MOVEMENT OF E-COMMERCE BUSINESS ONLINE DURING COVID-19
.The pandemic was a life-changing condition for the world.
We all adapted to the new lifestyle with masks, social distancing, and virtual meetings/classrooms. It not just impacted our lifestyles but also thrust us to accept Digitalization.
The growth of COVID-19 cases and its consequences (lockdown) had raised concerns about health conditions and accelerated the change in the mindset of consumers.
The rapid build-out of the E-commerce sector during Covid-19 had gained attention globally and shattered the impossibilities. It led to an expansion of E-commerce towards new firms providing the customers with access to a prominent variety of goods & services from convenience by ensuring safety which has enabled firms to continue the process despite restrictions and measures.
The E-commerce companies are reworking their strategies and deploying multiple technology solutions to meet the rise in many consumer needs as the demand continues to grow with a 36% rise, compared to the pre-pandemic situation. The offline ventures and the small businesses have developed their brands by moving online.
At the beginning of the pandemic, E-commerce companies sold only essential items such as groceries, health care, and pharmaceutical products. As time passed, restrictions gradually loosened.
Change is inevitable hence we have to adapt by reacting to it in the right way. From a business perspective, the company had to adjust its strategy and direct its efforts to secure the consumer demands. It is a challenging period with more opportunities.
The company had to set targets for the expected results, build its internal business case, and chart technology by implementation roadmap.
Here are few key points to be considered as a push to re-plan E-commerce business during the pandemic:
1.Know your target audience for choosing the channel to promote/market.
Even though consumers and sellers cannot meet face-to-face, understanding their preferences is critical. There are limitless ways to reach a consumer as it is not a hindrance for promoting the business. The age group of your customer is the significant factor to choose the channel. Instagram, WhatsApp, YouTube, Facebook, Share chat, TikTok, and the list goes on.
2.Inventory Management.
Meeting the consumers at the right time builds goodwill and satisfies the consumers. The pandemic is a crucial time as there are more restrictions on transportation. Hence it is required to pre-plan the quantity to meet the demand by ensuring on-time delivery.
3.Data-driven.
More data translates into better insight and allows us to understand the consumers. The data assists the business to know consumer preferences, where it is originating (affiliate or wholesale demand), browsing sales, and personalization to deliver big.
4.Tools & Technology.
The business proves to be happening much easier because of technology. When more personalization tools are added, it helps to respond faster which results in long-term loyalty. Tools such as 3D Visualization allow customers to feel a presence at a physical store.
5.Promotions.
. Affiliate marketing is one among them which influences the customers. This excites them as there is an individual who gives a real time feedback/testimonial about the product/service.
6.Surprise the consumers.
Expecting something unexpected is always special. Reaching consumers with surprise and delight excites the consumers and helps the business understand the consumer response. Providing generous offers, new products, service, delivery, and content shows your customers that you care.
7.On-trend with quality content.
Fresh content makes it relatable. It is necessary to understand the trend and be updated to run in the market. Less-than-perfect content often works better for connecting with your customers, especially with the digital generation.
8.Sales on different channels.
Hack to succeed in E-commerce business is to reach customers in every possible place and make a deal. Many E-commerce websites help the other sellers to sell their products. It is a great opportunity for the sellers to study their competitor’s pricing and features. Examples: Amazon, Flipkart, Snapdeal, Myntra.
9.Communication is key.
It is essential to communicate to customers about what is happening in the business., new product/service, pre-order details, delivery details, delay in responding, etc.
10.Customer service.
The journey starts at the end. Retaining the customers happens only when we reach out to them even after the sale ends. Customer support acts as a thread where the customer has the liability to get back anytime.
We’re living in the reality of the digital age, where E-commerce has sparked economic nationalism among consumers and has provided alternatives to satisfy their needs. Needed measures are identified for both developed and developing countries to eliminate challenges.
E-commerce has helped thousands of people with job opportunities even from staying at home. More and more customers now appreciate the convenience of online shopping.
