Growth online was foreseen years back with increasing connectivity globally through the internet. Various tech giants and a few START-UPS have used the right opportunity. Hence, are able to rule in the digital space.
Although, hesitation in customers( of certain sections or age- group of societies) is seen when purchasing online concerns like- delivery timing, lack of assurance, quality check, and age-old habit of bargaining.
COVID-19, a completely unprecedented time for all. A need to stay indoors to save human lives has hit economies badly. Consequently,an increase in inclination towards the online platforms providing from basic to Ed-tech services.
- It is an operation or business by individuals or groups of individuals who launches a new, unique product or service in the market.
- Steady investment and return are the keys to any business. But when it comes to the newly planted setup startup it requires a lot more investment, care.
- Innovation comes with criticism and ignorance because of the reluctance to believe the unacknowledged shops of the market.
- Hopes to gain recognition and an understanding of the pattern of copious consumers turning to online platforms. Many START-UPS and retailers have joined and created sites online.
- Failure still is a reason as to why talented and innovative brains are reluctant to initiate their Start-up.
Either it’s a child, employee,or an elderly, all are staying indoors. Their dependence on food, education to entertainment can be fulfilled through online sources.
This is where many entrepreneur brains whose efforts were unseen are gaining success.
Whereas, the retailers in the physical saw a declined growth and saw online platforms to save their means of income.
This has been a reason for enormous growth online.
REASONS FOR GROWTH
REASONS FOR GROWTH
Why was growth on online platforms even before the Covid-19 pandemic is a constant question to many? Let’s understand a few in brief:
SOCIAL MEDIA: First, Social media platforms such as Instagram, Facebook, and a few others have given rise to digital marketing. Also, are able to create a shift from traditional to online marketing and shopping.
CHANGING PATTERNS: Secondly, With an increased inclination of consumers towards online shopping. The need to fulfill demands is a major reason for the birth of START-UPS.
SERVICE SECTORS: Thirdly, The maximum benefits and acceleration have been in service sectors. It has given opportunities for newcomers to enter, establish, and develop.
INVESTMENT BY ESTABLISHED COMPANIES: Many established companies understood the importance of online marketing and business in growing years. Consequently, this pandemic has allowed investment in worthy startup projects.
SURVIVAL OF TRADITIONAL BUSINESS: Nowadays, traditional retailers and other businesses have shifted to online marketing to sustain their business which could have been completely shut in such situations.
GOVERNMENT SUPPORT: Furthermore, The government with motives to encourage MAKE IN INDIA has emphasized and showed increasing support to START-UPS.
CONVERSIONS: Targeted audiences turning into conversions is a motivating factor to come up with more innovative ideas and kick start careers.
LOSS OF JOBS: The loss of jobs of many individuals has also urged such individuals to come up with their ideas.
There is no mandatory rule for the START-UPS to be on an online platform. Instead, it provides better reach and ease of accessibility to showcase to the targeted audience what they aim to provide.
Therefore, They have been growing and predominantly and have found a way during this pandemic .
Certainly, this can again be seen as a great reason as to why there are more visible opportunities for START-UPS to grow.
At the same time, education to entertainment, everything seems to suffer losses because of the sudden pandemic. The need to reach customers of their respective sectors has been a reason for online platforms to be a stronger medium to reach the audience and customers.
Moreover, all this has created a need for other service sectors and unique ideas to merge with a traditional business. Even providing opportunities for similar efficiency on online platforms even.
BENEFITS TO THE ECONOMY
Ease of access
Increase in GDP
Increased options with consumers
BENEFITS FOR THE ENTREPRENEURS
TAX EXEMPTION: Indian government assures tax exemption(for 3 years)for a new a startup.
FINANCIAL SUPPORT: GOI provides financial support by enabling easy loans.
SIMPLIFIED SUPPORT: From long complex procedures to start a business, the government has tried to provide a better and simplified process to encourage progressive START-UPS in our country.
FIND YOUR INVESTOR: Subsequently, Government enables you to present your idea. In brief, helping you to reach the potential investors for your startup. This helps to ensure increased participation by worthy candidates who hesitated due to financial problems
Especially in the times of COVID-19, increasing START-UPS are seen and will be seen in the long run. This will for sure bring growth to the economy and give many new ideas and innovation projects as space to stand out.
Author: Mansi Goel
Do read our other article-> https://akashbaani.com/mutual-funds-are-long-run-investments-safe-for-you/