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2021 May Be the Best Year to Start a Tech Business
There aren’t many positive things to say about 2020, but it did one extraordinary thing, it accelerated digital transformation progress.
Quickly evolving technologies proved that most industries were ready to join the digital journey, and the pandemic only proved that these solutions were ready to pass the stress and performance test.
With everyone confined to their home for the entire year, the world demanded a virtual way of working, putting pressure on organizations to fast-forward their digital agenda.
Even the organizations and individuals who showed reluctance towards technology had to adapt and understand that the future is digitalized.
Similarly to the obvious shifts (the switch from offices to remote work), the case for automation and digitization has earned new ground in all back-office processes.
However, amidst everything happening worldwide, this is the perfect moment to start a business. For one, there’s never a wrong time to venture on this path because no matter the context, you’ll deal with challenges and some level of competition.
But this is the right moment because the economy has become a fertile ground for entrepreneurs with innovative ideas. Millions of experts are searching for jobs; therefore, the labor market is abundant.
The rise of remotely working offers you a larger pool of talent to choose from. And should we count that all industries are showing their vulnerabilities and you can exploit these new opportunities? Some trends have emerged during the last months, and it’s highly likely to gain more ground in 2021.
As we’re getting closer to put aside the danger of getting infected with the virus, there will be a massive amount of people who are excited to get back to their pre-pandemic habits (shopping in retail stores, dining at restaurants, attending events, and traveling to exotic locations).
Business Trends You Should Keep an Eye On This Year
The rise of remote wellness and at-home health products
Wellness and health products and services are registering a massive increase in popularity. Over the last months, all businesses in the home fitness, supplements, at-home illness diagnosis and treatment, and anything related to wellness and health sectors have noted a revenue growth. And while there is a chance for this growth to deflate once the pandemic is over, this trend will maintain its popularity because it serves the public with sophisticated products.
The at-home fitness market saw a roaring growth in the number of weight plates and dumbbells sold in 2020. Mineral and vitamin supplement sales increased by 1.2% compared to 2019, while at-home fitness equipment sales jumped by 1.5%.
The last months showed people could do many of the things they did to care for themselves at home. No one thinks that once the world gets back to normal, people will continue to stay at home and have their products delivered at their doorsteps, but many of the ones who found a convenient alternative to the luxuries that boost their comfort will want to keep them long term. And here it’s a business opportunity you’d want to exploit.
Supply chains are more diversified
Many enterprises outsource their manufacturing processes to countries like Mexico and China. But depending on how the trade evolves between the USA and other countries, it can impact many businesses’ performance.
Lately, there has been tremendous investment and innovation in the manufacturing automation sector to allow organizations from the USA to function even if the states no longer trade with other countries. Depending on the product, the audience you’re targeting, and price point, it may be a good idea to manufacture your goods in the USA instead of outsourcing the services. This way, you also control the process better, have less lag time, and put less strain on your business cash flow. If you decide to launch a venture in the current condition but don’t have the funds, you can apply for a Money Mart loan, a financial services provider that works with 2 million North Americans every year.
The acceleration of e-commerce
E-commerce has gained the reputation of being the best and easiest way to sell a product or operate a business. It’s more effective to engage audiences and gather feedback online than if you’d run a brick-and-mortar store. Google and Facebook allow easy customer targeting, leading to high engagement.
If you start a business in 2021, it’s best to control the shopping experience you provide to your clients. Stay away from third-party partners like Amazon because instead of driving clients to your website, it captures them on their platform and stores their information to retain them. The advancement of marketing tools allows you to use e-commerce websites to attract customers to your official store.
Business Ideas You’d Want to Explore in 2021
It’s the moment to take advantage of all the tech opportunities the industry provides and stand out on the market. The best product to invest in 2021 is an app. Here are some apps most likely to gain popularity in the following months.
Develop an app that encourages remote interaction
Interior and exterior designer app – buyers always worry if an item they purchase will fit their homes. You can integrate augmented reality into your app to allow them to place the object inside their room and determine if it suits the design.
Painting app – use AR technology to screen images from any source, make them 3D objects and place them on the walls to see how the painting would fit the atmosphere. The app can also allow customers to play with pallets and textures.
Create a data analytics app
Patient care app – technology allows doctors to diagnose and prescribe treatment through an app. the software stores comprehensive information about the patients and the medical staff uses the data to treat them.
Virtual product showcase app – all industries are looking for a way to spread the word about their products. Create an app that saves them time and money by showcasing the products to the targeted audience. This way, people get a complete list of the benefits and products the service provides.
This article should help you start a tech business in 2021. It’s easy to get scared of the current conditions, but the market is ready to welcome your venture.