Simple economics tells you that products are sold by supply and demand. If there is a demand for a product and you can sell that product. If there is no demand, then your business is toast. 42% of new businesses fail because they’re selling products that no one needs. If you’re looking to start a new business this year, here are the top five industries predicted to be big winners in 2021.
Anyone could have probably guessed that online shopping could be on this list. Online shopping has sky-rocketed over the past few years, not just because of COVID (but it has definitely helped). Owning an online shop could be as simple as selling arts and crafts supplies or as complex as selling your own products.
The best way to get into eCommerce is to sell branded niche products and understanding the current market. A friend of mine has got into selling legos online, he buys them at a discount at stores and then sells them on his website. This would be an example of selling a branded niche item. Keeping up with trends is also a valuable part of running an online business. Did you know that by 2021, it’s expected that most eCommerce will take place on a mobile device? To truly be successful in this arena, your website must be optimized for mobile devices.
You know it, I know it, we all know it: online shopping is the future. Considering the impact that COVID has had, many experts believe that some habits established during 2020’s COVID crisis will not end. So, if people are shopping online and spending a lot of time online, then it only makes sense to advertise online. Advertising on any digital device counts as digital marketing so you should be prepared to market on laptops, smart TV’s, phones, tablets, and even smart speakers.
Ralph Waldo Emerson once said, “It’s not the destination, it’s the journey,” but people are looking for more cost-effective and efficient ways to get there. Technology has upended the industry, allowing new players to join the industry like Lyft and Uber. The next evolution in the industry will come from someone leveraging technology to solve pain points experienced by industry leaders.
Restaurant and Food Industry
Everyone is busy. We’re busy, you’re busy, we’re all busy. All the responsibilities can get in the way of a good home-cooked meal. Often, people look to fast-food and casual-dining to fulfill the extra culinary responsibilities. There is a high demand for convenient, but quality food options. The key to unlocking this vast industry is customer loyalty and solutions in the COVID-era.
I know we’re all tired of COVID, but it’s a fact of life and COVID is a consideration. Education is one area that has been greatly affected by COVID and technology has answered the challenge. Education technology is booming during this time, as well as online education and certification. It is becoming more acceptable for education and reskilling to be obtained online. This is a vast industry to plant your flag, find something that makes you different to help you succeed.
2021 is a year that carries with it a lot of hope. A new year of possibilities awaits, and if you’re interested in starting a new business, now is the time to get started. We wish you luck in whatever industry you decide to conquer and if you need help selling your brand or your product, we’re ready to help.