July 9, 2020

How to find new business opportunities on the verge of a new global shift

A time of change and three suggestions to make the best of it.

From The California Business Journal Newswire.

“Global shift” is a phrase that we had not heard for some time, since “disruption” had become more popular in recent years, referring to sectors of the economy that showed clear signs of needing a business model makeover.

Now we seem to be heading towards something more, a new global shift. See for example what is happening in Michigan with the car industry: Ford, General Motors and Fiat Chrysler have all agreed to close their plants, according to AP reports. What is not going to close down is online gambling michigan, but this is by far not the only sector in which you can leverage the potential of the internet to launch your new business.

SEO experts are monitoring what is going on in these days with their clients. Among them, Neil Patel of Ubersuggest, a popular keyword search tool, has published some interesting data. Looking at two parameters, traffic and conversion rates, here are the sectors that are showing the most remarkable increases, meaning that you might want to investigate the possibilities of launching a new online business there:

Food

While ranking third in terms of traffic, when it comes to conversion rates “Food” shows a spike that no other sector can even come close to. “Food” is selling online. An easy guess is that this relates to a massive increase in online orders for food deliveries at home. From groceries to prepared meals, urban populations are clearly relying on these services even more as they need to stay indoors for safety reasons. Business opportunities here seem likely to open even more as the situation evolves. As a comparison, the item “Finance” comes a good third as far as traffic increase is concerned, but is heavily in the minus in terms of conversion rates. In other words, selling financial services online, despite the obvious interest from surfers, is taking a bad beating.

Healthcare and Pharma

These are actually two distinct items, but since they are evidently both connected to worries about health, they can be taken as a whole. With one observation: “Pharma” is much less successful than “Healthcare” in terms of traffic, but its conversion rates are nearly as high. This is showing us that customers are buying both services and goods related to health and that demand is rising.  Consider a possible combo for a new business idea, perhaps in combination with the following item of the list.

Media

Traffic generated by media sites is skyrocketing, and this is a no brainer considering the situation and the need of the public to keep constantly informed. When we look at the conversion rates for “Media”, though, the results are modest and way below “Food”, “Healthcare” and “Pharma”. Nothing surprising, with the mass of free media available on the Internet. Some quality outlets do have paywalls, but they are offering massive discounts in this period.

The bottom line: a really smart entrepreneur would think of combining a high quality media outlet with the delivery of the products and services to feed its customers and help them stay healthy.

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