Since 2019, the entire world has faced the unique economic and social challenges posed by the COVID-19 pandemic. However, a new study by Adobe Acrobat shows a significant increase in digital entrepreneurship in the last two years despite the economic downturn. What led to this increase in entrepreneurship, and how do these business owners see success even as the pandemic influences economies globally?
Filling the Pandemic Gap with Entrepreneurship
According to an Adobe Acrobat study, “Between March and September of 2020, as many as 163,735 businesses in the US were marked “closed” on Yelp. Roughly 98,000 of these businesses were deemed permanently closed, leaving large gaps in many economic markets.” These market gaps made it easier for startups and small businesses to secure loans and funding. Not only were there gaps in the market, but entirely new markets were discovered as the demand for digital business and social solutions increased around the world. Digital entrepreneurs met the demand for SaaS applications and other collaborative tools companies needed to work remotely. The global eCommerce market took off as more and more entrepreneurs opened online stores and found success catering to a digital customer base.
Around the world, businesses turned to remote and digital workplace solutions to meet the needs of a pandemic workforce. This shift to remote work caused workers to reassess their employment options and seek a more convenient work-life balance. According to the Adobe study, “Nearly 1 in 3 US workers under age 40 have considered changing their occupation or field of work since the start of the pandemic.” As it’s called, The Great Resignation is in part due to a changing work culture among the employed. Working remotely can offer many benefits to employees and has been shown in many cases to improve productivity. The rise of the digital nomad is an excellent example of how remote workers are taking advantage of digital workplaces to alter their lifestyles drastically. The demand for remote work remains high, and more and more entrepreneurs are starting their own businesses from home.
Digital Business Tools for Entrepreneurship
The demand for remote work solutions has spurred the SaaS (Software as a Service) market. Now, apps for online businesses are easily accessible and user-friendly so that anyone can start their own business from home. Entrepreneurs can start and run their companies quickly through their smartphones and laptops, no matter where they or their teams are located. Collaboration tools such as messaging platforms, video conferencing software, and document management systems are essential for digital business transformation. It’s easier than ever to use data monitoring and automation tools such as Adobe Acrobat, which are necessary for understanding and improving digital business models. Digital entrepreneurs globally utilize SaaS and the changing work culture to recognize their own career goals.
Changing Consumer Trends
The culture of work is changing, but consumer trends have shifted drastically since the beginning of the pandemic as well. More shopping is done online than ever, causing a significant boom in global eCommerce markets. The majority of that online shopping is done through mobile smartphone users. This means that marketers compete more than ever for the user’s attention through their phones. The rise of influencer and social media marketing shows how competitive the digital marketing space can be. Consumers will continue to search for eCommerce solutions to meet their needs during the pandemic, leaving digital entrepreneurs with open markets to conquer online.
2022 will most likely continue to see the rise of the digital Entrepreneurship as more and more of the global workforce goes digital and the demand for eCommerce markets increases. It’s never been easier to start a successful and efficient business from home.