Coronavirus, also known as Covid-19, hit planet earth a few months ago. Fast-spread, this virus infected the whole world. Schools, universities and businesses including e-commerce were forced to shut down by the government, leading to one of the worst economic crisis after the Great Depression. Due to the pandemic, companies were forced to take their businesses online in order to survive and employees were working remotely.
How will businesses thrive with the presence of the virus?
The State of E-commerce during Covid-19
E-commerce owners were prepared for the pandemic long before it ever happened. They did not hire a psychic if that’s what you are thinking of. They understood the future of online shopping and invested in their company’s growth. Nowadays, online shopping is the only way for consumers to buy products.
According to analysis provided by Covid-19 commerce insight, based on the transaction data of 2.500 brands across 100 countries, ecommerce firms are so far holding up in Europe and the United States. As consumers depend more on ecommerce and become increasingly accustomed to the convenience of online shopping and clean delivery, we’ll likely continue to see ecommerce grow in the coming months and years.
The power of E-commerce
These very challenging times are being led by unpredictability. Social distancing and mandatory store closure led businesses into rethinking their strategies and turning them into e-strategies. If you haven’t moved your business to an online platform, you are losing time and money. The five reasons below will tell you why:
Save Money by Building an E-commerce Website
According to a survey from Main Street America, nearly 7.5 million small businesses will shut down permanently if business continues to decrease due to coronavirus. If you add the rest of the world, the number will be much higher. Despite these critical situations, the show must go on. By building an e-commerce website, business owners will be able to save a lot of money. Labors and rental space wouldn’t be needed. So, you wouldn’t have the problem of writing big paychecks at the end of month and you can work from the comfort of your own home!
More Web Visitors in COVID Times
Since social distancing is a must, more people are now shopping online for new product categories: starting with groceries and ending with dumbbells. So the idea is not just a rise in online purchases but in the nature of the demand. It is no surprise that a variety of websites will have a high increase in traffic which will automatically increase their revenues. Below you can see a list of top retail websites by traffic in March 2020:
Bigger Customer Insight
The existence of the virus has led to a major change in customer insight. Their needs, preferences and behaviors have completely shifted. Now websites will welcome a larger group of visitors. It will take a while to understand your customer’s moves. With a little analysis and observation, you can predict what products or services the people at home are in need of. It is extremely important to use AI in your study because it can make your customer insights traceable. Your marketing team would know the exact time to hit them with an offer. Gartner predicts that around 80% of all customer interactions will be managed by AI technologies by the year 2020. Companies use AI to put relevant offers and items in front of their customers. So, they win BIG! For example, Amazon attributes 35% of its revenues to AI-interventions using terms like “recommended for you”, “customers also bought” and “related to this item”. Now is an unprecedented moment so every marketing decision can make it or break it.
Communication through Content in COVID-19
Communication has always represented a big part of businesses’ sales revenue. Varying communication platforms allows access to a large number of people. Social media is the go-to stage for communication. Discover what the new normal requires by posting content on your Facebook, Instagram and Twitter account. This can assure your audience that you are aware of the difficulties and you are there for them.
Sprout Social made an analysis and discovered the best times to post on:
- Facebook: Every day at 11 am.
- Instagram: Mondays, Tuesdays, & Fridays at 11am and Tuesdays at 2pm are the best times to post.
- Twitter: Fridays at 7-9am are the best time to post, with activity peaking at 9am.
The more you communicate, the more people will identify with your brand. All you need is a little bit of flexibility and a good sense of analysis to adapt your content to your customer base.
Global Delivery in COVID-19
Globally, people are spending time at home more than ever because of the dangerous pandemic. So, the world of the new normal requires a lot of shopping and delivery. And not just locally, I mean internationally. With e-commerce, you can have access to whatever you need at any time. The availability to have everything delivered to your doorstep makes the world of e-commerce a little more special. If you want your customers to trust you, the products must be delivered as promised: in one piece and on time. When looking at how to increase your sales, never forget the power of delivery.
The idea of staying home for an undetermined period of time requires a high demand in all types of products and services. If the world seems to be falling apart at the moment, you can’t sit back and watch your business collapse. With e-commerce, you can save up money. Well-studied e-strategies can not only help you succeed but earn you a spot in the world of online business.