Profitable Business Opportunities for You
- BY Jaspreet Kaur
Feature Writer, BusinessEx
- Feb 05,2021
- 15 Mins Read
With the onset of the health crisis, the business landscape has dramatically changed. Several new businesses went out of business or reduced potential whereas some new opportunities have surfaced. The crisis has taught the significance of digitization, in turn, arising new opportunities in the ecosystem.
Unfortunately, 2020 was not a good year for entrepreneurs as they cannot endeavour to create a niche in the sector. The Indian market has contracted thereby, decreased business opportunities in Pune, Delhi, and various other places across the nation. On one hand, the market has diminished, on the other hand, a slew of opportunities have emerged that changed the business course altogether.
If you are an aspiring entrepreneur, then here are some exciting business opportunities for you.
Logistic services played an important role in the pandemic-led lockdown phase of the country.
There was a scarcity of basic amenities across the nation. Logistics was the prime sector that was stressed upon for accessibility of resources. During this time, the industry was looking for penetration of new logistic players that can fulfill market demand.
Apart from the pandemic, there is invariable demand for the sector. According to a report by Statista, as of 2018, the ratio of profits from the logistics sector to India's GDP was around 0.01 per cent. The country's logistics sector is expected to grow rapidly over the next economic cycle, owing to a boost in the manufacturing, retail and consumer goods sectors. Overall, the country’s corporate profit to GDP ratio dropped from 7.8 percent to three percent between 2008 and 2018.
In the last year, organizations that can withstand crisis-led economic depression went completely remote. They started operating virtually and employed digitalization at the fullest. Thus, the health crisis was a blessing in disguise as companies started releasing their potential and adapted technology at a much faster rate.
Owing to this, there was a massive demand for It services also to streamline the customer experience and new normal. According to Statista's report, the IT-BPM industry contributed about eight per cent to the GDP of the nation. The industry also generated revenue close to $180 billion in 2019. Communication services and devices have been the dominant segments of the IT industry. The IT and ITeS firms of the country have set up over a thousand global delivery centers in about 80 countries globally. The industry has generated maximum employment in the private sector. It also made the country the leading offshoring destination for global IT companies.
The Indian restaurant industry has evolved over the past decade. The emergence of cloud kitchen has shifted the business landscape. According to an industry report, the global cloud kitchen market size was estimated at $0.65 billion in 2018 and is forecast to reach $2.63 billion by 2026.
Aspiring food entrepreneurs can now open a cloud kitchen which is a cost-effective business model. One does not have to make space for dine-in nor make haste for customer takeaway.
To start this business, you would have to comprehend and assess the dark kitchen industry. This tedious work can be minimized by procuring a running cloud kitchen. There are various running shops for sale in Delhi. Considering the budget, one can narrow down prospective shops and buy one that meets your requirement.
During the pandemic-led lockdown, the e-commerce industry was boosted and increased immensely. A customer shift was witnessed in that period as customers started ordering essentials online rather than buying from traditional shops. Owing to this, sales of e-commerce companies surged by thousand times in contrast with the pre-pandemic phase.
The scope of the e-commerce business is still wide. One can utilize this business opportunity and start one’s e-commerce website. For starting e-commerce, firstly, purchase a domain and then, display products on the site. Marketing is another important thing that can help accelerate the business. Invest money in online, as well as offline marketing, to receive better results and generate more leads.
These are some of the lucrative business opportunities that cannot go out of business even when the market sinks. If you know more opportunities like these, then share in the comment section below.
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