a big thing-as the less than busy event promoters and creatives seek alternative ways to keep growing their brand, engaging their fans and make money until outside, opens up again.
What we’ve been seeing is a blossoming of online parties, live DJ sets, singers dropping new music and other creative work daily. We’re also seeing chefs doing more live cooking shows, as well as filmmakers and photographers staying busy by documenting their local Corona stories then setting up virtual film festivals. We’re seeking creatives producing virtual artwalks, live mini theatrical productions, and poetry sessions. Expect this to continue post Covid-19, especially as some entrepreneurs and creatives get a taste of additional influence and revenue streams from new untapped markets.
“Successful innovation doesn’t have to be disruptive—it’s often small, incremental, and fast.” – Fast Company
eCommerce11 months ago