With over 200,000 cases of COVID-19 in the United States and global cases approaching one million, the novel Coronavirus has had a huge impact on people and businesses around the world.
And things are going to get worse before they get better.
Now that many states are quarantined or blocked, people spend more time than ever on the internet. In fact, the use of the internet has increased to 50%.
On the surface, it may seem like a golden age for e-commerce companies, but in reality the situation is much more complex. If you are a retailer, there is a good chance that you will already see big changes in your customer base.
Millions have already lost their jobs or had their hours cut off Economists are predicting that the US economy will take one $ 2.7 trillion reached. Chances are, we are towards a global recessionFast fast.
As a result, while people spend more time than ever online, even e-commerce companies are being affected by COVID-19. Whether it’s manufacturing issues, product shortages, shipping delays, or an uncertain customer base, the Coronavirus novel is hitting retail businesses.
If this all sounds a little too familiar, this article is for you. Let’s take a look at what’s happening in the e-commerce space right now and what you can do to make the most of this situation. Let’s dive
E-commerce is changing
At the moment, things are rough for many traders. They will be better if you already sell online, but even among e-commerce companies, 36% of retailers believe that COVID-19 will have a negative impact on their sales.
This novel Coronavirus has created many challenges, but it’s not all bad news. There are many opportunities hidden in these challenges as well.
From a long-term perspective, COVID-19 is changing the way people shop online. Although e-commerce has grown steadily over the years, the fact remains that the vast majority of retail spending goes offline.
But, when you can’t (or don’t want to) shop at a brick-and-mortar store, you have to be creative.
It’s easier to see this change of mind in retail stores that are on the verge of this pandemic – grocery stores. Although online grocery services have been around for a while, they have not been widely adopted. Most people still go to the market when they need something and enjoy watching, touching, holding and smelling food.
Now, though, personally visiting the grocery store is a guess. Will you find what you need? How many shops will you have to visit? Will you be back home with Coronavirus?
To deal with all this uncertainty, people started transferring your online purchases by car.
Even people inside historically the demographic with digital resistance is beginning to order groceries and other online merchandise. After all, for people in their 60s demographic, it can literally be an “adaptation or death” situation.
This is not just good news for grocery delivery applications like Shipt.
Technology always has an adoption curve. Learning anything new requires extra effort, though that new thing saves time, effort and money, so it often takes years or decades for new solutions to become commonplace. For example, smartphones have been around for over a decade before Apple introduced the iPhone.
Under normal circumstances, it would be years before people would discover all the opportunities and benefits that e-commerce offers. It would simply be too much effort to explore all your options and discover new ways of doing things.
With COVID-19, however, everyone is being forced to figure out how to shop online. That knowledge will not disappear at the end of this crisis. As people buy, and at least for e-commerce companies, it’s changing for the better.
Making the most of the moment
So, e-commerce is changing. People are learning to shop online, and that is a skill they will use over the next few decades.
How do you make the most of it?
Well, if Amazon is an indicator, now is the perfect time to take things to the next level. Amazon people know a thing or two about e-commerce and enter hiring 100,000 additional employees and invest heavily in non-essential and essential items– worked aggressively to take advantage of this retail situation.
The future will be different for your retail business. How the change, however, will depend on how you deal with the coming months.
Low demand, high supply
For some e-commerce companies, demand has largely disappeared. This is particularly true for companies that sell expensive, non-essential products like bags or expensive watches.
In this situation, you may feel like you don’t have many options. You are not selling something that people really “need”, so with the future of the economy in question, it can be difficult to get people to spend their money on something they just “want.”
But here’s the thing, “wanting” and “needing” are quite subjective.
In difficult times, people feel a “need” for relief. They need a break from all the stress, frustration and worry they are always feeling. They need to feel powerful, stable and confident.
With the right marketing approach, you can play up to all those needs, especially if you are selling something that people really want.
Buying something you want just because you want it is something that makes people feel that life is under control. It makes the world feel normal again. Your customers want a reason to feel good about spending their money, just give it to them.
For example, everyone knows that COVID-19 has a severe impact on the economy. By running a “help us stay in business” sale, you can at the same time create a slight fear of losing and making people feel good about supporting a business in need.
Suddenly, they “need” to buy their products, or they won’t miss a rare and unusual opportunity. If you have a