Insights from Our Experts
eCommerce can undo the damage COVID-19 did to your business
To say we are going through unprecedented times would be an understatement, the ongoing COVID-19 pandemic has become the most defining event for our generation in terms of how it is going to reshape our lives, the functioning of society and how we do business. It is a fact in general that the retail industry has seen the most disruptions compared to any other either due to changing technologies or due to changing customer behavior. The brick and mortar stores selling non-essential commodities are closing, retailers are losing business since no one is out on the streets to buy stuff. The current pandemic has thrown-in more balls at the retail industry than it can juggle, maybe it's time for retailers to introspect and choose eCommerce that has always been on the horizon of the retail sector. The traditional ways and habits of shopping as we know may cease to exist and eCommerce could be the best possible option to keep their business running and with time booming. Following are the ways eCommerce can help you business during the ongoing pandemic and beyond :
Stay Open 24*7 / 365 days
When brick and mortar shops are closing in the wake of world-wide lockdown and social distancing, your eCommerce website will run uninterrupted all around the year irrespective of the disruption in the physical world of the current nature. By not being bound by time allows consumers to place orders whenever they want no matter if its midnight or early mornings, thus boosts sales through more orders.
AI and eCommerce helps to Understand the effect of COVID-19 on shopping behavior
Unlike the general perception, the effect of the ongoing pandemic is not felt the same across all generations. Events like such make all pre-existing conclusions and assumptions based on the previous data null because people's behavior changes with circumstances.
Millennials and Gen Z are altering their purchasing behavior compared to the older generations. They seem to be more concerned about the adversities the pandemic can have on the economy and choosing to cut back on non-essentials spendings and stocking-up of items.
Baby Boomers and Gen X are comparatively less concerned about coronavirus and its effects on the economy and changing their shopping habits.
eCommerce combined with the tools of Artificial Intelligence and Machine learning helps retailers to make better and faster decisions based on real-time data rather than looking up for past surveys or data which is trivial for the current scenario.
Businesses are cutting down on their spending, but eCommerce provides an opportunity for retailers to cut costs without compromising on the shopping experience to their customers.
Advertising & Marketing: SEO optimized eCommerce platforms helps retailers find their niche customer base and vice versa.
The automation of inventory, billing, check-out, and payment allows to cut down the cost on the number of employees you would need to run your business, especially when people are unable to go to work. This helps business still keep running even if there are no employees at the billing counter.
People are reluctant to go out in crowded places in general, buying essential commodities is the new normal. The psychological need of humans to feel sufficient and secure in the time of crisis is changing what people are buying and how they are buying. More people choose to purchase things online rather than going out in a supermarket, and eCommerce other than generating sales opportunities, it creates a chunk of user data on preferences, the items that will sell more (drop in sale of non-essential commodities) , the quantity in which people are buying things such as understand the panic buying scenario better. It's time to see beyond footfalls and adapt to the changing demand of the times by understanding the needs of your customers and supporting them better and this, in turn, will help your own business do better.