The Coronavirus (COVID-19) pandemic might seem to keep the world’s economy in a deep freeze for months, but in reality, certain businesses and products have still thrived, especially health-related products, utility products and food products sold on e-commerce platforms.
According to a report from aCommerce, a leading e-commerce service provider, healthcare products, especially thermometers, hand washes and hygienic products, are still growing strong, including the products in the premium segment which tend to be more expensive. This means that the purchasing power is still present, but has steered towards certain products and sales channels that match the interests at the moment.
Due to the current situation, people tend to avoid public spaces, so there is less chance that your customers will visit your physical stores. This is where e-commerce comes into play. Independent shop owners could gain more market share or create brand awareness by presenting the products in online marketplaces or their own websites.
The business world might be hit hard by COVID-19, but there is an opportunity in every crisis. What is essential are the ability to adapt and available short-term plans for ever changing situations. Business opportunities for independent business owners are still out there, you just need to change or add sales channels and curate the products to match the needs of your customers.
Reference:
STOREHUB: COVID-19 and economic impact
