Survival of the fittest.
Covid’19 call businesses to evolve
The pandemic has led the world into a huge economic crisis, changing lifestyles, also altering the perspective of the consumer. They now prefer a manner that is more reliable, safe, convenient and eCommerce has aced in
this area of expertise. Due to this pandemic, the intentions towards the online channel is drastically changing, the shift is likely to stay post-pandemic. While some are struggling with short term reactions, long term
responses are the ones who will make winners.
COVID-19 has massively accelerated the growth of e-commerce, according to an Adobe report released. Total online spending in May hit $82.5 billion, up 77% year-over-year.
Companies taking the timely decision and changing the direction of their business according to this behavioral change are more likely to succeed and will come out as market leaders post this pandemic.
lay out why long term solutions will result inprosperity because of this situation :
1. It’s all about convenience
We are all getting used to the ease which is provided us by the online mode. In a study, it was found out that the top reason for online shopping is because it is convenient,
so people are more inclined towards it. Which in turn is creating a lot of online consumer base.
2. Social distancing, a major priority
As the number of cases is still growing and relapse cases are also coming forward, people are more concerned about the precautionary measures and still want to practice
social distancing and this will promote online shopping more and more, leading to permanent change.
3. Impact on elders
As elderly people are more prone to this virus they are choosing online mode over everything. There are nearly 104 million elderly people in India (According to population census 2011)
and are expected to grow around 173 million by 2026. Which is quite sizable for serving on the digital platforms.
4. Dealing with logistics and competition
Due to this much volume, eCommerce contenders will provide lots of royalty benefits, increase their quality, and will focus on the betterment of the service. Which
will be beneficial for the customer, promoting word of mouth strategies. The competition will also urge the buyers to find the best deal online. Contactless delivery is a major concern and is now opening new doors for
the seller as well as the buyers.
A recent eMarketer report titled ‘Concerns May Boost Ecommerce as Consumers Avoid Stores’, which quoted a Core sight Research survey, said, “Shopping centres/malls were expected to be
the most-avoided places, but more than half of respondents said they would also avoid shops in general.
It’s high time that businesses need to take bold steps regarding capturing the market and emerging powerfully after the crisis, as this period is letting customers explore eCommerce like never before. This is a sort of
curving point for the eCommerce industry in India.
Few recommendations as far as the eCommerce reality is concerned is to :
• Explore the digital business model
• Invest in different digital
• Strengthen customer experience or UX
• Ameliorate your supply chain management
• Bolster your technological platforms
• Expand your organization
COVID-19 has caused an inflection in eCommerce penetration globally driven by consumers’ need for safety and convenience and even in India, online is gaining salience. We expect India’s
eCommerce growth story to be inclusive — one that empowers sellers and consumers both, said Bain & Company.
No matter how attractive your product is, to succeed in eCommerce
you have to have the most efficient marketing strategies. Here are a few ways that will help the seller in the most effective manner.
1. Generate an SEO blueprint
With search engine optimization your brand can become a top result with the help of certain keywords and can ultimately result in online search. Add content to your social
media platforms such as product description(For best Product Description check out https://www.descrii.tech ), blog post, etc.
2. OptOmnichannel marketing
This approach means that your business provides consistent experience, no matter how the customers shop. Using this you can blend your content on different channels.
3. Make it mobile friendly
At the close of 2020, it’s estimated that consumers will spend $2.91 trillion purchasing products from their mobile phone. Mobile commerce sales are expected to increase to
$3.56 trillion by the end of 2021. Optimize your website for mobile browsing with little augmentation. And provide a simple experience to the customers.
4. Avail discount based on different strategies
Online buyers are very eager to take advantage of the discounts that are available and it can change their mind to actually buy the product. Ensure you
still make profit while giving them various offers.
5. Expansion for your products/services
Increasing your product line is bound to increase your sales. Add different products or enhance the qualities of the existing products or you can even improve
your services. By this you can also overcome your competitors.
6. Swell your customers
With aggressive marketing, you can easily increase your target audience. The more exposure your business gains more likely it will be successful. This is very crucial as “Customer
is king” and your whole revenue depend on them.
7. Relation with loyal customers
You have to strengthen your relationship with the existing customers. Keep in touch with them, give additional facilities to them so that they remain loyal and promote
your business, as happy customer tends to say good things about you to others.
8. Modernize your software
Everybody has this habit of using simple structures rather than the complex one. So make sure your software is easy to use and gives an effortless shoppingexperience to your
customers. An efficient order processing and a site that’s easy to navigate is all you want.
In summary, businesses need to be vigilant, proactive, and
practical to show their strong presence digitally, if they have to survive for the long term in the race. As we are well aware of the fact that Covid’19 will permanently re-shape eCommerce, separating winners from others,
it should be one of the top priority. It’s challenging but with the right vision, it’s achievable. So contemplate wisely!