COVID-19 Shakes eCommerce: Here Is What Every Entrepreneur Should Know to Adapt
The coronavirus pandemic has had a significant impact on e-commerce. Moreover, the volume of changes, both positive and negative, varies depending on the niche and activity field. In this article, we will find some tips on how to adapt to changes in the business.
Forced to Digitalize
COVID-19 had a significant influence on the field of electronic commerce, especially with the introduction of a self-isolation regime. Not surprisingly, while the world is in quarantine, there was a sharp increase in online sales and an influx of new customers in e-commerce. While online shopping has become commonplace for Millennials, the COVID-19 pandemic pushed the older generation to shop on the Internet, too, many of whom took this opportunity for the first time. Thus, in January-February, the share of online shoppers in China in the age category over 45 years old increased to 27%.
In a situation where a business is faced with immediate digitalization, it is worth paying attention not only to what online customers buy but also to their online shopping behavior.
Many brands fall into the trap of viewing e-commerce only as one of the sales channels or a secondary application for offline stores. At the same time, the Internet has a significant impact on consumer behavior. Impulse purchases give way to more informed decision-making during online shopping, as users have time to search and compare products before making a final decision. In a competitive e-commerce environment, it is essential to engage consumers and improve your service. It’s time to realize that the digital sales channels live by their own rules, and now is an excellent time to leverage them for boosting your brand.
Adapting to New Reality
The crisis is the best time for innovation. Due to the pandemic, many brands are forced to adapt to changing circumstances and allow customers to gain experience interacting with the brand online in new creative ways quickly. E-commerce has become an essential channel for communicating with customers during quarantine for business in any industry, whether it is a fitness center offering online classes or a beer brand with a virtual bar.
Many companies will review their budgets in light of the crisis. Many will resort to e-commerce mobile app development to create applications for their stores. In any case, this is a critical time to develop long-term profitability tactics. Here are some to consider:
- Performance Management
A complete refusal from PPC campaigns, which are one of the primary sources of new customers for many brands, can cause enormous damage. What’s more, if other brands stop advertising, there is a chance to get a higher CTR and lower CPC. Thus, it is recommended to optimize the performance of advertising campaigns rather than refuse them overall.
- E-commerce Mobile App Development
During self-isolation, a mobile e-commerce app is experiencing a new peak as a tool for purchasing, and there is a chance that you will get new coverage through this channel. Thus, don’t hesitate to hire app development services and build your mobile e-commerce app.
- Preservation of Organic Promotion
SEO is a long-term strategy that should not be discontinued. Search engines are likely to tune their algorithms further so that users get the most relevant information. Therefore, it is not worth ignoring proper organic promotion and stopping work in this area. Ensure you get found during the organic search, which is the most viable way to attract interested customers.
- PR Activity
The Internet is full of coronavirus information, but digital PR activity should not stop during this period. There is an excellent opportunity to contact reporters with unusual news stories that distract the public from the leading news. Also, this is a good time for brands to demonstrate their social responsibility that will get you a bonus in the form of additional media coverage.
- Creating Useful Content on Social Networks
A boom is expected in social media platforms. In a way, it is already happening, as many users stay at home and connect to friends and coworkers on social networks. This is a great time to rethink the brand’s social media strategy or begin to implement it if, for some reason, it was not present in your marketing strategy.
Actionable Insights for E-commerce Players
The future still seems vague and unpredictable, but one thing is clear right now: e-commerce will stay with us for a long time as the pandemic only spurred its dynamic development. If you are planning to launch online sales or are already actively engaged in e-commerce, remember the following:
- Consumers are closely monitoring their costs. While financial instability reigns in the world, many consumers pay more attention to their expenses. Thus, reconsider your pricing or consider offering discounts or other great deals to customers.
- Direct sales and subscription delivery are actively developing. The pandemic has pushed many brands to switch to direct sales to consumers. Now is the best time to test this model without criticism, which you might encounter in normal times.
- Your website for online sales is more than just a store; this is a valuable opportunity to build a brand. Add video content to the site, for example, online consultations or videos in the question-answer format. This will allow you to build relationships with customers. Don’t forget to adapt your m-commerce marketing strategy: monitor consumer behavior on your site and configure it according to their habits.
- Do not forget about clients’ needs when placing an order. Consumers value convenience, flexibility, and choice of delivery options. By offering all this to your customers, you encourage them to buy again.
- By investing in your online business, you can ensure its readiness to meet new customer needs and realize all the opportunities that arise.
The pandemic covered the world swiftly like a whirlwind, turning business processes upside down and forcing companies to adapt to a new reality urgently. To survive, many businesses were forced to take urgent measures in response to changes, whether it was the launch of online sales, the transition to direct interaction with customers, or a creative approach to communication with consumers.
Remember that the online store’s effective functioning can only be carried out if all the elements of the project are in complete harmony with each other and their operation is carried out in strict accordance with the business plan.