Despite the economic challenges of the COVID-19 pandemic, a new study by Adobe Acrobat shows a significant increase in digital entrepreneurship in the last two years. How are these remote entrepreneurs building successful businesses online, and will this rise in new digital companies continue?
Here are some of the key takeaways from the Adobe Acrobat study and what you need to know about the state of digital entrepreneurship in 2022.
The COVID-19 pandemic saw many businesses close for good in 2020 and 2021. However, Adobe Acrobat did a study that reports, despite this loss, “there were 1,559,950 new business applications submitted from July to September 2020 alone,” an 82% increase from 2019.
This increase in new businesses showed the market gap created by the pandemic economy as certain companies failed and industries were pushed to transform to meet the pandemic’s demands. With these economic challenges came opportunities as economic sanctions made it easier for SMBs and startups to secure funding for their businesses.
Digital entrepreneurs everywhere were able to start their own businesses and take advantage of a changing pandemic culture to find business success.
Access to Digital Business Solutions
Not only were there new funding and market opportunities, but digital entrepreneurs were finding more and more digital business tools to help them run successful remote companies. As the demand for remote work and digital business solutions increased, SaaS (Software as a service) and other digital business tools became widely available.
Digital business transformation became widespread as online collaborative and automation tools and website and eCommerce builders made creating new businesses more accessible than ever. Now, companies can efficiently and effectively run from a remote workforce.
This digital business wave opened an avenue of success for many work-from-home entrepreneurs looking to start their online businesses. Entrepreneurs worldwide can now quickly go online and learn all they need to know to create their own successful online business.
Marketing and Consumer Trends
As more businesses went online, so did consumers, as online shopping increased more than ever during the pandemic. Adobe Acrobat reports, “In 2022, mobile e-commerce sales alone are estimated to reach beyond $432 billion; this is up from $148 billion in 2018.” More consumers are turning to eCommerce businesses, opening a whole new market for digital entrepreneurs.
Digital marketers also see new market opportunities as the demand for the consumer’s attention grows more competitive. The rise of social media and influencer marketing shows how marketers are getting creative to reach the attention of the new generation of mobile consumers created by the pandemic.
As mobile users increase, marketers can more directly reach the consumers through social media and targeted advertising. These changes in consumer habits and marketing strategies have led to tremendous opportunities for digital entrepreneurs to reach a broad audience and, in some cases, rapidly grow their small businesses.
Remote Work Opportunities
One of the most significant changes from the first two years of the pandemic was a tremendous demand for work-from-home opportunities. Not only were jobs lost as businesses closed, but employees were quitting their jobs at an unforeseen rate.
According to the Adobe Acrobat study, “The rise in remote work flexibility during the pandemic was a stepping stone to digital entrepreneurship for many.” Reassessing their work-life balance and how work can be done from home, many entrepreneurs could commit more time to their business endeavors and find success.
The demand for remote work options continues to be high as more and more small businesses find success through digital workplaces.
The pandemic presented unique opportunities for digital entrepreneurs to find success while other businesses fell out of the market. Digital entrepreneurship will continue to increase as more business is done online and the world continues to recover from the COVID-19 pandemic.