10 BUSINESS IDEAS THAT ARE WORTH INVESTING AMIDST COVID-19
The spread of Coronavirus pandemic has affected almost every continent and country. While it has created a great panic amongst the people, the world has seen a sudden unfolding of several events, which were beyond imaginations so far. With the daily increase in the number of positive cases of COVID- 19, now more and more people have confined themselves to four walls.
As the situation doesn’t seem to be improving very soon, every section of the society is enforced to look for an alternate option to run their day to day operations. And the business world is not an exception. But thankfully, technology has turned out to be a great savior for many industries. The announcements of health regulators to maintain social distancing made customers stay in. On the other hand, it has brought forth an opportunity for the entrepreneurs and business owners to give it back to society in the most critical times.
Stand Together For a Better Tomorrow
Amidst all the chaos caused by the pandemic, there is still a ray of hope for the business world. Yes, there is a way out which not only helps entrepreneurs stand in solidarity but also run their business more efficiently. It is about taking your offline business online. While this will add ease to your customers’ lives, you will be able to serve them right at their doorstep. And there are many more reasons you need to know.
Why is going online the right solution for businesses?
- Growth of mobile apps: Despite the crisis impact, the mobile app spending is expected to double by 2024. Moreover, downloads will reach 183.7 billion, i.e. 9% more from the forecast made before COVID-19.
- Increase in online shopping: Amazon says it is out of stock of household items, and deliveries are delayed due to 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.
- Expert’s recommendation: Retail and logistics experts say online shopping is permissible and encouraged during the coronavirus outbreak. In fact, categories like electronics and health experienced a 91% and 109% increase.
From the above facts and figures, it is pretty clear that online business has the potential to survive these challenging times and grow in future. If you have been running an offline business or you had some plans to invest in some new venture, it is the right time to give your idea a real shape. In fact, there are few verticals that see promising futuristic growth. To help you out, we have created a list of them. Have a look:
- Pickup & Delivery: With all types of businesses finding ways to reach their customers 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.The Hills states, “A changing economy means new opportunities, especially for delivery services.”
Regardless of the business size & type, there is a need for a robust delivery management solution.
- Online Education App: Educational institutions around the world are forced to shut down and shift to online learning programmes. This crisis has definitely triggered an online boom for education industry. As per the stats, education app downloads spiked in March, 2020, increasing nearly 300%. While it is helping to cope with the current emergency, it is also preparing the world for the next future. It is a great idea to build your trusted platform for learning.
- Grocery Delivery: The fear of getting exposed to the pandemic keeps people from going to offline grocery stores. While the stock in their homes doesn’t seem to be lasting for longer now, they are ordering it online. It is the major reason for the exponential rise in number of downloads for grocery delivery apps in the recent days. Did you know, downloads of Instacart, Walmart’s grocery app and Shipt have increased 218%, 160%, and 124%respectively. Take your grocery store onlineto ensure timely delivery of grocery orders at customers’ doorstep.
- Medicine Delivery: At this moment, pharmaceutical businesses have an essential role to play. People quarantining themselves find 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 in the fight against Coronavirus. With a right tech partner by your side, you can switch to an online medicine delivery businessin just a few weeks.
- Healthcare Consultation: Remote health care is playing 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, it is important for healthcare professionals 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 the help of your own branded online healthcare app.
- On-Demand Doctors/Nurses/Caretakers: According to a report, a Manchester-based online doctor platform Push Doctor saw a 70% increase in consultations. Hence, developing a platform where users can seek on-demand doctors, nurses and even other healthcare service providers seems to be a future-proof idea. Build an app which simplifies the process of booking for medical professionals visiting their home.
- E-commerce Marketplace: In the hurricane of Coronavirus spread, it is very difficult for brick & mortar businesses to find their sustainability in the market. Thankfully, the digital world has a solution to this problem. Businesses have a golden opportunity to expand their customer reach by going online, and boost their sales. As per the Quantum Metric report, online sales have surged 52% from the year-ago period, and the number of online shoppers has increased 8.8% since the outbreak began. Taking your ecommerce business online, you can enable contactless commerce deliveries now.
- Fitness & Wellness App: Offline gyms and health centers are among the businesses 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, as major gym chains close their doors to curb the corona virus outbreak, people are increasingly turning to digital workout programs to maintain their exercise routines from home. From online training apps to yoga and meditation apps, the sector promises tremendous growth.
- Food Delivery: Several restaurants had to shut their shutters after the government ordered an enforced lock-down. Waiting for the situation to get back to normal seems no longer a good option for them. But switching to online delivery sounds certainly perfect. As per The Guardian, food delivery services thrive, as consumers opt to stay in to avoid the spread of contagious diseases. Launch your branded food delivery App to enable your customers order food online and delight them with contact-less deliveries.
- Online Medical Van Booking: Another idea which could make lives comfortable and secure at this phase (and even in future) is heading off with an online ambulance or medical van booking app. COVID-19 has triggered medical commerce boom. It will be an amazing and helpful idea, altogether. In case, you need some assistance or expert’s advice on how you can transform this into reality, we are here to help.
Plan for Today, Prepare For Tomorrow
This is an unprecedented time for the entire business world. While there’s no slew of tried-and-true best practices for dealing with this global pandemic, the above listed ten business ideas can help you emerge out as a leader through this crisis. Moreover, it is equally essential to understand that the concept of the online marketplace comes with a futuristic approach.
We truly believe that there will be a solution to this pandemic very soon. The world will be a healthier and safer place once again. And the businesses will be gaining their momentum. Whether you are running a business already or have plans to invest for better tomorrow, join the revolution to go online. Get in touch with us and we can help you become the next market trendsetter.