The covid-19 outbreak has validated that the pandemic and other rarely occurring catastrophes similar to it, can be extremely real and impact businesses. Learning from the past, we can say that it can happen in the future too.
However, we may not have the ability to prevent these viruses from emerging but we can prepare ourselves to dampen their effects on our society.
The drastic effect of this pandemic is inevitable to the socio-economic status of all countries. As it directly affects society, it would lead to a dramatic change in business and consumer behavior.
Since the outbreak of the pandemic, the downfall of the economy began, majorly due to the lockdown. People running pre-established Businesses were highly affected. So in the contemporary scenario, the major focus is on speeding up economic growth. Some new as well as existing businesses are stepping up in the market with unique plans and strategies to revive the economy.
The Covid-19 pandemic took many enterprises by surprise. The problem was sudden, demanding new changes to be implemented as soon as possible. Entrepreneurs could sense the need to fight upfront with new approaches.
But how did they come to know about it?
For instance, In this era of online meetings where many users suffer from technical problems, some people saw an open market and tapped into its benefits. At the beginning of the pandemic, a group of tech entrepreneurs held group chats on the Telegram app to understand the wider response to the crisis. These conversations resulted in many innovative solutions to fight the virus with the help of technology. Venture capital firms that provide funds to start-ups came forward to help tech entrepreneurs. They launched the ACT (action covid-19 Team) grants of INR 1 billion to give the right implementation to the ideas to combat corona.
Hence, those entrepreneurs established a business that complemented the situation of the pandemic. They created solutions to fight the covid-19. For example, prevention of the corona spread, disease management at home, scaling and testing, support for mental health among other solutions.
With sharp focus and attentive skills, these start-ups made a move in the new budding market and are progressing in time.
Types of business
An example mentioned above shows the merits of being aware at the beginning of the crisis.
However, this doesn’t mean that there are no other options left to boom in the pandemic. Many people came out amidst the Covid-19 situation with their ideas to boost their business life. They used the opportunity to meet the consumer’s new and evolving needs.
Here is the list of all the business ideas that are currently flourishing in the market:
It is now mandatory to cover our faces whenever we are stepping outside. The demand for face masks is highest right now. With the ongoing pandemic, they are a basic necessity now. Due to the increasing pollution in cities and respiratory diseases, people now are understanding the crucial role of masks. Also, It is becoming sort of a fashion statement. Therefore, it is a booming business.
E-commerce has always shone regardless of pandemic situations. It came forward as a bright light at the end of the tunnel for Crafters and artisans who have a new opportunity to convert their passion and skills into revenue via e-commerce.
In corona times, people have been very precocious and are avoiding going out as much as possible. This has led to a surge in online services. People are opting for online deliveries to avoid any external contact. While many popular food deliveries or corporate retail deliveries are already in the market, local deliveries are also making progress with lower charges.
PC: health web
Medical offices are a major exposure source to novel coronavirus. Therefore, people are taking the help of telehealth services allowing themselves to meet a doctor or a therapist through online mode. It saves time, is an easy alternative, and effective. This makes it popular among the public.
PC: the balance careers
The pandemic has been an advantage for students across the globe as it saves the time spent on traveling. Schools have been shut, and the studies are held via online mode. One drawback of online mode has been proved as inefficiency in schooling. Thus, the pandemic is not just a glitters for students. Parents are hiring private tutors to support their children’s education. Therefore, multiple tutors or sole proprietors are in high demand.
Already blooming businesses
These are the firms following trending ideas that can inspire people to start the business or revive the existing ones.
PC: Disruptive Advertising
This e-commerce site was found in 2005 by Rob Kalin, Chris Maguire, Jared Tarbell, and Haim Schoppik. The firm got a bump in their sales in 2020. In 2019 its revenue was around $4.97 billion. It witnessed 100% growth to $780 million. Thus, it opened twice as many new shops in April 2020 than it did in 2019.
It is a local food delivery service in Huntsville, Alabama which witnessed a strong demand this year. In an interview with WAFF 48 news, the director of business development of Grub South told that they have recently hired 30 new drivers and added many new restaurants. Also, they have been looking for more drivers to help meet the rising demand.
Covid-19 has played a significant role in causing the change in consumer behavior towards digital healthcare, said Shashank ND, founder of Practo. Telehealth services reduce the cost of medical consultancy due to their feature to consult medicare while sitting in your room, which leads to more demand for these services.
A home healthcare company based in Indianapolis told in an interview that it has 100 people working in homes to give medical care. Now, they are looking to hire 50 more employees due to increasing demand.
PC: BW education
An Edtech company found in 2005 has recorded a growth of more than 200% during the pandemic as the number of students enrolling for the classes increased to 1.5 million.
THE POSSIBILITY FOR BUSINESSES
The demand for hygiene products and services such as hand sanitizers, gloves, home healthcare is rising across the world. Edtech and other online services are also creating a space for themselves in the market. Companies already established in these businesses have seen a boost. But retailers who were not quick to adapt covid-19 into their operations and those who run business- like restaurants, event organizing, etc. could face an existential crisis. To make a progress again they must look for,
- Current business models and existing technologies,
- How the other big companies are applying the strategies,
- Spreading information about product availability and designing the production plan following regular customer needs. Moreover, their emergency needs should be kept in mind. Improving customer relationship management is the most important factor in encouraging safe and regular interactions.
Furthermore, retailers should know their financial needs and what role they have to play in their community.
Lockdown had to end not because the pandemic was over but to revive the fallen economy across the world. The businesses that used the bright side of the pandemic are blooming in the market post lockdown. The businesses which couldn’t use bright ideas related to covid-19 are also back in the market but it might take extra time for them to reach steady growth. People following the above-discussed factors will continue to see their business flourish as the pandemic will not be completely over anytime soon.