Four business that are booming in the global pandemic

New pandemic spending patterns launch some companies ahead

Today's expression: Come to the rescue
Explore more: Lesson #297
September 24, 2020:

COVID-19 has undoubtedly taken a huge economic hit on businesses across the world. But even in the bleak economy, new pandemic spending patterns have given some companies huge boosts. Today, we’re highlighting four of the biggest business winners in the pandemic. Plus, learn the English expression “come to the rescue.”

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Here are four businesses that are thriving in the global pandemic

Lesson summary

Hi there, welcome back to another Plain English lesson. I’m Jeff; JR is the producer; and this is lesson number 297. That means our full lesson, including free transcripts, can be found at PlainEnglish.com/297.

Coming up today: The pandemic has been bad news for a lot of companies, but not all. Today, we’ll talk about four businesses in four different industries that have thrived in the pandemic. Our expression is “come to the rescue.” And JR has a classic rock song of the week.

Four business success stories

We’ve all heard about the economic hardships and downturns that resulted from the global coronavirus pandemic. Many of us have lived those hardships. But, as in all recessions, some businesses thrive and grow. Here are four businesses, and industries, that are thriving in times of pandemic: The videoconference service Zoom; the home fitness company Peloton; Shopify, the platform for online businesses; and Domino’s Pizza (they need no introduction).

Let’s talk about each one of these. Start with Zoom, which has—I’m sorry, I can’t help it—zoomed to the head of the pack among videoconferencing technologies. The company has posted astounding growth: in the quarter ending in July 2020, it achieved revenue growth of 355 percent over the same period a year before. Zoom is popular among large businesses, small businesses, and freelancers; it has supplanted Skype as the go-to videoconference option for many people.

The surprising thing is how many individuals are using Zoom in their personal lives, for everything from church services to music lessons to family reunions. Zoom uses a “freemium” business model. Under this model, the majority of users can take advantage of a free version, while some users will upgrade to a higher, paid tier. (It’s a model I know very well!) A freemium model allows for widespread adoption by people who are looking to try it out, and it means there’s always a built-in base of potential customers. This means people can get used to it, and use it as participants, and later subscribe themselves after they get comfortable using it.

Honorable mention here goes to Microsoft, which introduced its new collaboration software, Teams, last year—just in time for Covid. In fact, I started using Microsoft Teams at work just about two months before the quarantines started. Most enterprises have been happy with the upgrade over Microsoft’s previous videoconferencing tool.

If Zoom follows the “freemium” model, then this next company does the opposite: it makes you pay a lot of money upfront, and then still charges you a monthly fee! Which one is it? That would be Peloton, the maker of super-premium home exercise equipment. It’s supposed to re-create the experience of a group cycling class, but at home. The premium bikes start at $1,895—and that’s after a price cut!—and the company offers home treadmills that cost over $4,000.

Each piece of equipment comes with a large HD video screen and, with a monthly membership, includes a variety of instructor-led live and recorded classes that also include yoga, flexibility, and some strength training. Peloton’s sales are up 66 percent over the previous year, though they have had some trouble keeping up with the demand for their bikes. Millions of people have been kicked out of their gyms and went looking for home alternatives; a large portion of those will never go back to the gym. Many other companies are also meeting the demand for home workout equipment and classes. The Mirror is a full-length mirror and screen to lead you in a full-body workout; established players like Nordictrack and Bowflex are also refreshing their equipment lineups. A slew of apps are doing what group classes once did in a fitness studio.

A lot of small businesses found themselves without a web presence when COVID hit. That’s where Shopify came to the rescue. Shopify might be the biggest online company you’ve never heard of. Shopify is an e-commerce platform that lets small businesses quickly and easily get online and start selling. A store picks a website theme, uploads photos of inventory, sets prices, and can be selling online in a matter of days. The store owner manages the inventory and shipping, while Shopfiy handles collecting orders and payments. It has been the savior for small bookstores, gift shops, clothing boutiques, and other small merchants that found themselves without any way to sell during the lockdown.

Shopify, based on Ottawa, Canada, has given them a way to stay open and compete with retail giants like Walmart and Target, which have a strong online presence. Shopify’s value tripled between March and August. Etsy, a similar company for micro-businesses, has also benefitted from the pandemic, as has Square, a payments processor.

If there’s one word more than any other that defines business during the lockdown, that word might be “delivery.” And if there’s one industry that really knows delivery, it’s pizza restaurants. Domino’s in particular had invested heavily in the technology and processes to handle a large amount of customer deliveries and they have been richly rewarded. Where most restaurants lost sales, some dramatically, Domino’s saw its sales increase by 16 percent. That’s because they have invested heavily in technology that makes it easy for customers to order a pizza.

Here—this is incredible—here is a list of the ways you can order a Domino’s pizza: desktop computer, mobile browser, iPhone and Android apps, smart televisions, smart watches, Twitter, text a pizza emoji—seriously, Amazon Echo and Google Home, Slack, and Facebook messenger. For the ultimate in online ordering convenience, you can set the app so that it orders a pizza ten seconds after you launch the app, without having to tap or click anywhere. All this was developed pre-Covid, giving Domino’s a head start on its competition.

How’s this for good luck: a year ago, Domino’s was experimenting with a way to let customers order a pizza and pick it up without having to come into the store. Here’s how it works: you place your order at home, drive to the restaurant, stay in your car, check in on an app, and a restaurant employee puts your pizza in the trunk. Domino’s was the pioneer of “curbside pickup.” Now everyone’s doing it, including McDonald’s.

Permanent changes?

I think some of the new trends during the pandemic won’t stick—people will return to the office, many people will return to gyms. But some of these trends will become permanent. Home fitness, for sure, but also ordering food for contactless delivery—sure, that’s about health, but it’s also really convenient. It’ll be interesting to see how these companies continue to do as the pandemic eases.

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Expression: Come to the rescue