The global B2B and D2C markets slowed to a crawl or came to a complete halt as a result of the COVID-19 epidemic, ushering in a new normal. Our research shows that industries unaffected by the pandemic, such as food tech, wearables, automotive tech, AgriTech, smart utilities, as well as the infrastructure sector, are actively seeking to fill the void in the market.
Due to a lack of investment in updated farming methods and machinery, rural areas have historically trailed behind urban centers. Until recently, this was the case for every farmer. The AgriTech industry began assisting many farmers in raising income and productivity as internet access and improved supply chain solutions became more widespread.
Very few AgriTech companies have made it possible for farmers to order a wide range of supplies, including machinery, fertilizer, pesticide, advice, and information, with just one phone call. Similarly, businesses have partnered with farmers to help them produce a crop that will bring in the most money. Some businesses are skipping the middleman and serving both big and small retailers with goods purchased straight from farmers. Agricultural output has been higher than average during COVID-19. Are you an agritech startup? Consult Nivida Web Solutions - the leading IT consulting company in Gujarat, for IT needs related to your business.
Before COVID-19 hit, the food technology business was thriving. But after the lockdown, everything stopped moving. All the restaurants and food courts were closed. Because of health concerns, individuals also stopped eating at restaurants. Companies in the food tech industry that rely on institutional cafeterias stand to lose a lot of money. People used to enjoy eating at restaurants once in a week before the spread of COVID-19, but this trend has since reversed. Safe and healthful foods prepared at home are more popular among diners.
Food delivery aggregators like Zomato and Swiggy also experienced declines in business around this time. Companies in the food technology industry need to take some risky actions at COVID-19 if they want to make up for lost ground. Customers need to feel comfortable eating food from outside, thus they must adhere to the strictest safety regulations for food packaging. The company's handling of organic foods must involve as little human interaction as possible.
Since the start of COVID-19, the wearables market has been on the upswing. There has been an uptick in the number of people doing work from home because of the lockdown, which in turn has increased the market for wearables. Those in the workforce are increasingly investing in wireless earbuds. During COVID-19, many parents felt compelled to purchase a second set of eyewear in order to keep their children's online schooling from being disrupted.
Numerous Indian businesses, including NOISE and BOAT, have benefited greatly by joining hands with one of the most distinct IT consulting companies in India. They successfully introduced new items at optimal times and costs, resulting in increased sales. Moreover, smartwatches or wristbands have entered the mainstream as a result of the increased awareness of health hazards brought on by the COVID-19 pandemic. They now appreciate the benefits of maintaining a healthy lifestyle.
The auto sector has had a rough year, with sales down from the year before. Significant losses were incurred by the car industry as a result of a number of causes, including the introduction of GST, organizational shifts, a lack of available capital, and the switch to BS-6 vehicles, which requires businesses to sell their BS4 vehicles at steep discounts.
After around two months, most automakers stopped producing and selling vehicles. To a greater extent than usual, this affected small and medium-sized enterprises (SMEs) that supply components to large corporations, as most of these businesses serve only a couple of clients. Both their merchandise and their fees went up. Workers also returned to their villages as well as hometowns during this time period due to the lack of optimism in the business. Some businesses had taken out loans in anticipation of future orders, but with manufacturing closing, they had nothing to sell. Since most of the market's needs were being met at ports, the industry also had trouble maintaining a steady supply chain. Nivida Web Solutions is an excellent IT Consulting company in India offering the most distinguished IT solutions for a variety of businesses.
Energy & Power:
Increasing demand and consumption have led to positive trends in the energy industry in recent years. The middle class's improved living conditions increase the demand for additional power. Material theft, failure to pay fees, etc., account for a sizable portion of the industry's losses. In the wake of COVID-19, when most factories were closed, it significantly lowered energy demands. Problems, such as customers failing to pay their bills, also plagued the energy and power distribution sector.
As a result of the economic slump, manufacturing grids, several businesses, as well as other components have had their orders canceled. In recent months, as the aftermath of COVID-19 has faded and firms have reopened, the energy, as well as the power industry, has picked up speed once more. Because of the massive losses they've sustained thus far, small businesses can't afford to keep making the same mistakes repeatedly. Even if things are beginning to settle down, the problem of late or non-payment of bills by individuals and small businesses is still present.
Infrastructure & Construction:
In the previous three to four years, highway, large road, as well as rail projects have been announced, as well as many others are still on the way, giving the construction and infrastructure industry a much-needed boost. The road building business has seen tremendous growth over the previous two to three years. Most of these tasks are outsourced to medium and small businesses from larger corporations, hence they are helpful to these businesses. The low hurdles to entry make it an excellent approachable markets in which to make a start. The fact that it employs so many people and remains a labor-intensive sector is the primary driver. Because of COVID-19, numerous projects are running late. The skilled workforce shortage in current and future projects is exacerbated by the exodus of labourers back to their rural homes. If you are looking for one of the most reputed and noteworthy IT Consulting Companies in Gujarat, Nivida Web Solutions is the name you can trust.
The lack of available competent personnel and substantially less cash in hand is currently the largest hurdle for construction and infrastructure enterprises. Interest rates go up since companies aren't working at full capacity and extending the completion date. These businesses must now rethink their strategies to ensure that their most critical projects are done as quickly as possible so that they can pay their bills on time.