eCommerce Business Ideas amid a Pandemic

Editor's Note: Take a look at our featured best practice, Online Payments Platform – 5 Year Financial Model (Excel workbook). Financial technology (better known as fintech) is used to describe new technology that seeks to improve and automate the delivery and use of financial services. ​​​At its core, fintech is utilized to help companies, business owners, and consumers better manage their financial [read more]

* * * *

Last year, businesses had a rough time with the market due to the global pandemic. While many businesses had to shut down, others were launched despite the situation. It was all a matter of resilience and agility. Business owners had to be open-minded and quick on their feet to effectively adapt to the changing business landscape.

eCommerce has become a popular mode of transaction between businesses and customers. Various platforms have been utilized to improve and enhance the customer experience despite the distance. Having a Fedex reverse logistics system can assist a business in making returns easier for the customers involved. There are many options available online that will make the online shopping experience easier for both parties.

Setting up a small business these days could be a good idea depending on the aspiring entrepreneur’s mindset and goals. With the rise of unemployment, trying out an idea for a small business could be a good way to stay afloat financially.

eCommerce as a Tool

Since the onset of the global pandemic, many businesses have shifted from their brick-and-mortar establishment to the digital sphere. Business owners have been exploring the possibilities of online shopping through eCommerce platforms that make it more convenient for consumers to purchase goods and services online. Online shopping will not be going anywhere anytime soon, especially with the prevalence of retail therapy amid the pandemic. Here are some pros and cons of eCommerce or online shopping.

When engaging in eCommerce, you have to consider paying for sales tax and other fees. Online shopping often involves paying for convenience, so you have to be prepared to price your products accordingly.

Depending on your company’s established return policies, your customers might be turned off by added fees for returning defective items. Consider this concern when setting up your company policies to ensure that you provide the best experience for your customers.

With the online shopping experience, you will also have to exert extra effort into reassuring your customers against fraudulent sellers. While online shopping has become a popular mode of transaction, consumers may still be wary of certain brands or platforms. Make sure you establish your brand’s credibility effectively to avoid this obstacle.

While there are cons to eCommerce platforms and online shopping, there are also pros to this mode of transaction. With online shopping, the shopping experience is made hassle-free for customers. They are given a platform to easily browse through available products and the latest sales or discounts without going through racks and shelves of items.

Online reviews also assist online shopping. With the easy navigation of smartphones, it is convenient for consumers to look for good online reviews before shopping for their desired products online.

These are some pros and cons of online shopping. eCommerce has become a popular mode of transaction these days, and it seems like the trend is here to stay. Businesses should study this business model to take advantage of the shift in consumer behavior.

Small Business Ideas

Launching a business could be a good idea during this time. As businesses learn to navigate the new business landscape, new entrepreneurs in the market have many ideas waiting for them to take action. There are a lot of small business ideas that can be beneficial to the community during this time. Here are some small business ideas suited for the pandemic.

Turn your passion and craft skills into a small business venture. Handmade products can be a good business when small and thoughtful items can bring people closer and feel cozy together. At the onset of the pandemic, people have adopted new hobbies such as woodworking, crocheting, and jewelry design which can become great prompts for business products.

Self-care is an important aspect of our everyday lives and having a beauty kit is essential in our self-care routines. Selling DIY home beauty products can be a great way to give back to the community by providing products that focus on holistic wellness. Essential oils and aromatherapy are also good products that can be useful for people looking for ways to relax during this time.

Many parents during this pandemic have been looking for ways to entertain and teach their young children while staying at home. It would be helpful to provide educational toys and games for these children where they could learn and play simultaneously.

There are many small business ideas that aspiring entrepreneurs can explore these days; however, it is important to remain optimistic but focused when setting up a business during this time.

Do You Want to Implement Business Best Practices?

You can download in-depth presentations on E-commerce and 100s of management topics from the FlevyPro Library. FlevyPro is trusted and utilized by 1000s of management consultants and corporate executives.

For even more best practices available on Flevy, have a look at our top 100 lists:

• Top 100 in Strategy & Transformation
• Top 100 in Digital Transformation
• Top 100 in Operational Excellence
• Top 100 in Organization & Change
• Top 100 Management Consulting Frameworks

These best practices are of the same as those leveraged by top-tier management consulting firms, like McKinsey, BCG, Bain, and Accenture. Improve the growth and efficiency of your organization by utilizing these best practice frameworks, templates, and tools. Most were developed by seasoned executives and consultants with over 20+ years of experience.