2020 and its unpredictability – it’s all in the past. Many businesses closed and many were on the verge of closing. Yet, there are some segments that not only survived crisis, but also thrived. 2021 is still a murky time to start or grow a business but there are opportunities springing up and those who catch the right ones shall survive and thrive. Here are three segments of businesses that thrived in 2020. To begin with, Health and Beauty business, Subscription businesses and businesses that sold both B2B and B2C.
55% of the health and beauty businesses reported a good business performance in the last year. An even higher performance is expected to continue this year too.
Here’s why these businesses thrived: Health and beauty products have personal care items like sanitizers and soaps which were in high demand especially in the beginning of 2020. Another side to the story was that everybody resorted to home spa and home – everything related to beauty. This is one of the major reasons why businesses in the health and beauty segment still continued to thrive during the pandemic. However, if you are looking at starting a health an dbeauty business, 2021 has quite some opportunities. Creating an online store for beginners is a great start point. The demand has been established – pair that with great products and ease of delivery – and you can win!
Numbers show that 63% of the founders who sold subscriptions were satisfied with business performance and said that particularly two subscription models were commonly used for a successful 2020. One was the replenishment model where subscribers receive the same or similar products each cycle and the other was the membership model where subscribers have access to exclusive products or perks. It is a known fact that buyers are more likely to buy from businesses that offered convenience and through online purchasing options and multiple choice of delivery or pickup, subscriptions have become very popular among customers. Creating a subscription model even on an ecommerce website could help businesses survive, succeed and thrive through the crisis.
So, if you are an aspiring entrepreneur of 2020 or 2021, ecommerce development is the key and selecting the right products, marketing styles and business model is the key to help you not only launch and sustain but also thrive – despite all odds.