Since 2019, the US has struggled with the economic and social challenges of the COVID-19 pandemic. However, a new study by Adobe Acrobat shows a significant increase in digital entrepreneurship in the last two years despite the economic downturn. How has the pandemic changed the business world, and how do digital entrepreneurs see success even as other businesses are closing for good?
Changing Work Culture
At the start of the pandemic, it became clear that businesses would have to adapt to survive. Many companies turned to remote workplaces and took their day-to-day activities online. Adobe Acrobat found that roughly 98,000 businesses closed permanently between March and September 2020. However, despite this drop, Adobe reports that “there were 1,559,950 new business applications submitted from July to September 2020 alone.”
That’s an 82% increase from 2019. This spike in new businesses can be attributed partly to the changing culture of work in the US and the increased desire for many employees to find a better work-life balance. While searching for new employment options, many people turn to digital entrepreneurship to create their own businesses and be their own boss.
Digital Business Tools
The demands of a pandemic workforce can only be met by utilizing the digital tools necessary to support a team of remote workers. Luckily, digital business tools have become easier to use and more accessible throughout the pandemic. Entrepreneurs are taking advantage of easy-to-use, code-free software that helps them build their company and eCommerce site from the ground up. Not only is it easier than ever to make your online store, but collaborative tools can help your remote team work efficiently from home.
Collaboration tools, communication platforms, conferencing software, and brainstorming tools are just a few ways remote companies stay connected and efficient. Greater accessibility to these tools has meant that more businesses can thrive in a digital environment, and more digital entrepreneurs can quickly launch their startups.
Greater access to digital business tools has done a lot for entrepreneurs building their online businesses, but how has the pandemic influenced the consumer market? Online shopping has significantly increased since 2019, with most of that online shopping taking place through a user’s smartphone. Consumers are turning to social media and other digital platforms for shopping and entertainment. This means that marketers have direct access to consumers through their smartphones for a significant time per day.
Digital marketing has always been a competitive industry, but now the demand for strategic marketing is higher than ever, with more eCommerce businesses competing for digital consumers’ attention. Digital entrepreneurs can understand the demand of their consumers and build unique business models that adapt to the needs of a digital customer base.
As the pandemic forced many businesses to close for good, market gaps appeared as specific industries declined. These market gaps influenced economic relief plans for businesses, making it easier for startups and SMBs to get small business loans and investments. Today, there are still many opportunities for startups, particularly digital startups, to secure funding. The pandemic changed the way consumers shop and opened many opportunities for businesses to adapt to a booming eCommerce marketplace.
More companies than ever are utilizing digital solutions to meet the demands of their workers and consumers, changing the landscape of business across the country.
Changing work culture and the demands of the pandemic have caused a significant increase in digital entrepreneurship as more and more people start working for themselves from home. It’s never been easier to start a business from home with greater accessibility to funding, digital business tools, and collaborative software.
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