The COVID 19 pandemic has forced many startups and small enterprises to shut down. According to a report published in Financial Express, ‘around 74% small businesses and startups in the country were at the brink of shutting down or scaling down of their operations due to the impact of the Covid-19 pandemic’.
The coronavirus breakdown and the subsequent lockdown by the government last year have hit small businesses hard.
However, with the onset of 2021, things have begun to look up. Despite 2020, being a nightmare in terms of changes and challenges, the year 2021 has shown a glimpse of hope for small businesses. The startups and small business owners are working hard to get back on track for 2021.
Embracing the new normal with persistence can open a doorway to post COVID recovery. From the changed consumer behavior to innovative online models, here is a list of trends that every entrepreneur, solopreneur, and small business owner must monitor:
Digital Adoption
The pandemic has set new rules for businesses. From large organizations to small companies, everyone has realized the power of digitalization in the crisis.
According to a report by Forbes, people are spending time online more than ever before, and internet usage is increased by 50-70 percent. With new social distancing rules and the fear of COVID 19, consumers are inclining towards digital transactions.
Many businesses have witnessed an increase in online orders and hence, revamping their models to find different mediums to connect with their customers. The adoption of digitalization will be the key to unlock a brighter future.
Government Initiatives
Small businesses have always been a hub for job creation. Government initiatives like Start-up India, Make in India, and Vocal for Local have benefitted the existing small businesses as well as the budding Indian entrepreneurs.
The Government can announce various other schemes to enable small business owners to sustain themselves in these challenging times. Such government initiatives can give small businesses a ray of hope to grow and revive themselves.
New Age Marketing Tools
Not only adopting modern digital tools and processes, but small business owners also need to learn the newer ways to reach new and existing customers. The world of the internet offers businesses to break away from the traditional barriers of location and time to engage customers. Every business owner should use this to shape their online presence and grow their customer base.
Discovering New Verticals
To stay abreast with the ‘new normal’, creative ideas that can help to discover the untapped verticals are the need of the hour. According to a NASSCOM study, ‘three-fourth of B2B startups are now developing new & innovative products’. Many small businesses pivot to new directions such as education, and technology services.
The chaos in the business world may simmer down in 2021, but the Indian startup ecosystem will continue to experience its effects for some more time.
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