We have witnessed economic downturns in many business fields during the pandemic. Covid-19 has come as a threat to your productivity and profits. However, some new arising lines of products and business activities open unprecedented business opportunities for enterprises and sole proprietorship.
Today, our article will suggest some business chances that can develop well in the current crisis context with promising revenues and profits.
Top Business Opportunities During The Pandemic
The self-employed have taken part in online business as retailers or wholesalers on eCommerce platforms. The coverage of eCommerce has brought some new pandemic business opportunities when people are constrained by social distancing. Online selling has many benefits that solve some legal and capital problems, which usually make offline selling take time to deal with.
While offline businesses have difficulties attracting new customers, eCommerce with some supportive applications can totally help new stores reach potential customers via social media advertisements. “Word of mouth” has been replaced by “word of text” that can grab customers’ attention by striking slogans, vibrant images, and influencers.
Initially, the manufacturing procrastination at some factories has been a terrible issue for both buyers and sellers. Fortunately, we have adapted to this situation. A lot of self-employed people have started to sell some products which are made by themselves. Homemade or handmade products have been popular as they are creative, more detailed than mass production, and can be adjusted based on specific demands.
Moreover, hand-made products will help customers reduce product quality risks since they fully understand the functions and features of their products. Hence, they will be able to help customers tackle some barriers when using and support them whenever they need. Hand-made products can be sold at a higher price than industrial products. Thus, this is a business opportunity that you can earn more profits during the pandemic.
Healthcare and Beauty Products
It can not be denied that people stay at home more, so they need more healthy and beauty products as a way to protect and pamper themselves in stressful situations. We have witnessed the continuous sold-old status of some health care, antibacterial products, and the customers do not know when they can repurchase them.
The sellers are also in a dilemma as they can not control their restock plan and reluctantly let their loyal customers buy products at another store. Thanks to a robust application, Backorder, which can run on a Bigcommerce platform to allow customers to purchase out-of-stock items and open many pandemic business opportunities. It also notifies buyers whenever their orders are refilled and ready to be shipped. This approach will prevent customers from supporting your competitors and from being disappointed.
Dropshipping is the most promising business opportunity during the pandemic. Dropshipping lets you establish an eCommerce store on Shopify or BigCommerce platform. Also, it allows you to choose suppliers for your selected products. Then, all you need to do is list out what products you decide to sell to your customers without storing any items.
An automatic application like Atom8 will help you fulfill orders whenever you receive an order from buyers. This includes verifying charges, connecting with suppliers, and processing orders. Again, all you need to do is re-check to ensure there is no mistake in order information.
Dropshipping allows doing business online at a minimum capital. The risk of retailers is reduced a lot as you do not need to buy and store stocks. Also, you can’t know whether there is someone who collects them.
Along with the economic threat, some profitable business opportunities are opening during the pandemic. Let’s think about your own online business idea based on what we have listed above. We really hope that it brings you a new way for your business in this challenging situation.