7 Emerging Business Trends Post COVID-19

The entire world is being exposed to the face of high uncertainty. Our regular lives have come to a halt. We are exploring new practices and behaviours to sustain our lives. The way we live, engage, and behave is changing. Our needs and wants are being re-prioritised. All this is forming the base for the new normal. Thus, new business trends are emerging in the post-COVID-19 world.

Note: These trends are still relevant and impactful. However, If you are looking for more opportunities then you can check our list of business trends for 2022.

Every disruption means the death of a few current ideas and the birth of many fresh ideas.

On one side we hear about many businesses shutting down or laying off their employees, and on the other side, we hear about many businesses witnessing overnight growth and success.

As per the book “Alibaba: The House That Jack Ma Built,” the SARS outbreak in 2013 was a turning point for Alibaba. The Internet emerged as a mass medium in China that set the path for the legendary growth of Alibaba.

As new trends are being formed, there is an opportunity for an aspiring entrepreneur to build something that caters to new normal and needs. It’s a perfect time to innovate!

Here, we are listing down a few mega business trends that have seen positive change for post-COVID-19 world and have massive scope for fresh opportunities.

Here are 7 Emerging Business Trends Post COVID-19 for Entrepreneurs and New-Age Leaders

Increase in Demand for Hygiene Products

Frequent hand wash and use of hand sanitizer are one of the biggest lifestyle changes. Hygiene has become a top decision making factor for various purchases. Companies, like Zomato and Swiggy, have added a special filter for the hygienic restaurants. Cab aggregators, like OLA and Uber, have installed protective screens between the front and back seat. 

This is a big mindset change. Hygiene was never in the top 3 decision-making parameters pre-COVID era but now it is the most important one. Every individual seeks a hygienic lifestyle. Every business follows the highest level of hygiene process as they may lose customers. This sets the way for many opportunities to build the infrastructure for a hygienic lifestyle that an entrepreneur should capitalize on. 

As per Technavio, market intelligence agency, the hand sanitizer market in India is poised to grow by USD 405.31 million during 2020-24. Global monthly production of Lifebuoy hand sanitizer increased by 56 times. 

Many FMCG players are changing their focus on hygiene products. According to a top company official, Godrej Consumer Products Ltd (GCPL) plans to build this category as its “new core” in the next 2-3 years. It expects hygiene products to account for around 5 per cent of its total business in this quarter alone as compared to a very insignificant contribution in the pre-COVID-19 period.

Brainstorm on new and interesting ways in which you can enable and boost a hygienic lifestyle. Either cater to the customer or assist businesses to adapt to hygienic processes.

A Shift towards Remote Working 

There is a popular saying “When you have no choice, you find a way of doing it”. 

Until now, companies have been sceptical to the concept of remote working. But, when the lockdown was imposed, companies were forced to exercise remote working. 

A majority of the companies are pleasantly surprised to see the results of remote working. All their hypotheses related to productivity during remote working failed. They saw a significant increase in productivity. Many companies and business leaders are considering implementing a long term remote working policy. It will also help them in saving a lot of capital in office spaces and maintenance of these spaces. 

Twitter has announced a forever work from home option for their employees. Google and Facebook said their staff can work from home until the end of the year. In India, TCS is setting up measures so that by 2025 only 25% of the workforce needs to work from the office. Infosys is expecting 33% of their employees to work from home permanently. 

Remote working looks to be the future of work, and it changes everything from the engagement model of employee and employer to how an employee works. Popular collaborative tech tools like Zoom, Slack, and Google Suite have become even more important for the remote workforce. These tools are an enabler for the start of a new era. There are more gaps in work processes which an aspiring business can solve. There is a vast space for many more tools and solutions. 

It is beneficial for employees and it helps them maintain a work-life balance. It gives them the flexibility to plan their day and saves them from the trouble and time of travelling. 

The way an employee works may further change as a person need not live in Mumbai to work in a Mumbai firm. They can work from their hometown or can even keep shifting and exploring new places. Employees may not work from home, they may work from a co-working space or cafe nearby. This will have an impact on the real estate sector. 

This is once in a lifetime change happening in the way we work and it will give rise to many opportunities for novel ideas to come to life.

A Rise in Digital Content Consumption 

As people have more time on hand and there are restrictions on leisure and entertainment activities, they are consuming more content on their mobile phones or smart TVs. Online content has now become a primary source of entertainment. 

With a stoppage in daily newspaper delivery, a lot of news consumption has become digital. Even the most conservative newsreaders, the physical paper loyalists, are consuming news online. The general news websites have seen a 50% increase in traffic. Portals, like The Hindu, are building a strong digital presence and have started charging readers online. 

With more time on hand, people have consumed more content on OTT platforms. As per a WPP report, video-streaming platforms have seen over 113 per cent rise in the number of average users since the nationwide lockdown. People have also started spending more time on social media sites. Users are posting 352 per cent more content and are spending an average of 4 hours on the apps as compared to 1.5 hours before.

Digital Media is on a rise. People are consuming online content even during unusual activities – like cooking, exercising, or working from home. 

As a business owner, plan how to drive more engagement on digital channels or social media. As an entrepreneur, explore how you can deliver new content or improve the delivery of existing online content.

Increase in Manufacturing Output

As the Government of India launched the ‘Atma Nirbhar Bharat’ and citizens started citing ‘Vocal about Local’, demand for domestically manufactured products will grow. Even a lot of global companies are exploring alternatives to China for their manufacturing plants. Japan has launched a $220 million program to encourage domestic manufacturers to transfer their overseas production bases to Southeast Asia.

On one side, there is a demand for locally manufactured products and on the other side, there are international companies looking for alternatives for their manufacturing plants. India can benefit from this scenario with the right government policies and friendly business environment. 

Companies are finding it difficult to move their products from region to region due to restrictions on international travel. Even for products made in the places where they are sold, companies are finding it challenging to get all the components from different regions. 

Thus, it is likely that there will be a rise in manufacturing plants and output in India. This will open up a lot of opportunities to either set up a manufacturing unit or create a support infrastructure that assists this boom.

Health & Wellness has Become a Top Priority

COVID-19 made us reflect on our health habits and lifestyle. People with low immunity are most vulnerable to this virus, which is mostly a result of unhealthy habits. It made us realize the importance of a healthy lifestyle. 

As per Nielsen’s Strategic Health Perspectives survey, more and more people are turning to a variety of digital platforms to understand their health problems and concerns. 

Apps and wearables in the health and wellness space are seeing a lot of traction. HealthifyMe has seen a 40% increase in subscriptions and a 25% increase in organic growth. 

People are also exploring ways to build immunity. Building immunity is the new mantra and one way is to have organic food and as a result, there is a surge in demand for organic products. As per an Assocham study, the Indian organic market stood at a little over Rs 1,200 crore last year. This year they expect the market to cross Rs 2,000 crore because of the health insecurities stoked by the corona contagion.

The pandemic has also affected our mental health. It has created a demand for products that help people cope with mental health issues. People have started learning more about practices like Yoga, Meditation, and Mindfulness. A study by MindBody, nearly half of consumers report their mental health is worse now than before COVID-19.

People are looking to live a holistic health & wellness lifestyle. Map out what it means to deliver a holistic, healthy lifestyle and find gaps or opportunities that can be added to the current range of solutions. This can be your million dollar idea!

Fitness is being Redefined

The fitness industry has been growing for the last few years. As per a study by Fitternity on Indian retail fitness services market, there are six million active users in India who are spending on an average $350 to $400 annually towards fitness services, amounting to $2.6 billion market size. It estimated the market size to hit a whopping $6 billion by 2023.4

Fitness was hot, even in the pre-COVID era. But, COVID has disrupted the industry. The market size and demand is still present but the means of delivering the solution are changing. It has created a need to reimagine how we consume fitness and innovate new products or solutions to deliver fitness. There will be more digital solutions or apps. There is already a recent trend of Workout at Home. 

Cult.Fit, one of India’s largest gym chains, has started online fitness classes. They saw a 5-10% increase in the number of viewers every alternate day. Fittr, a fitness app, got 15% more downloads during this period. In 2019, a mere 7% of consumers used live-streamed workouts whereas during COVID-19, it has increased to over 80%. Yoga, HIIT, and Tabata were the most popular sessions.

The means of consumption are changing thus creating a space for fresh ideas and solutions.

Boom of EdTech 

Edtech space has taken a rocket speed jump and is the next big thing in India after e-commerce. It is getting huge traction from customers and even investors. Many Edtech companies like Vedantu, Classpass, Lido, & more have raised fresh funding during this period. Byju’s achieved 350 crores in revenue in April itself. Unacademy saw 85% revenue growth in April and Toppr saw 100% growth in free user engagement in March. 

Corona pandemic has sped up the digital transformation of our education system. India’s Edtech space is second in the world and the growth has just started. 

The potential of the industry is vast with 650 million wireless internet users and massive skill defiance. Edtech, aka online learning solutions, has the potential to change many lives and drive a more skilled India. There is also a demand for many affordable and low-tech solutions. 

Edtech is also revolutionizing modern education. Block-chain, robotics, agile project management, digital marketing, fintech, and IoT are the domains expected to gain more traction over the long term.

As the education industry is changing, the definition of education will also change. There will be more weightage given to skills than graduation certificates. Collectively, all entrepreneurs in this space can redefine the education system and build a better skilled India.

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