We are stuck in the pandemic for almost a year now. The harm on retail is quite obvious due to the global pandemic caused by coronavirus. It doesn’t matter what your business model or chosen distribution platform is for the first time in history. Any company is forced into a position where it has no other option. Either maximize your online sales or face extinction. In the middle of covid where are forced to shut ourselves up inside our homes no physical interaction with people or customers businesses don’t have any other option rather than introducing their business and strategies through online platforms.
Effects of Coronavirus on E- Commerce Industry
More people have bent towards online shopping as there is no other option too due to covid. people tried for new shopping behavior as some of us shy away from buying things online due to numerous reasons and some people think it’s difficult to shop online but now when people have figured out that shopping online is a piece of cake because of the pandemic . There are more customers. Even the most adamant brick-and-mortar shoppers were compelled to shop online in 2020. In a recent McKinsey Company study on “US customer sentiment during the coronavirus epidemic,” 73 percent of respondents said they tried a new shopping behavior during the coronavirus pandemic. This is also true for corporations. Businesses that previously focused on other markets have rapidly shifted their emphasis. Any of the most recent events involving the world’s most well-known brands can help us figure out what’s really going on.
Amazon reasserted its dominance in eCommerce by reporting a stunning 35 percent increase in net revenue year over year in the first nine months of 2020. Amazon is creating 7000 jobs in the UK alone by the end of the year, with similar projects in other global markets.
Shortly after the United States and Europe went into spring lockdown, Google and Facebook began competing with Amazon for market share (one of their largest, if not the largest advertiser). To captivate the customers Google listed their free shopping listings to the businesses globally. Then Facebook launched shops to invite more customers on their e- businesses to maximize their sales through Instagram and Facebook.
Lately you tube is partnering with its creators on integrating its e- commerce capabilities and trying to sell their products though live streaming. For years, China has been a leader in the live streaming ecommerce trend. Also TikTok, a platform whose users are often too young to have any purchasing power, is partnering with Shopify and exploring additional ecommerce options.
Since most major retailers shut their physical stores on Thanksgiving, the US holiday season of 2020 may be the next big boost for eCommerce. In addition, as the strain from decreasing brick-and-mortar sales fuels further online price wars, several brands are extending Black Friday pricing weeks ahead of time. As a result, Black Friday becomes Black November.
Five Things That Will Let Your Business Grow In Pandemic
- Increase your marketing efforts: I tell this first because I’m sure you’re tempted to slash your digital marketing budget. Cutting costs is a fair thing to do in difficult times, but marketing is the worst department to turn to for cost-cutting. Keep in mind that the source of this apprehension is external. The general consensus is that people are waiting for the storm to pass. Customers will be ready to shop more as soon as the circumstances improve, which will most likely happen as quickly as they appeared. INVEST IN MARKETING.
- Make the necessary technological advancements: The best thing you can do is seek advice from your eCommerce development company. Consider conducting an audit of your online store – the best companies will perform a UX Audit or a Technical Audit. You’ll have expert results in a matter of days if you do it this way.
- Make it easier for people to purchase from you: People can appreciate everything you can do to make online shopping more convenient as they become used to stay-at-home lifestyles.
The following are some of the improvements that could be made:
Allow curbside pickup and click-and-collect
Use Buy Now, Pay Later services like Klarna to make payments in instalments.
Returns should be as stress-free as possible (check out the experience of a partner of ours that developed a custom Returns Portal).
- The emphasis should be on internationalization: It’s critical to pick the right shipping partner in this case. Try partnering with multiple shipping carriers – you’ll want to be able to switch between suppliers or even channels if any unforeseen changes in flying restrictions occur. It is impossible to overestimate the value of free shipping. Customers prefer faster shipping over discounts, according to research. As a result, any incentive you can offer in terms of shipping speed and quality will help you increase conversions.
- Pay close attention to mobile devices: Is there a significant increase in transactions made from mobile devices in your analytics data? Make sure your users can shop on your website from their smartphones so you don’t miss out on this global trend.
Mobile UX is unique, and mastering it necessitates a unique set of skills. See how our UK-based client Zee & Co. achieved a record-breaking 72 percent of revenue from mobile devices, earning them the Best Mobile eCommerce Award.
Whatever effect the Covid-19 pandemic has had on your company, you can rest assured that eCommerce technology is fully prepared for the current era. The best thing you can do is follow the experts’ advice.