“The only way to discover the limits of the possible is to go beyond them into the impossible”.
Arthur C. Clarke
Entrepreneurship is taking a lead role in fighting with the pandemic. Yes! This pandemic has made startups and Entrepreneurs to be prepared for the unexpected and to be resourceful in times of crisis. This is the best time to focus on learning and innovation since there is a significant slowdown in the pace of businesses. Tough times don’t last, tough businesses do! This would be a brilliant opportunity to build a team, innovate new products or services, enhance the process and elevate the standards of business.
Industries that Grow in Covid-19 Era
The novel coronavirus pandemic has impacted businesses all over the world. Coronavirus has intensified the need to alter the lifestyle, follow hygiene regulations and maintain social distancing. Thus the big gainers in this pandemic are e-commerce, e-learning, gaming, biotech, life sciences and pharmaceuticals.
We now accept the fact that learning is a lifelong process of keeping abreast of change. However Colleges, Schools and Institutions are closed for more than 6 months, online learning has emerged as the most powerful tool for educators and learners. There are plenty of E-learning platforms who offer courses and classes at high discounts and even conduct for free. Even before the COVID-19 outbreak, a study forecasted the Indian online education market to grow to $18 billion by the year 2022.
Due to the pandemic, people wish to buy groceries, clothes and all the day-to-day necessities from online. Huge discounts are being offered on various items to ensure they are affordable and convenient for customers to buy. Surely, online shopping companies, businesses who sell online and the businesses who sell products through their e-commerce sites are gainers in this pandemic.
Coronavirus has intensified the need to alter the lifestyle of people, follow hygiene regulations and maintain social distancing. To adopt better personal hygiene practices in the COVID-19 era, the consumption of nutrition and wellness products has been increased. At present, products like masks, disinfectants and sanitisers are recording the highest sales and it is likely to continue and become deeply ingrained in consumer behaviour.
This pandemic also opens the door for a healthier lifestyle. Products like fitness tracking gadgets and apps are also seeing a surge in demand.
Opportunities for Startups in Covid-19:
This pandemic made organizations transform their traditional marketing strategies to digital marketing to be able to survive the crisis. Due to the pandemic, businesses have rapidly moved to embrace digital marketing to attract new customers and engage with the customers and clients.
Even though the Government has lifted the lockdown, it requests people to stay safe by following hygiene, maintaining social distancing etc., Due to the pandemic people interact less physically and shift to online for their day-to-day needs. Now, many businesses and organizations are seeking to create websites and even updating existing ones to launch new e-commerce channels. SEO and Content Writing are the other sectors which are also receiving a great focus.
It is fine to take some diversions from the designated path and re-strategizing the vision for survival. But focus on your long term vision and mission of the company. Because businesses and organizations who embrace digital transformation could survive and shine more compared with those who are resistant to change.
The Age of Webinars
As live conferences and face-to-face meetings and activities took a backseat, organizations are working out new ways to engage with customers. Webinars have emerged as a very popular way of mentoring the budding Entrepreneurs with the digital discussions. Even when the crisis ebbs, people are likely to continue to conduct a part of their thought-leadership and conferences through webinars. People realize that webinars serve the same purpose of live conferences and face-to-face meetings at a fraction of the cost in the new normal.
Remember, “Every Crisis is an Opportunity!” This pandemic has become an opportunity for Entrepreneurs, Startups and even Corporates to identify new trends and innovation. Also, proven that businesses that are proactive and adjust to the changing environment will survive the aftermath of the pandemic.