The COVID-19 pandemic saw many businesses close permanently as markets suffered worldwide. Many existing industries were forced to seek digital solutions while workers turned to remote employment opportunities, and digital marketplaces boomed with more consumers shopping online than ever before. A new study by Adobe Acrobat shows how, despite the challenges of the pandemic, digital entrepreneurs around the world have adapted to, and thrived in, a new online marketplace spurred by the demands of the pandemic.
New Market Opportunities
According to a new study on digital entrepreneurship by Adobe Acrobat, “Between March and September of 2020, as many as 163,735 businesses in the US were marked “closed” on Yelp. Roughly 98,000 of these businesses were deemed permanently closed, leaving large gaps in many economic markets.” As consumers stayed home and workers sought remote opportunities, many companies were forced to close their stores and offices. The demand for online consumer options and digital business solutions spurred a wave of digital entrepreneurs across industries. Changes in economic regulations also made it easier than ever for entrepreneurs to secure small business loans and other funding options. Though the pandemic closed many businesses, it marked a period of digital innovation that led many to tremendous and rapid success for those who could fill these market gaps.
Starting a Business from Home
The pandemic changed how business can be done and made marketplaces more accessible than ever before. As more enterprises went digital, entrepreneurs could launch their online stores and compete with established brands. Today, anyone can access business tools online, including user-friendly eCommerce platforms, website builders, and management courses. Starting a business from home has never been easier, and throughout the pandemic, many entrepreneurs took advantage of this new accessibility to launch their online stores. Now, tools for launching and scaling a successful small business can be efficiently run through a smartphone or laptop.
Managing a Business Remotely
The demand for digital business solutions created a new market for SaaS and other online business tools, making it possible for employees to work from home efficiently. Adobe reports that “More than 3 in 4 adults would rather apply for jobs that offer remote work options.” Working from home allowed many to seek a better work-life balance, and in many cases, remote workers have shown improved productivity. Not only are remote workers generally more productive, but the digital business tools utilized by remote teams can increase the efficiency of a digital business. Collaboration and automation tools can streamline workflows and make managing an entirely remote workforce easy. Digital entrepreneurs can utilize these technologies and the changing culture of work to collaborate with other creatives and build successful online businesses without meeting in person.
Reaching the Consumer Directly
Our work habits are changing, and so are our consumer trends. According to Adobe, “In 2020, mobile e-commerce sales alone are estimated to reach beyond $432 billion. This is up from $148 billion from 2019.” Online shopping boomed during the pandemic, leading to fierce competition in the digital marketing world. As more consumers use their mobile devices for entertainment and shopping, influencer and social media marketing have become popular strategies for reaching consumers directly. Digital entrepreneurs worldwide have taken advantage of this direct access to consumers by marketing their businesses using free and creative marketing strategies such as content creation and social media promotion.
The pandemic created unique challenges that allowed many digital entrepreneurs to pave their path to success. The demand for remote work and the trends for online shopping will continue into 2022 and beyond, allowing for more new businesses to take advantage of digital marketplaces.