If you are reading this, you have probably thought about starting an online business. You have likely thought about it a lot. It is also fair to assume that you’ve delayed – for months, if not years – because you’re waiting for the right time.
But here’s the thing: if you ask any successful online entrepreneur, they will tell you –– there is no right time. And the best time to start is now.
The latest eCommerce trends suggest rapid industry growth with staying power. Now is the perfect opportunity to capitalize on trends such as peer-to-peer platforms, progressive web apps, futuristic connectivity-enabling technology, and more –– the possibilities are endless.
You may think it is risky to start a business during uncertain times, but even today’s environment holds much potential.
Why is now the best time to start an online business?
As the world braced itself for the widespread impact of a global pandemic, COVID-19 pushed people over the technology tipping point— transforming lives and businesses. As a result, digital adoption has taken a quantum leap at both the household and industry levels.
Consumers have moved dramatically toward online channels
As the pandemic places much of the world’s population under sporadic lockdowns, millions of people go online for entertainment, retail therapy, work, schooling, and more. As a result, preliminary statistics suggest “total internet hits have surged by between 50% and 70%,” according to Forbes. “Streaming has also jumped by at least 12%.”
“Consumers have moved dramatically toward online channels, and companies and industries have responded in turn,” McKinsey & Company reports.
It’s not surprising that eCommerce has also been on the rise in recent years. According to Statista, retail e-commerce sales “are projected to grow to 6.54 trillion US dollars in 2022. Online shopping is one of the most popular online activities worldwide.”
Online businesses will continue to witness unprecedented growth. Many online business owners, including the CEO and founder of SlotsUp, report a massive influx of new customers. And as consumers increase their reliance on online services, cultivating customer trust is more critical than ever.
Consumer online expectations have become more accommodating
The COVID-19 pandemic has shifted online behavior and digital expectations. It’s not unusual to visit an online store and see a reference to “Our COVID-19 Response” outlining how companies have prioritized the health and safety of employees, comply with state and local mandates, and what customers can expect when doing business with their favorite brands.
Global talent has become more affordable and accessible
The I.M.F. predicts the worst downturn since the Great Depression. Post-Covid economic recovery is expected to take 18 months in the UK, and the U.S. “Congressional Budget Office believes it will be years before the country fully recovers from the coronavirus outbreak’s economic turmoil.”
The pandemic has taken its toll on the global workforce. Unemployment has reached unprecedented rates in many regions and remote work is now mainstream.
However, access to global talent has become more accessible (and affordable) as millions across the globe find themselves out of work and seeking employment. For online business owners who seek to reduce staffing expenses, hiring talented professionals from countries with a lower cost of living is a viable option.
Continued global economic uncertainty will make people more open to new opportunities and more agreeable to mutually beneficial employment terms.
Starting an online business, despite tough economic times
Aspiring entrepreneurs are legitimately cautious about starting a business when the economy is uncertain. But don’t let that stop you. Tough economic times are some of the greatest times in history. It’s where existing paradigms shift and new opportunities arise.
For perspective, juggernauts like Uber, Airbnb, and others emerged due to the market shifts of the 2008 recession. Who knows, maybe, you are destined to become the next Travis Kalanick, who co-founded ride-hailing firm Uber in 2009. Seize the moment.
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