The effects of the global pandemic are still abundant as countries try to come to terms with the new normal. Big and small businesses alike are adjusting to the circumstances and finding new ways to cater to their customers. Countries all over the world have experienced pandemic recessions that have caused various companies to go out of business. That hasn’t stopped creative and innovative individuals from finding new and exciting ways to cater to consumers. In a surprising turn of events in the latter half of 2020, we saw a significant increase in new businesses specifically tailored to navigate the pandemic better.
Here are just some unique business solutions that have developed throughout the pandemic:
Online Jewelry Boutiques
Starting with what is by far the most surprising business to go online and thrive during a pandemic, we’ve had a surge in online jewelry businesses. The logic behind why people buy jewelry during such a difficult time globally is similar to why lipstick sales go up during a recession, otherwise known as the lipstick effect. People continue to spend money, even in times of financial difficulties, on products that allow them to feel indulgent. Women who are currently working from home and on zoom meetings all day have been buying more earrings and necklaces in an effort to present themselves better online.
Now we’re not talking about pieces that’ll break the bank here. We’re talking about trendy pieces that allow that extra boost confidence needed to feel great while on screen. While online shopping had been a trend before the pandemic, the jewelry industry wasn’t pursuing digitalization that strongly. Customers still wanted the in-store experience of trying on and choosing pieces from the showcase. In the time of lockdowns, where that was no longer possible, the demand was still present, and newer online boutiques were only happy to fill that gap in the market.
Due to the lockdown orders forcing people to shelter in place and unable to go to stores, businesses with physical locations were left in an incredibly tough spot. Even with rent breaks granted by the government and delivery services available, making enough money to cover overhead costs was still tricky. Due to this, we’ve seen a variety of different businesses get incredibly creative with mobilizing their operations.
Although the concept of food trucks isn’t entirely new, more and more businesses have decided to ditch rent costs associated with physical stores completely and go mobile. The ability to pick up and move to new locations and reach different markets have made this an incredibly business-savvy approach to the restaurant industry. Food trucks that initially catered to business districts were able to relocate to areas where more people worked from home. Ditching rent costs also allowed them to offer lower prices that increased the product value for customers.
The service industry also followed the mobilization trend. Mobile salons or barbershops have also become incredibly popular during the pandemic. Not limited to self-care services, pet grooming services have also gone mobile to cater to customers better. Instead of figuring out the ins and outs of starting your own business, you could also consider franchising instead. For instance, you are interested in pets and pet care, and you plan to start a business out of it through franchising. Analyzing the pet care franchise cost versus the needed startup capital to establish your own brand is also worth considering.
Virtual Fitness Training
As people stayed indoors, we learned to pay closer attention to our health. Consumers started to pay more immediate attention to what they were eating. Healthy meal plans and grocery delivery services boomed during the time of lockdowns. Physical activities you could do inside to stay in shape were also widely sought after. Though prerecorded exercise videos aren’t new, interactive virtual fitness training is.
The majority of people who went on runs, hikes, and the gym could no longer do that. They’ve now transitioned to working out at home with equipment that they can use by themselves. Popular gyms and trainers started offering guided workout sessions over zoom to guide people on practical and safe exercises you can do at home. Consumers want to be able to look good and feel good even if they’re stuck inside.
Both established and newer businesses were able to pivot their business models to manage the effects of the pandemic. A lust for innovation and an eye for how the market moves are essential as we navigate the new normal. You can not only survive but thrive. Making it a priority to develop better avenues to serve customers is at the heart of surviving these trying times.