From the hardship and chaos that defined 2020 after the COVID-19 pandemic gutted many sectors of the economy and cost millions of workers their jobs, new opportunities have emerged for entrepreneurs who are willing to explore the expanding online economy.
The explosion of e-commerce over the past year is opening doors for existing businesses that have struggled as the virus forced closures and shutdowns across the country. But it’s also created opportunities for new businesses and innovators looking to jump into this ever-emerging economy. Creating the perfect online business starts with establishing a brand, including these boutique name ideas from the website domain company .ONLINE that will help craft a unique identity to attract customers.
As more people worked from home during the pandemic and millions stayed home after losing their jobs, it’s become clear that earning a living online at home has never been more possible. That includes starting an online business with little, sometimes no, the overhead cost to become part of the e-commerce marketplace.
The shift online has been dramatic over the past year, not only by businesses but by customers. The third quarter of 2020 saw 14.3 percent of all retail sales coming from e-commerce, compared to 11.8 percent in the first quarter, according to the U.S. Department of Commerce. The virus accelerated an already emerging trend in consumer behavior and has expanded into many sectors beyond the traditional retail, grocery, and medical areas. It’s a trend that’s here to stay even as the global pandemic subsides and more businesses are opening their doors again for customers and clients.
There’s no shortage of possibilities online for businesses, from craft sales to teaching to content and to food. Just as existing businesses have learned they can convert to online work for their employees and online service for their customers, entrepreneurs also are learning from the experiences of the pandemic that they can build a business. There are basics to learn, like financial management, marketing, and communications with customers and clients. But all the tools and guidance are available online, on the same platform where you can create your new business. There are opportunities for those who are looking to set out on their own with a new business that will provide their primary income and for those interested in a side business that will supplement an income perhaps dinged by a sluggish economy recovering from COVID-19’s impact.
For example, the pandemic forced most schools across the country to shut down or to limit the number of students attending class in person. The hardships faced by many students, teachers, and families revealed the business opportunities online for educators and tutors. A year ago, few people would have thought that tutoring and teaching a child could be offered remotely, but the pandemic made it more of the norm today.
The virus also made it difficult for medical providers to serve patients and made patients wary of venturing out for care. Now telehealth options are exploding, opening up opportunities for online services that cater to the needs of patients and providers. That goes for mental health services as well, where therapists and counselors have shifted to online services to give patients the support they need.
Even legal services are now more commonly available online than they were before COVID-19, including everything from lawyer consultation to transcription services to online document services. A number of opportunities are available for writers, editors, and researchers who can offer support services for law firms online.
The food business also is booming online. Chefs and culinary innovators are creating their own websites to connect with customers, offering to ship their ready-made orders quickly to meet the very unique taste of each client.
The next year will see fast growth in e-commerce and the resulting shifts in business development and the economy. The changes promise to reshape how many people earn a living and interact with businesses, either locally or on the other side of the globe.