The coronavirus pandemic has not only caused massive devastation to many families and individuals, it has also been severely detrimental to the global economy. Many companies and industries are struggling to stay afloat as the world has experienced an unprecedented shift in how people live their lives. Small businesses are especially impacted, with many of them being forced to shut down permanently due to closures and lack of customers. Data from Yelp shows that 60% of business closures due to the pandemic are now permanent.
However, there are some major companies that are thriving during this time. Amazon, the world’s largest online retailer, saw its net market cap gain explode to $401.1 billion during the period of January 1st, 2020 to June 17th, 2020. This is no doubt due to people using its services to fulfill consumer needs due to brick-and-mortar stores being closed. Additionally, technology companies make up or 60% of the top 10 businesses who grew during the pandemic. With employees and students working from home, many are utilizing cloud and video conference services to work and learn.
Infographic by: www.yourlawyer.com