COVID-19 has taken the world by storm. It, undoubtedly, has a severe impact on the Asian economy than the western world. Since the investment opportunities of Asian developing countries differs from that of developed countries, the economic crisis faced by Asian countries is different. But for some sectors, the COVID-19 has opened a new window of opportunity.
Businesses backed by technology in education, agriculture, health, content, investment holding, and essential retail trade have seen their business boom since the outbreak. Take a look at why sectors like pharmaceuticals, financing, and online platforms are flourishing during this pandemic, especially in Singapore, Myanmar, Cambodia, Vietnam, South Korea, and Hong Kong.
People care about their health and well-being:
As the economy around the world suffering from the severe outbreak of the COVID-19 since January, pharmaceutical companies are taking center stage in the COVID-19 fight. Due to the panic buying and the prescribed anti-SARS related drugs, the pharma market has increased by 9% since the outbreak.
Cardiac therapy drugs witnessed a 19.8% increase in market growth and anti-diabetic therapy has seen an 18.2% increase in market growth since the outbreak. Respiratory medicines and machines have also seen a sharp spike of 23% since February.
Consumers need expert support in business and investment opportunities:
The current economic crisis and uncertainty surrounding businesses have led consumers to look for professional wealth management support. From small start-ups to larger companies, everyone needs a financial advisor to go through these challenging times, especially in Asian countries.
Overall, the investment holding industry has grown by 23% since the COVID-19 outbreak. Since the outbreak of the pandemic, Evergreen Assets Management has been helping with financial management issues to large businesses and SMEs to tide through during this challenging period to Asian countries like Singapore, Myanmar, Cambodia, Vietnam, South Korea, and Hong Kong. We are also providing free legal consultation, an action initiated by our CEO, David Yong, who is a lawyer and philanthropist.
Working & living remotely created new demands:
Due to the strict rules for social distancing and social quarantine, businesses, offices and educational institutes are shifting to working remotely. Especially in densely populated Asian countries where the transmission of COVID-19 is higher than other western countries, a large number of the population are turning to video conferencing solutions and online service provider businesses.
Since the outbreak, the searches for office supplies in Asian countries like Singapore, Myanmar, Cambodia, Vietnam, South Korea, and Hong Kong have increased by 90% and paid search ad clicks, and search conversion rates have increased by 35% and 41% respectively. And the search ad conversion rate of packaging and shipping supplies have doubled up to 123%.
Opportunities for eCommerce during Coronavirus Pandemic :
During this pandemic, the eCommerce business has seen a boom. Due to the nationwide lockdown, consumers are shifting towards online purchasing to avoid public places. Major retail companies and home delivery service providers like Amazon are flourishing.
Even in Asian countries, when the competition is less than the western states, advertisers continue running campaigns. With a slight alteration of the campaigns due to the current situation, the online retail business has seen a significant increase in conversion rates than ever before.
It is predicted that consumers who purchased during the shutdown will most likely repeat the pattern after the pandemic. By creating more convenient ways for people to shop like drive-up, pick-up, and same-day delivery, online businesses will soon see a higher market increase soon.
For businesses sectors like pharmaceutical, financial, and online platforms, coronavirus has created a new challenge. Many companies are benefiting from the shift in consumer behavior from the outbreak, whereas many companies still face a crisis.
As a leading investment holding company in Singapore, Evergreen Asset Management’s primary goal is to provide insights and consultation for companies during this pandemic from small to big businesses.
During this pandemic, our company, Evergreen Assets Management, has taken up a lot of charitable initiatives. Our Director, Mr. David Yong, also a law practitioner, gave free legal consultation to SMEs and provided financial advice to people looking for business opportunities. Mr Yong, together with his management team, went the extra mile to appreciate the nation’s frontliners by giving out a healthy treat to 120 medical frontliners in Singapore.
Since the outbreak, Evergreen Assets Management‘s financing sector has continuously taken the initiative to help SMEs and companies, by financing them to tide through this COVID-19 period.
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