There’s no doubt that the 2020 COVID-19 pandemic has changed the economy and the way we do things permanently. With lockdowns and quarantine measures enforced strictly across the globe, people had to find alternative ways of doing business. Physical storeowners, who were already facing decline with the advent of online businesses, found themselves caught completely off-guard when the virus caused a huge fall in people going outside. The pandemic has left almost every single business person battered. Revenues are at all-time lows, with some experts even likening it to the Great Depression.
But there has been one segment of the business community that has been largely immune to the COVID-19 pandemic –online business owners. Owners of online businesses experienced a huge surge in their income with people preferring to order everything, from toilet paper to food items online.
Online businesses were well-prepared to handle a pandemic-level situation, which gave them a huge advantage over traditional businesses. While traditional businesses found themselves deep in uncertainty and rising costs, people were turning to online businesses in increasing numbers to purchase goods and commodities.
A large number of online business owners have already begun concentrating all their efforts on their online business. They’re able to take advantage of several benefits that aren’t available to physical storeowners. During the pandemic, many storeowners had to shut down shop – yet they still had overheads to pay for, which completely crippled their financial condition.
Look at how COVID struck traditional business owners. Customer footfall fell to record lows as they were no longer able to walk into stores. Not only did profits drop off a cliff, many business owners had to deal with massive overheads as well. A number of them went bankrupt as they were unable to make payments on time. Even major retail chains around the globe are struggling with low demand and rising overheads.
Online businesses are more cost-effective, have lower overheads, and can cater to a wide segment of the population whereas physical stores are restricted to their geography. Why would people go to the trouble of entering a physical store and buying their products when they could do it just as easily in the comfort of their homes? Delivery infrastructure has grown by leaps and bounds today, thus allowing online businesses to deliver products in days or even hours.
Going forward, it’s clear that the future is online. With people increasingly preferring to shop and buy products and services on the Internet, it’s only a matter of time before physical stores are completely eliminated from the market. Only the strongest and the fittest survive the test of time, and in this case, it is the online business owners who will remain in the market while their physical store counterparts go bust and out of business. The advantages offered by an online business are simply unbeatable.
If you’re interested in starting your own business and taking charge of your own life, online businesses are the way to go. They’re future-proof, cost-effective, and allow you to exercise greater control over your products and services.
Talk to Readystart and see how their business development services can assist you in transitioning online.