The COVID-19 has turned the lives upside down in a short time leaving businesses all over the world tangled up. Since the people have been given stay-at-home orders by the governing bodies, they are consuming unprecedented levels of visual media like over-the-top (OTT) platforms for entertainment. What it would’ve been wandering around the malls and going to live events, now it’s predominantly being spent on the sofa!
Media consumption during this lockdown
During this period of pandemic-induced global lockdown, it’s no surprise that people are using vast amounts of media to entertain themselves. Let’s see how people have increased their media consumption during this pandemic outbreak;
1) Almost 68% of consumers across the United States and the United Kingdom say they prefer searching for the COVID-19 updates on the Internet while 72% of Gen Z consumers prefer online music streaming
2) Almost 87% of the US consumers are consuming broadcast TV, online videos, and online TV streaming while the percentage stays around 80% among the UK consumers
3) Due to the level of uncertainty, people have increased spending their time online – chatting (+25%), social networking apps (+30%). All major social networking apps like Facebook, Twitter, Instagram, and TikTok have seen a significant increase in downloads.
Another survey suggests that the online presence of gen Z will increase even post-corona. This presents opportunities for entrepreneurs to launch their virtual business platforms.
Well, you might ask, “Are virtual businesses only meant for retail?” Certainly not! Numerous non-retail industries are also gracing this virtual business industry. There is a sharp increase in the usage of live video streaming applications during this lockdown. These applications allow students to take part in online classes while it facilitates online meetings for work-from-home (WFH) employees during this lockdown.
Decide on the business!
Almost the reports from every side are suggesting the online presence of people is increasing at a steady rate during this lockdown. Amidst this economic uncertainty, numerous virtual businesses are thriving because of their business model. Can you find a better time than this to launch your virtual business? I guess, never!!
But, before launching your business, make sure you do extensive market research and decide on the business that you wanna venture into! On-demand services have been a major platform for virtual businesses. When we say about on-demand services, it includes professional and home services. Various on-demand services include household works, carpentry, car wash, electrician, etc. This business model is nothing but aggravating the demand using the on-demand mobile application and offering the service offline.
Since the options for brick-and-mortar shopping is less during this lockdown, people automatically prefer on-demand delivery services to get all the necessities delivered at their doorstep. When we say necessities, it includes groceries, medicines, and alcohol. Similar to the on-demand business model, the delivery business involves aggravating the demand online and delivering it offline.
How mobile applications play a vital role in launching virtual businesses?
The term “Virtual” means something accessed over a particular network. Since the virtual business activities are done via the Internet, on-demand mobile applications play a vital role in how these businesses function!
Here are some of the perks of launching your app-based virtual business;
1) First and foremost, it eradicates the brick-and-mortar expenses such as building lease, utilities, insurance, etc.
2) Since the business has a huge online presence, you can adapt to changes in the marketplace very quickly
3) The on-demand applications connect the service providers with the consumers
Since the Uberization of the on-demand industry, the Uber clones act as a vital source for the entrepreneurs to launch their businesses. Choosing the best clone app development company needs special attention upon choosing your business model.
Capitalize on the surge in Internet consumption and launch your app-based virtual business during this lockdown!