The Growing Importance of Ecommerce in a Post-COVID-19 World

The COVID-19 Pandemic has penetrated deeply in our daily lives and thus certainly become the most draining topic of the current world economic status. Even when we are returning to ‘normal’ life after a long worldwide lockdown by various countries, the severity of the virus is not slowing down. The virus will follow us until we maintain social distancing and take precautionary measures.

The E-commerce field was already growing before this pandemic situation because of the high need for digitization of the local market. There has been a countless change that e-commerce has experienced in the last four months as a result of the pandemic. As stores closed, the urgency for online retail grew exponentially.

Faster and cheaper shipping times, increased return times, and access to more stock have put serious pressure on retailers to go one step ahead of their planned digital strategy to stay ahead of the times. As such, while stock remained limited for many retailers, consumers have had to adapt to a shift in lifestyle, as well as core to accept online as a leading platform for the future.

Post the condition of COVID-19 by falling for a month during the complete lockdown, the field is again taking a surge by providing the medical essentials and necessary items to the customers amid the critical conditions.“Coronavirus has forced a whole new wave of shoppers online that are unlikely to go back to their previous buying habits.

According to the article published by the ROI Revolution on the impacts of a pandemic on the e-commerce field, in a recent analysis of retail and online brands, Digital Commerce 360 found that brands that pulled back on marketing spend during COVID-19 are now seeing their online sales struggle. Brands that stayed on course with their spending have seen online sales steady out after an initial dip. Brands that aggressively pushed their spending are seeing unprecedented growth.'

While looking at industry trends can be helpful in informing your strategy, it’s also important to look at how channels are performing within different categories. Wholesale and retail channels, in general, are under-performing during this time in any industry. During this time, retailers who were able to double down on their direct-to-consumer initiatives instead of leaning more on brick-and-mortar stores and wholesale have seen online sales growth.

Focusing on e-commerce and direct to customers in a way that allows for a mix of both retail and online sales is how most brands are finding success during the time of COVID-19.

These growths and declines have been happening while consumer discretionary spending has dropped over 50%. With consumers spending less on transportation, travel, restaurants, and childcare in light of corona-virus, and strong discounts and ad placements being placed near essential items being sold online, non-essential e-commerce has continued to fare well despite this dip.

There are Various Ways to Prepare for Post-Pandemic Scenario:

• By visualizing the business direction - the rise and fall in the sales, responses of the customers to your business and to your competitor as well.

• Making the most out of the situation by studying up on new business tools that can help your business resume “normal” operations after this pandemic.

• Adapt to the market demands but keeping in mind your core business will revive after the pandemic. During this crisis, businesses that do their research and apply it to their customer journey will come out on top. Research products that are currently trending, and see how they have been selling.

• Be respectful of the pandemic, but take time to genuinely check in with your loyal customers, and remind them that you are thankful for their past and present business. Consider running a promotion at your online store for attracting new customers.

• Be ready for a pandemic strategy for the future to positively impact your business as these pandemics are certain to repeat themselves.

• The Digital revolution has swiped the industry off its mechanical feet. With so many mobile app development companies, it is pretty simple to have an application custom made to suit the requirement of your business.

The current situation will have lasting effects, one of which could be a persistent increase in e-commerce with many consumers hesitant to return to shopping in-store. Retailers can win in the long-term by looking at e-commerce as a key sales channel and identifying how they can make omnichannel order fulfillment better. This leads to the statement - “Pandemics may fade, but e-commerce will remain.”

It can be said for a fact that going online is the way to futureproof your business. Be smart and act quickly and remember that luck favors the brave. In case you have any doubt, please feel free to ask us.