No sector has escaped the impact of COVID-19, for better or worse. Yet, the COVID-19 pandemic elevated eCommerce to prominence in the retail industry. Overall, it seems that eCommerce is doing well during the pandemic. Buyers being unable to visit a physical store, can purchase online instead. However, nothing is ever that straightforward.
“Every struggle has sunshine to help you overcome it. The pandemic brought attention to the significance of digital transformation. Retailers with a solid eCommerce strategy are more flexible than their typical rivals, giving them a higher chance of sustaining supply chain crises,” connotes business analyst and small business loan provider Shane Perry of Max Funding.
So, how precisely is Coronavirus altering the existing state of eCommerce? What will the long-term picture be like?
Let’s look at some statistics, projections, and ideas for adapting your firm to the new normal.
Impact Of The Pandemic On Global Consumer Behavior
As pandemic-related business limitations preventing in-person operations spread around the globe, companies resorted to pandemic-proof online stores for survival. Consumers worldwide couldn’t get enough of their favourite websites with 44% of global digital purchases and online marketplaces with 47% of international digital assets. Businesses in Brazil, Spain, and Japan witnessed the most remarkable boost in online sales due to the pandemic consumer movement to digital.
Cross-Border Ecommerce Began To Expand, Boosted By Pandemic
According to the research, COVID disease outbreak business limitations have forced a worldwide corporate radical shift to the digital economy, which has harmed conventional business models while simultaneously offering possibilities via online sales expansion.
Evidence reveals that eCommerce sales have increased globally despite the apparent economic damage. The effect of the pandemic on worldwide eCommerce revenues, with an extra 19% sales growth in 2020 and an estimated 22 % sales growth in 2021 to the current 9% and 12% regular projected sales growth rates.
What Does This Mean For Business Owners?
The overall effect of COVID-19 on general online business growth rates is still impossible to predict. What is known is that the outcomes will not be the same in all areas. This will be determined by various factors, including the speciality, changing customer behaviour, and how long cities must maintain social isolation.
- The Low-Touch Industry Will Keep Growing, And Ecommerce Will Profit
Compared to 2019, the eCommerce business has nearly doubled in size. People would instinctively minimise the danger by avoiding shopping in person, yet after COVID-19 gradually subsided.
- More Businesses Will Figure Out How To Sell Online
Businesses that did not have an online store were compelled to adapt and move their brick-and-mortar operations online by building an eCommerce website. Wise business owners will not fall into that trap of being limited to physical stores in the post-COVID-19 age.
It will be essential to measure success by creating a functional eCommerce website where people can buy your products or avail of your services as a precaution against another future pandemic.
- Existing eCommerce Businesses Will Maintain Tight Control Over Their Supply Networks
The pandemic forced many eCommerce websites to reduce orders as demand skyrocketed, and the promised delivery time of 2-3 days expanded to 2-3 weeks. Massive delivery inefficiencies were a prominent side effect of COVID-19’s arrival, and many online businesses did not foresee the impact on the sales and demand as they saw it.
- eCommerce Platforms Will Be More Essential Than Ever Before
Amazon’s decision in March to concentrate primarily on delivering basics left Amazon-dependent businesses reliant on fulfilment providers in the dark. Selling on numerous marketplaces is still worthwhile, but those who trade through their website will do better and have a higher chance of success.
The dominance of Shopify will continue to increase, posing a growing challenge to Amazon’s eCommerce sales volume. Shopify made tremendous progress in its strategic connections from March to June 2020. With these, Shopify will obtain a larger market share due to this collaboration than eCommerce behemoth Amazon. Hence, if you’re thinking about building an online store, a Shopify store would be adequate.
What Should You Do As Online Retailers and Advertisers?
1. Refocus Your Efforts By Looking Forward
Prepare a crisis response strategy for your online store. Give importance to your plans, particularly your post-Coronavirus approach. Your eCommerce website must be user-friendly and responsive to changing situations.
2. Change The Way You Sell
In the impacted areas, person-to-person and brick-and-mortar shopping are already limited. Refocus your sales operations on new channels, including B2C and B2B businesses. Consider moving your business online if you’re selling locally. Use different markets if you’re currently engaged online, such as eBay, Amazon, Bol or others.
3. Use Your Creativity On Social Media
Maintain contact with your community and support clients or customers in need. They will appreciate it and may return the favour when they are able.
4. Innovative Responses To Emerging Demands
New consumer needs may also need innovations. Many online stores will concentrate on defensive measures when faced with a crisis, but it’s best to focus on emerging opportunities.
5. Use Your Resources To Boost And Maintain Demand
Maintain or increase your marketing and sales strategies in the near future. For an online store, social commerce appears to be a better option than push marketing.
6. Rethink Your Discounting Approach
Discounts do not have to be sizable to attract customers. Most of the time, smaller deals and category-specific offers do the trick.
7.Cultivate Customer Loyalty
Customers are loyal when they feel valued. Surround yourself with like-minded individuals and collaborate closely to increase customer loyalty. Be supportive and responsive to their needs, particularly during this time of uncertainty. Demonstrate that your online store is reliable and trustworthy by providing high customer service at all times.
8. Invest In Marketing Automation
Marketing automation allows you to reach out to your audience and target potential customers. Invest in tools that can help you build targeted marketing campaigns and promote your products or services more effectively
9. Use Live Chat To Answer Questions About Illness Prevention
As the pandemic continues, many consumers will be looking for information on how to protect themselves. Consider using live chat or other communication tools to answer questions about illness prevention and other Coronavirus-related topics. With the right marketing strategies, your online store can weather this crisis and emerge stronger.
10. Stay Up To Date With Industry Trends
As the situation evolves, staying on top of industry trends and developments is important. Read online publications, consult with experts, and network with other online retailers or advertisers to ensure your business remains competitive in these challenging times. Whether you’re a new or established eCommerce retailer, adapting to change is key to
Build a Business That Withstands Uncertainty Today!
Many online businesses face new hurdles due to the COVID-19 pandemic. We’ve seen an increase in concerns about individuals and companies that are financially vulnerable. The outbreak has affected all facets of life and business, from monetary loss to rising unemployment.
Nonetheless, some businesses seem well-positioned to profit from the outbreak’s changes in customer behaviour. Instead of panicking, maybe this is the opportunity for companies to adjust their strategy. There are still possibilities accessible; all that is required is for them to be identified and used.
