Online Businesses Booming-Which businesses are doing well now?
The United Kingdom is the world’s third biggest ecommerce marketplace. It is one of the many gateways from the Far East into the EU market, especially for products purchased through eCommerce and online shops. The UK has always been a vital market and port for companies operating in the transnational ecommerce sector. Products purchased or made in China, Hong Kong, India and South East Asia have found their way into the UK and EU markets through eCommerce and this has been very popular recently in the UK.
Online shopping has grown in popularity in the United Kingdom during the last decade. With the outbreak of the coronavirus (COVID-19) pandemic, in 2020, as many as 87 percent of UK residents performed online purchases in the last 12 months. This is the single biggest growth year over the last 12 years, since online shopping started.
In the other part of the world as shown in the 2020 report presented from the APEC Policy Support Unit and The Asia Foundation, the impact of COVID-19 prevention measures has driven more online customers and thereafter spurred enterprises, particularly small businesses, to embrace digital exchanges, digital marketplaces and digital currency. All things digital are growing. This shows us how this pandemic is driving our society towards technology more today than ever before.
Planning to start your own online shop? Here are some online businesses booming now amid the pandemic growth to further your choices of picking the right market.
Which businesses are doing well now?
- Online Grocery – Customers went online to find items that were not accessible in their local grocery shops. During the lockdown, convenience stores are becoming an increasingly significant source for customers, whether they are independent merchants, which are rising at a rate of 69.3 percent, or smaller versions of big outlets in the Kantar report of 2020.
- Dropshipping- This business approach is similar to an e-commerce site, with the exception that you are reselling items from distributors that sell in wholesale or who do business with the Dropshipper.
- Arts and Crafts – As several high-street merchants were forced to close their doors during the lockdown, many people have found the opportunities of purchasing customised presents digitally. In fact, even during lockdown, many Britons resorted to old handicrafts and hobbies to relieve boredom– and, throughout many cases, to create their own face masks.
- Online alcohol sales – sales of wine, whiskey and other drinks have boomed. Some people are starting a collection, others are drinking more. There is more interest in alcohol recently, possibly to relieve boredom, possibly due to the bars and clubs closing, possibly because people have more time on their hands and are looking for a hobby, or something fun to collect.
