Covid -19 and the Surge in E-commerce Growth
Consumers Unlikely to Stop Using E-Commerce Stores After the Pandemic Ends
The coronavirus pandemic forced consumers to turn to online stores to purchase food, services, and goods. Many of them are unlikely to go back to brick-and-mortar stores, even after the pandemic ends. Given the amazing benefits offered by the pickup in-store and home delivery options, most consumers are reluctant to go back.
It’s the reign of the e-commerce sector right now. Consumers are using e-commerce stores for their shopping needs in increasing numbers due to the social distancing norms in place around the world. Regular stores and companies are making efforts not to be left behind in this race. Statista indicated that the online sales figures of DIY materials, building materials, electronics, and household appliances hit record levels during the peak of the COVID-19 pandemic in the Canadian market. Sales skyrocketed by over 587% between March-April, a phenomenal jump when compared to the figures for the same month last year.
Businesses with e-commerce facilities are making it big; others see a massive fall in sales
Companies that already had a reliable e-commerce infrastructure network and online presence are seeing incredible revenue growth. On the other hand, businesses that made no effort to create an e-commerce network during the pre-COVID era are suffering immensely, with their regular customers moving away to other options.
What About Businesses That Cannot Sell Their Offerings Online?
A lot of retailers are developing their e-commerce capabilities to initiate online operations. Numerous manufacturers, distributors, and service providers are making direct sales online as well.
Short Term and Long-Term Strategies for Business Owners
Companies and businesses around the world have been afforded an important opportunity to reinvent themselves for the current business landscape. The COVID-19 pandemic and subsequent lockdowns have caused numerous short-term and long-term social, technological, and economical effects around the world.
Think about the following: What’s new with your markets and industry? What trends and changes are expected to take place in your industry? Do you know how your suppliers and clients are going to change? What about competitors? Will tech upgrades be enough to help you thrive under these new conditions? Do you need to set up a new digital marketing campaign and a robust transaction platform to boost growth in the figure?
Additionally, e-commerce giants are all about easy, free returns and fast shipping – these facilities are not cheap. How will you be packing and shipping your orders? How will customer service be handled?
Once you’ve deployed a short-term management plan, you’ll need to develop an action plan reflecting the changes in both the short and the long run.
- Establish a sound strategy with the help of veteran e-commerce experts and your team members.
- List the changes your business is going to undergo soon and develop a roadmap for the future.
- Always communicate your plans to your employees. Create your plans and modify them accordingly when you come across relevant information.
The COVID-19 pandemic has changed the status quo completely. The future belongs to those companies that have learned to capitalize on the opportunities unlocked by this pandemic.