The COVID-19 has changed many things and has left an impact on citizens’ psyche worldwide. Many experts term the pandemic’s recession as amongst the worst in the world, and business is affected across various industries. There is no need to lose hope, though; many strong companies have emerged from previous recessions. Companies like Uber, WhatsApp, and Airbnb are the products of the 2008 global recession. Like all problems, the pandemic also presents a lot of opportunities, especially in the tech arena. This article will discuss a few business ideas that can pass the pandemic-test and prove to be a worthy investment of time and money.
Trending business app ideas for entrepreneurs
Online Education App
Educational institutions worldwide are forced to shut down and shift to online learning programs due to the COVID-19 pandemic. According to UNESCO, the pandemic of 2020 has hampered around 1.2 billion school children in 186 countries worldwide.
The education technology was already experiencing high growth and adoption even before the pandemic struck as the global edtech investments were $18.66 billion in 2019. The overall online education market is projected to reach $350 billion by 2025.
Since COVID-19, there has been a significant surge in the usage of online learning tools. Existing edtech startups like Byju’s are experiencing massive traction due to COVID-19. According to its COO, Byju’s has experienced a 200% growth.
While online education has helped the world during the current emergency, it has also prepared the world for the future. Right now, we think that it is a great idea to build an online platform for learning.
The Economist stated, “Online healthcare helps patients and medical workers—and will be a legacy of combating the novel coronavirus.” The COVID-19 pandemic has proven the importance of having a digital healthcare infrastructure that enables health workers to reach patients digitally. The year 2020 was a watershed moment in terms of attracting investor funding for the digital healthcare sector.
The global funding for the digital healthcare sector was around $14.8 billion in 2020, a 66% increase compared to $8.9 billion in 2019. The pandemic has supercharged the digital health industry, and products that were considered a novelty a year ago are now necessary.
Digital healthcare has emerged as a viable business opportunity for entrepreneurs. Healthcare apps and portals can help companies grow to grab the pandemic-created opportunity.
Fitness & Wellness App
According to Business Insider, as major gym chains closed their doors due to pandemic, people moved towards digital workout programs to maintain their exercise routines from home. The convenience factor that digital fitness platforms provide has helped in luring fitness enthusiasts towards these platforms. Experts expect the high adoption rates of digital fitness platforms to continue well into the future. According to a survey conducted by Mckinsey, telehealth’s consumer adoption had soared from 11% in 2019 to 46% in 2020. The experts at Mckinsey also state that the virtual healthcare opportunity is around $250 billion.
From online training apps to yoga and meditation apps, the sector promises tremendous growth.
Online grocery delivery
Grocery stores took a massive hit during the pandemic as people feared going to the grocery stores. There was an exponential rise in the number of grocery delivery app downloads during the pandemic time.
In the U.S. alone, there was a 500% increase in online grocery sales, with the revenue figures reaching $7.2 billion in 2020 compared to $1.2 billion in 2019. The shift in consumer behavior regarding grocery shopping is here to stay, and it presents a lucrative opportunity for entrepreneurs looking to enter the business by having a top Grocery Delivery App.
Financial planning skills are in high demand in the post-pandemic world as people have realized the importance of financial planning. Finance apps like banking, payments, and investment apps see good traction. According to a global fintech app usage report, the average session time in investment apps has risen by 88%. The payment and banking apps sessions have increased by 49% and 26 %, respectively. The usage of digital payment apps has substantially increased because people were opposed to the idea of exchanging physical money at stores and other places.
Similarly, the investment app growth is fuelled by the fact that the stock markets were buoyant after the pandemic. Even the World Bank states that the Fintech market witnessed rapid growth during the pandemic. Fintech apps hold promise for the future as more people will rely on their smartphones for their financial needs.
Commercial cleaning service
The commercial cleaning industry has experienced record growth during the COVID-19 pandemic. According to ZipRecruiter, there has been a 75% rise in new job openings for March 2020. All types of commercial cleaning businesses like corporate office cleaners, pest control service providers, and janitorial service providers have expanded their staff’s size during the pandemic.
The pandemic forced premises like commercial and office buildings, medical facilities, grocery stores, and other public-facing businesses to avail professional cleaning services. It is widely expected that the cleaning practices developed during the pandemic era will stay with people, providing an impetus to the cleaning enterprises in 2021.
Box subscription companies
Box subscription services have increased amongst the pandemic-induced economic slowdown. The idea behind providing a box-subscription service is that rather than buying a product one-time, the customer subscribes to the product over a certain period. The convenience of regular delivery without going out to purchase the product and automated payments are significant benefits. Reports show that box subscription companies fared well in the U.S. market even during the pandemic, with 20% of Americans availing a box subscription during the pandemic. People have opened up to the idea of subscribing to a box subscription service for their regular needs during the pandemic era. The people’s changed mindset is a good enough reason to say that this is the best time to think of a box subscription business.