Understanding the Pandemic Impact on Ecommerce in 2022.
Brands across the globe, on top of the health concerns, have had grave concerns over the rampant impact of Pandemic(Covid-19) on their sales, industry, and eCommerce as a whole. The sudden shift from Brick-and-Mortar to online stores has fueled eCommerce growth. With new variants of Coronavirus rolling in, You must have seen LinkedIn poles, people preferring to look for remote-friendly work as a safety precaution.
But eCommerce and retail businesses have begun to experience behavioral shifts in shopping habits! Indeed the crisis for one is always an opportunity for another. According to a report by UNCTAD, total retail sales increased from 19% to 26.7% in 2022.
- Pandemic has planked Ecommerce at Forefront of Retail
- Coronavirus Vs Ecommerce: The Latest Picture.
- Covid-19-Opportunities and Challenges for eCommerce.
- Opportunities for Ecommerce during Pandemic.
- Challenges for Ecommerce during Pandemic.
- Covid-19 Disruption-Strategic Takeaways for Online Retailers.
- What should Consumers Expect-5 Post-Pandemic Predictions?
- Pandemic has planked Ecommerce at Forefront of Retail
For better or worse, no industry has gone untouched by the pandemic. Since the bans are lifting, the world is awakening under the fear of a pandemic looming. The safety measures have presented multiple ways of staying safe and these all go through online retail.
Either due to strict lockdown restrictions or for fulfilling the necessities, the consumers had to adapt to digital transformation. Retailers, who have identified the trend and planned for a strong online retail strategy, had a better survival rate than their counterparts.
Every Challenge comes with Rainbow and Lights to Conquer it- Amit Ray
Coronavirus Vs Ecommerce: The Latest Picture
With the available data, it can be easily observed how the coronavirus pandemic has hammered buying behavior for online shopping. Meanwhile, the total retail sales declined during the second quarter of 2022.
Digital Commerce 360 Analysis of US Commerce Data reported Consumer Spent $347.26 billion in online stores and this shopping data is not only limited to US businesses but for global businesses too. Have you been able to get a responsive web app developed for improving your customer’s access and giving a great customer experience?
The retail giant Walmart, Sainsbury launched their online stores for their customers. It was identified in time that the shoppers are looking for safe shopping. The total sales of these retailers reported increased sales through their online stores. It shows that the customer’s preference is still buying sitting at home, saving themselves from contracting Covid and getting the best deals too.
Covid-19-Opportunities and Challenges for Ecommerce
The total retail has immensely increased for the first quarter of 2022 and reflects the current consumer behavior pattern. The SMEs shifting their sales online shall learn from the big retail giants leading the competition. Switching from in-store to online will not only save additional infrastructure costs but will also help you in reaching out to the global markets.
However, the pandemic has created uncertainties and has similarly influenced the market as back in 2008 but even during this disrupted process, you can find opportunities for leading your business to get high-intent customers reaching out to your online store.
Opportunities for Ecommerce during Pandemic
Buyers will prefer to stay at home and keep themselves safe. While buying from home, they may only know the big names and brands. But you need to ensure that you are identifying the needs of the buyers and offering the best quality at the most affordable rates.
- Know that there is an existent economic crunch and your buyers would like to get the best value for their purchase.
- Consumers are mostly panic buying. Make sure that you have everything in store they need and is getting short at big brands.
- Make sure that you are identifying the needs of the buyer. For this, you need to know your customer. A good web app can help you get relevant big data for future decisions. AI-based mobile apps are the best used for this purpose.
Challenges for Ecommerce during Pandemic
With opportunities comes challenges as in any expected scenario. Looking closely at the challenges you may face as a newbie in this business can help you to prevent failure. Here’s what you need to know
- Supply chain issues– You need to learn about lean eCommerce. Only stock up when you identify an increasing need for the product. Customer trends change and you may leave stocking up for unwanted products.
- Make sure you are offering flexible ways of payment and immediate delivery services. Customers getting their product within two days can be your loyal customers and may switch Amazon for that!
- The surge in online orders is heaping pressure on businesses to fulfill them. Make sure that you are updating your website with additional features to engage in increasing traffic. Hiring a dedicated team for android and iOS apps has been in trend these days.
Covid-19 Disruption-Strategic Takeaways for Online Retailers
Look Ahead and Reframe your Efforts
Make a crisis plan and response for a strategy for Post-Coronavirus. You should be quick in this and come up with customer centric approach to pique user experiences.
Shift your Sales Channel Mix
Sales are shifting from Brick and Mortar, and Person-to-Person to online trends. Redirect your sales efforts to new channels including B2B and B2C. If you are new to the online world, consider selling at multiple online platforms like eBay, Amazon, and Ali Baba.
Respond to Needs
Changing customer needs are making room for innovation. Due to the crisis, many companies will shift their focus to defensive moves. Make sure that you know what your customers are looking for. You can get this information using AI solutions.
Offer Great Discounts
Due to the economic crisis, buyers are looking for the best deals. If you can entertain this need, you will be able to retain maximum customer attention.
What should Consumers Expect-5 Post-Pandemic Predictions
Since the pandemic is expected to stay until 2025, there is a chance of a shift in consumer preference and buying trends. Here is what you should expect from online selling and how much you can get benefits from it
Low-touch Economy will survive and Ecommerce will continue to Benefit
Since the pandemic is shaping up the buying behavior and the new wave of Omnicron has been raising alarms, online shopping trends are going to thrive successfully and safely until 2025.
Every Business will find a Way to Sell Online
If you are unable to find products, which you used to, shop in pre-pandemic, Rest assured due to the global online retail market you will be able to get a similar product at a much lesser price at your doorstep, Happy Shopping!
The Most Successful Ecommerce businesses will offer you great deals for Easter
If you were looking to buy something but were waiting to get the best deals. Easter is the time. You will get the best deals on Amazon. Successful online retailers know how to keep their customers happy.
To conclude, Coronavirus is a challenge to every walk of life. From businesses facing a bankrupt situation and with increasing unemployment, inflation, and economic crisis, buyers look forward towards online retailing as a savior and to getting the best deals within limited resources.
If you can offer quality services in keeping the minimum profit range, you can retain the loyalty of buyers for the long term. Make sure that you can know your customers and apply the Walmart rule, sell maximum at minimum prices and increase sales to bring major revenue.
Your quick decisions and focusing on alternatives like outsourcing your development needs can bring immediate and effective solutions that will not only provide you with the solution but will be your partner throughout the product life cycle.
Look no further, DIVSYNC offers unique fusion of dedicated team model and project management to expedite development process. Our customer-centric, battle tested strategies is all you need to become word of mouth, talk to the developer directly!