With the global economic climate being so unsteady, it can seem like a bad idea to start a new business. However, while that may apply to any regular business, it’s quite the opposite for online businesses. In fact, with most of the world on lockdown, online businesses are set to flourish faster than ever before. If you’re still unsure, keep reading to see why you need to start an online business now.
YOU CAN TARGET NEWER NICHES
With stores shutting down globally, people have to turn to online solutions for keeping their lives on track. Studies show that Americans are promoting e-commerce faster than ever before. Things such as grocery, which were traditionally shopped for in a person are also online now, so you have a virtually limitless range of business ideas you can use. Online grocery sales now make up 8% of all e-commerce revenue. Online shopping for clothes and medical supplies has also increased so that you can target newer niches.
TARGET MORE PEOPLE THAN EVER BEFORE
Various factors limit most traditional stores, but the most significant is location. They can only sell to the people that are in the vicinity. However, with stores shutting down globally, you can reach practically everyone from the comfort of your own home as well! Just because stores have shut down doesn’t mean the customers have disappeared – they’re just all at home. Retail therapy is still a thing, and people stuck at home can turn to shopping to make themselves feel better. Whether you’re selling furniture, or some new, fun course, you can have greater outreach than ever before, with everyone turning to online solutions.
NEW, INNOVATIVE IDEAS WILL BE WELL RECEIVED
With the state of the world being so uncertain, and everyone being stuck home indefinitely, things can seem rather bleak. In such a situation people want to distract themselves and spend their time at home usefully. While this situation is bleak, it’s one that potential entrepreneurs can easily use to their advantage. This is the best time to come up with exciting courses that people can follow. WhiteHat Jr, a coding platform for kids, showed a 200% increase in revenue in the weeks following global lockdown due to this very reason.
HELP FLATTEN THE CURVE AND MOTIVATE THE PUBLIC
Nowadays, people love a brand that assumes corporate responsibility. By offering your services online, you are giving people incentive to stay home. If you create a brand image that emphasizes social responsibility, you are sure to make it big.
GET GREAT BARGAINS
With the economy floundering, you can get your materials sourced much cheaper. Not only will the actual materials be cheaper, but so will transport, making it an excellent time for you to get many deals. This can make starting a new business during COVID-19 very economical so that you can make tremendous profits.
It can be said that there is no time better than in the middle of a pandemic to start an online business. You can set yourself up for unprecedented growth as more and more people start to make online shopping a lifestyle.