The Coronavirus outbreak is shaking up the global economy up-side-down. The world is crawling hard to fight the current and upcoming economic consequences of this black swan outbreak. As this global financial crisis continues, it is expected that the businesses might not recover to normal for a long time. Even consumer behavior will take a new turn. Hesitation among the consumer to -out of their homes and shop will be clearly seen, impacting the overall buyer-seller conventional journey.
In the middle of all the chaos caused by the pandemic, there is still a ray of hope for the entrepreneurs. Yes, there is a way out not only to help the entrepreneurs sustain and stand in solidarity but also to route their business more efficiently.
So, what’s next?
We will witness an incline of heavy traffic towards the online platform in the coming time. This gives a golden opportunity to women entrepreneurs to set up their successful home-based businesses online. According to the current scenario, going ahead with a home-based business will be a win-win situation.
Should the establishment of an online home-based business be considered as the right solution for now?
Growth of mobile apps: Regardless of the crisis impact, mobile app spending is anticipated to double by 2024. Moreover, downloads will reach 183.8 billion, i.e., 10% more from the estimate made before COVID-19.
Escalation in online shopping: Amazon says that the household items are out of stock, and there is a delay in deliveries because of the coronavirus demand.
Reduced human contact: Online businesses are empowered with contactless deliveries- need of the hour. Shifting to an online marketplace turns a wiser decision which helps save your resources, customers and business, altogether.
An online business can survive these challenging times and grow in the future. If you have been running an offline store or had some plans to invest in some new venture, it is the right time to give your idea a real shape. Some of the business ideas can see promising futuristic growth such as:
1.Pickup & Delivery: With all types of businesses, finding ways to reach their customer’s doorstep, delivery solutions are becoming a life-savior. And for this reason, delivery services have observed a surge in their business amid the coronavirus crisis. Regardless of the size and type of business, there is still a need for a robust delivery management solution. You can find one here.
2.Online Education App: Educational institutions worldwide are forced to shut down and shift to online learning programs. This crisis has triggered an online boom for the education industry. According to the stats, there is an escalation in the education app downloads since March 2020, nearly 300%. While it helps to cope with the current emergency, it is also preparing the world for the next future.
3.Grocery Delivery: The fear of getting exposed to the pandemic keeps people going to offline grocery stores. People are willing to order groceries online, as the stock will not last long. It is the primary reason for the exponential rise in the number of downloads for grocery delivery apps recently. The downloads of Instacart, Walmart’s grocery app, and Shipt have increased by 218%, 160%, and 124%, respectively. Take your grocery store online to ensure timely delivery of grocery orders at customers’ doorstep.
4.Medicine Delivery: At this moment, pharmaceutical businesses are playing an essential role. People quarantining themselves are finding it difficult to reach medical stores. Not only those affected by the virus, but others who are dealing with minor or major health issues are failing to get medicines on time. Hence, it becomes the responsibility of pharmacy businesses to contribute to the fight against Coronavirus. With the right tech partner by your side, you can switch to an online medicine delivery business in just a few weeks.
5.Healthcare Consultation: Remote health care plays a crucial part in navigating the impact of the virus outbreak. The Economist stated, “Online health care helps patients and medical workers—and will be a legacy of combating the novel coronavirus.” Amid the isolation-time, healthcare professionals need to take care of their patients, without encouraging them to step outside. For this, you need to reach them digitally. You can offer the best possible solutions to their health issues with your own branded online healthcare app.
6.Ecommerce Marketplace: In the hurricane of Coronvirus spread, it is challenging for brick & mortar businesses to find their sustainability. Thankfully, the digital world has a solution to this problem. Companies have a golden opportunity to expand their customer reach by going online and boost their sales. It is said that online sales have surged 55% from the year-ago period, and the number of online shoppers has increased by 9% since the outbreak began. Taking your eCommerce business online, you can enable contactless commerce deliveries now.
7.Fitness & Wellness App: Offline businesses such as gyms and health centers are severely impacted by pandemic outspread. On the contrary, digital platforms have turned out to be a blessing in disguise for the health and fitness industries. Business Insider reported that as major gym chains close their doors to curb the coronavirus outbreak, people are increasingly turning to digital workout programs to maintain their home activities. From online training apps to yoga and meditation apps, the sector promises tremendous growth.
Plan For Today, Prepare For Tomorrow
This is an unprecedented time for the entire business world. There is no slew of tried-and-true best practices for dealing with this global pandemic, and the above-listed business ideas can help women entrepreneurs to emerge out as a leader through this crisis. To study and understand the online marketplace’s concept comes with a futuristic approach is equally important. Let us hope that the businesses will be gaining their momentum soon.