The outbreak of Coronavirus has left the world in a bizarre state. Almost every city of every country and continent has been affected by the spread of the virus. Not only has the virus been a threat to health but also the financial situation of the citizens. Around 40 million citizens in the U.S alone have filed for unemployment so far.
It has been more than 6 months since the outbreak of Coronavirus, and the situation is not getting any better, so everyone is looking for alternatives to sustain themselves. There are several ways that businesses have remodeled their services to remain operational under the current circumstances.
In this article, we discuss 5 practical ideas that businesses can use to remain operational. But first, let’s take a look at how Coronavirus is influencing change in the business stratosphere:
Coronavirus and the Changing Trends
Coronavirus might result in the world’s greatest recession in 100 years; however, that doesn’t mean every entrepreneur should leave hope. According to history, several businesses have been successful even during the times of recession.
Following trends have been observed during the pandemic:
• A sharp decrease in brick-and-mortar shopping and a sharp increase in online shopping.
• Panic buying and hoarding of everyday use items.
• Protective gear like masks and hand sanitizers are widely purchased.
• Online streaming services like Netflix, Amazon, Disney+ have massively gained thousands of new subscribers in 2020.
• 60% of people in Europe think they will continue to shop and purchase items as they did during the pandemic.
• According to Vogue Business, COVID19 could cause a €40 billion loss to the fashion and luxury industry.
Business Ideas to Invest During COVID-19
If you are looking for business ideas that are worth investing in during the time of COVID-19, the following are a few options worth considering:
1. Online Grocery Stores
The most popular products right now are need-based and not want-based. Grocery items come under necessity, and no matter what, people would still need them as compared to a luxury item. According to market research, grocery app downloads have increased multifold since March 2020; Instacart has seen a 218% increase, whereas Walmart’s grocery app and Shipt have both respectively seen a 160% and 124% boost in-app downloads.
This increased number of app usage indicates the change in preference and the growing need for such apps. Now that people are avoiding outside exposure as much as they can, online grocery services are highly preferred by people. Although multiple services are present, there is still enough to space your own grocery delivery service. Developing a business model targeting a niche can help you run a business during this pandemic. According to a survey, 52% of the consumers have refused to go back to grocery shopping in-store and are likely to purchase groceries online even after the pandemic.
2. Online Education Platform
Now is a good time to invest in educational apps and software. The schools, colleges, and universities around the globe are closed for an indefinite period of time, which is why schools are looking for efficient and reliable apps for online education.
Distant learning is becoming the new normal as prominent schools like Harvard, Princeton, and Yale have announced distant learning rules. Students around the globe are now heavily relying on online services and platforms for file sharing, video lectures, online examinations, etc. Hence investing in an educational platform is a profitable business idea these days.
3. Sales and Marketing
Due to COVID-19, business sales are predominantly online; businesses are now focusing more on how to attract people to shop from them online. Various strategies, including SEO, digital marketing, Google Ads, etc. are under consideration as businesses actively look to integrate digital marketing into their business model.
As per research, 58% of people expect to order more online in the coming months as compared to in-person shopping. Providing sales and marketing solutions to businesses can help you gain clients amidst COVID-19 as almost every business is trying to transition from brick and mortar to online sales.
Carpet Cleaning Kent, a cleaning service in the UK, suggests that it is time for businesses to remodel their marketing and focus on online marketing such as automation, social media, responsive websites, and omnichannel feedback etc. to build a robust and sustainable business.
4. Consultancy Services
The COVID-19 outbreak has resulted in minimal exposure to the outside world, which is why it is becoming difficult to get help from the outside. Starting online consultancy can prove to be extremely helpful and profitable in the current situation. Having in-depth knowledge in a certain field can help you educate and provide consultancy to the people in uncertainty.
Following are some of the consultancy services that can be started online:
• Medical Consultancy
The situation of hospitals is critical due to coronavirus patients, and people have developed a fear of going to the hospitals for their regular checkups. Tele-consultation and tele-medication are a good way to provide online medical consultancy for people suffering from diseases other than the Coronavirus.
• Educational Consultancy
The pandemic has left students in a confusing state, and they want to sort their options as to what can benefit them in the world that is to come. Career and educational consultancy for students can be beneficial and can easily be executed online through webinars or one-to-one sessions.
• Business Consultancy
Several business owners are facing uncertainty about how to cope with the current situation and what to do next. Providing online consultancy to businesses can help them to gain stability and an action plan to adjust in the “new normal.”
5. App development
The world is largely dependent on technology for sustainability now. The pandemic has led the world to understand the importance of technology even more. Advancement in apps has made the life of a common man much easier than before. There are several ways to offer online services to businesses through app development, web designing, etc.
• Web development
Every business now requires an online presence, developing apps, and designing websites for businesses that are trying to make a shift will be a good idea during these times.
• Apps with AI
Providing digital solutions, including AI and blockchain technologies, can also help you as the world is shifting majorly to online platforms. Advancement in apps is encouraged and is a good opportunity to attract clients even during a pandemic.
• Social Media Marketing services
Conventional marketing is on hold due to quarantine and lockdowns; however, businesses are more focused on social media marketing. The on-going trend of the market provides online marketers with a great opportunity to expand their offers. Providing social media marketing services to business is a good business option to explore.
The whole world is facing uncertainty and expects a huge recession; however, opportunities are present even in the toughest of times. Clearly identifying the market and consumer need can help you identify a business worth investing in. The article above has highlighted some of the major in-demand consumer areas. The pandemic is creating new consumer needs, and where there is a need, there is an opportunity to do business.