The covid-19 pandemic has had a huge impact on every life and all the industries across the globe. It has been a year now, but still, things have not normalized completely. If it will ever be the same as before or not, is a question to which no one has an answer. Governments all across the world are striving hard to keep their countrymen safe and also trying to keep the economies stable. Microbusinesses have been affected the most financially. They are compelled to adapt to different methods of selling their services and products. As we near the end of this pandemic, there are various approaches that businesses can take to make the most out of their situation.
This pandemic has made it mandatory for all businesses to go digital irrespective of their business model. The situation is like, either go digital or risk shutting down your business. The shift to digitization is something that will not end anytime soon. You may wonder how you can benefit from this sudden rise in e-comm. With so much still going on, you may be confused about what and how to focus on.
In this blog, we show you how covid has impacted e-commerce and what can you do to stay ahead of your competition by leveraging the power of digitization.
How Covid impacted e-commerce?
Even the most hardcore offline buyers/customers were made to use the e-commerce platform for shopping during 2020. That has made them realize that online shopping is even better, as they didn’t have to wait in long queues and they could have the product/service delivered to their doorstep. This has benefitted the businesses as well, as they have a wider reach and can target potential clients anywhere across the globe. Let us have a look at a few things that happened with some of the world’s largest brands during the year 2020.
E-commerce giant Amazon maintained its worldwide leadership by posting an extraordinary rise in its net sales by over 35% year-over-year in the initial nine months of the year 2020.
As the United States of America and Europe announced the nationwide lockdown, Google & Facebook tried to capture Amazon’s market share. Google did this by facilitating Google Purchase listings to companies worldwide. On the other hand, Facebook introduced shops for e-commerce businesses to market and sell their goods on Facebook &Instagram.
YouTube has partnered with its community members to enable users to buy goods featured in live videos online. This concept is called live streaming e-commerce and, it has become popular in countries like China for quite some time now.
E-commerce status after Covid.
Some feel that the boom in e-commerce will gradually reduce the importance of physical stores even after Covid. But, that is not entirely right. Any omnichannel retailer will say so too. You too can think about it. Will you always prefer to shop for clothes or shoes or anything else online? The answer is definitely no for most people. In-store shopping gives a different and more realistic experience. People enjoy going out and shopping at times. Hence, it is necessary for both offline and online shopping to co-exist.
It has been predicted that by the year 2024, e-commerce sales in the USA will comprise 19.2% of the total retail spending. You should not think of taking your brand or business as an option anymore. Rather all the brands and businesses should go digital and experience the best of both worlds. Those businesses that have not yet leveraged the power of e-commerce still have enough time to do so and profit from it. It does have a lot of potential. 3D eCommerce solutions can help you create a more immersive and engaging shopping experience for your customers, which can lead to increased sales and conversions.
5 Things Your Business Can Do To Thrive.
- Increase your spending on marketing.You may think that cutting down on your marketing costs is the best thing that you can do in such uncertain times. But it really isn’t. You can think of cost-cutting in some other departments, but marketing is the worst choice. Keep in mind that the current uncertainty is due to an external reason for which your organization was in no way responsible. Once this storm passes and the conditions get back to normal, your clients will definitely come back to you to shop for more. That’s why we say that this is actually the best time to spend money on your marketing campaigns so that you benefit from it when the situation normalizes.
- Have important technological developments in place.If your brand already has an online platform for shopping, you can consider reviewing it. You can also think of hiring an e-commerce development agency that can guide you on that. Many good agencies offer a UX Audit that helps you understand what all things have to be improved in just a few days. For example, you can invest in great content. Say you have an online store that sells clothes, you may consider putting the best images, videos, and a complete description of each product that will help you generate more sales. Thus, increasing your returns.
- Enhance the buying experience of your customers.People have gotten used to a new lifestyle all thanks to the Covid pandemic. They will like anything that can ease their online shopping experience. As an e-commerce brand, you may consider the following enhancements:
- Try to get international.When you are trying to go international with your brand, you must select the best shipping partners. You need to partner with not just one, but many such shipping carriers so that if an unforeseen situation arises you are capable of handling it well. It has been observed that many times customers prefer faster delivery as compared to free shipping and discounts. Hence, if you provide the best quality products faster that will surely lead to conversions.
- A smartphone is an important tool.You may have used an analytics tool like Google Analytics to check the performance of your website. You must have observed that the number of transactions via smartphones has only increased these days. People tend to shop when they travel and for that, they use their smartphones. Hence, you need to make sure that shopping on a mobile and computer website is equally easy. You can also develop an IoS or Android app for your brand.
It doesn’t matter how this pandemic impacted your brand or business, you need to understand that e-commerce is something that will be here. You have to leverage it to stay in business. You should Hire a website developer who can help you set up the best website for your business. It’s time to go digital!