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10 Business Ideas That Are Worth Investing Amidst COVID-19
The pandemic continues to impact almost every aspect of lives. Millions of businesses, including startups, enterprises, and 500 fortune companies are dealing with the virus outbreak’s brunt. For budding entrepreneurs and business owners it has become essential to look for best business ideas post COVID-19. In case you are on a hunt to find out best business opportunities created by the covid-19 pandemic, you landed right.
The economy in the United States is moving back to normal. As per a report, it is now operating at 88% of where it was in early March, 2020. However, with customers still preferring to stay indoors, taking businesses online is the next in the to-do list of every entrepreneur. And here are some reasons to back this statement.
Why online businesses are expected to grow in the post Covid-19 world?
- 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.
What Business Opportunities Have Ventured Out Of The Pandemic Period?
It is quite evident that online businesses have proved their potential to survive the worst of times. And the trend for brick-and-mortar businesses switching to online mode will surely boom in the coming years. Whether you have been running an offline business or you are planning to invest in some new venture, the right time to give your idea a real shape is -Now.
Wondering what business opportunities were brought by Covid? Below we have listed out a few verticals that see promising futuristic growth. To help you out, we have created a list of them. Explore:
- 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. You can find one here.
- 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 Edtech platform. Get started here.
- 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 the number of downloads for grocery delivery apps in 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 online to 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 business in 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”. In fact, telemedicine apps like Practo have witnessed a 500% increase in online doctor consultations. These platforms are laying the foundation for the next-gen healthcare systems. You too can offer the best healthcare solution, creating your own branded online healthcare app.
Suggested Read: How Practo Works – Revenue Model & How To Build Your Practo Clone
- Home Services Marketplaces: The global online on-demand home services market expecting a CAGR of over 70%. It will be increasing to USD 4,730.31 Billion during 2021-2025. When it comes to the factors driving the growth rate, these include increasing internet penetration and number of startups entering the market. With market leaders like Thumbtack raising $275 Million, this sector is certainly on a rise for emerging business owners & entrepreneurs. Get all your hows & whys answered for building on-demand home services marketplace like Thumbtack here.
- Ecommerce Marketplace: E-commerce businesses have a golden opportunity to keep them safe from the effect of virus spread. Not only can they keep their business running, but expand their customer reach, boost sales, grow ROI and do more, by just going online. 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. Starting your ecommerce apps like Ebay can help you business outshine. Need to know more about building your ecommerce marketplace, here are the details.
- 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 coronavirus outbreak, people are increasingly turning to digital workout programs to maintain their exercise routines from home. Now you can create your online fitness & wellness to leverage from a sector that promises tremendous growth.
- Food Delivery: Several restaurants had to shut their shutters after the government ordered an enforced lockdown. Waiting for the situation to get back to normal seems no longer a good option for them. But switching to online food 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. With a number of platforms like Zomato, UberEats, Deliveroo, Talabat & more, already performing great, you can make a difference with a perfect business plan and technology. Let’s help you launch your branded food delivery app to enable your customers order food online and delight them with contactless 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 a 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.
Wondering How Much Will it Cost to Build Your Own App? Watch this Video:
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