Internet Businesses – Silver Linings in the Post-Pandemic World
“The Internet produces new business models and also reinvents traditional business models” – Marc Ostrofsky
The Covid-19 pandemic has forced people across the world to become internet users like never before in history. People have started spending more and more time online for working, buying essentials, entertainment, communication, education, news, and updates, etc. According to research, about 4.66 billion people, which means about 59.5% of the worldwide population, were found to be active internet users as of January 2021. With the downturn of the offline channel, businesses are left with no option but to move online for surviving and thriving.
Thus, we can say that the pandemic has revolutionized both: the behavior of the customers and the functioning of the businesses. And so, today internet is undoubtedly an avalanche of business opportunities.
Let’s discuss a few of them here.
To run a successful business, it is important to stay on top of the latest trends in the industry.
Chatbots or AI-powered virtual assistant software simulate conversation via message apps, phones, websites, and mobile apps, etc. Today, they have become the essential requirement to the companies for 24/7 customer support, lead generation, scheduling interviews and to market and sell products, etc. About 47% of chatbot users prefer buying products using this medium.
Chatbots are much more efficient, error-free, cheaper, faster, and always available, unlike a human. Since one can rely on their pre-written commands and programs, they are widely preferred in the sectors of banking, real estate, retail, legal, healthcare as well as hospitality. It is expected that 90% of the interactions of the banks may be automated with chatbots by the year 2022.
The chatbot market across the world may reach up to USD 1.25 billion by 2025, with a CAGR of about 24.3 % which means that the chatbot business has a successful prospect in the coming times.
Box Subscription Business
The subscription box is a strategy of marketing and product distribution that involves delivering a package of products and services directly to the customers periodically. As customers subscribe for the products/services for a certain period, this business generates a predictable revenue and there is no overstocking of inventory.
During the pandemic times, consumers mostly relied on box subscriptions for their entertainment, remote work tools, education, food products, health and wellbeing products, etc. due to the convenience it offers. With such changing trends the subscription business model is likely to grow in the post-pandemic period, unlike the one-time product purchase system.
Netflix is a classic example of the profitability of the box subscription business. The revenue of Netflix is completely influenced by its continuously expanding international subscription base that generated about USD 6.14 billion in the quarter of 2020.
Online Advertising Business
Online or internet advertising is also known as digital advertising, is nothing but utilizing the internet as a medium for marketing and advertising to the consumers. It is one of the most efficient and effective ways for businesses of all sizes to increase their reach, target new customers, and broaden their revenue streams. It incorporates different types of display advertising, SEM or search engine marketing, email marketing, social media marketing, etc.
With the transformation nudged by the pandemic, businesses are rushing to emphasize their online presence. This being said, there is no need to explain the importance of digital marketing and advertising in the changing times. To mention, the popular social media networks such as Facebook, Instagram, LinkedIn, Twitter, Pinterest, Youtube, Snapchat & TikTok cover almost all types of audiences that it can surely drive leads and sales for any type of business.
In the year 2021, ad spending in the online advertising market is estimated to go up to USD 398,762 million. The online advertising industry thus has an incredibly promising future.
Web Designing and Development Business
Web designing is about creating the layout and visual aspects of a website and Web development involves generating a functioning website utilizing the website design.
The demand for web designing and web development services has considerably grown in the pandemic times. With businesses embracing online channels, there is an inevitable need for new website design. Businesses already present online also seek effective redesigning of their websites with the latest features like highly interactive and responsive web elements, voice user interface, etc. as a competitive strategy during these trying times. Several small businesses that had to shut down their physical stores now solely rely on their websites to carry on their businesses.
Recent research says that the tech industry will have a market growth from USD 131 billion in 2020 to USD 295 billion by 2025.
With such dramatic transformations, the web designing and web development industry unquestionably will have a great opportunity for advancement.
Online Education Business
Online education or e-learning is preferred for its aspects like convenience, the flexibility of studying at one’s own pace, availability of wide resources, cost-effectiveness and, the broad gamut of specialization, etc. Learning via online medium is not just limited to students. Employees, also seek it to develop their occupational skills, for update themselves with the advanced systems related to their work to grow in their career.
Online education was rapidly advancing before the pandemic too but with the circumstances evoked by the pandemic, this industry is growing at an incredible rate. Schools, universities, and companies are functioning remotely and this heightened the preference for online learning.
With such a massive change, the future of education has permanently gained momentum towards non-traditional virtual learning systems, which promises the profitability and success of this business.
Research estimates that the global market of online education will grow up to USD 350 billion by 2025.
Affiliate Marketing Business
Affiliate marketing involves promoting another company’s products and services and earning commissions from the sale of their merchandise.
Affiliate marketing is not dead as perceived by many business people across the world. During the pandemic, this industry has seen both upward and downward trends depending on the niche of products or services involved. Many affiliate marketers had to change their niche during the covid-19 pandemic, to survive the transformed market.
However, in the long run, the pandemic will turn out to be a boon in disguise for the affiliate marketing industry. In the post-pandemic world, affiliate marketers may view the cloud clearing-up scene and find that with the incredible number of businesses and consumers moving online, there are increased opportunities for growth in this industry. Not just that, there would be additional profit-yielding niches of the products and services, that either did not exist or were not much significant in the previous market.
For seeking growth and profits in any business, a thorough understanding of the contemporary trends and foresight of the prospects is inevitable. Flowing along with the current market trends is the most assured approach to seeking success in a business in any situation.