Since the past 3 to 4 years, eCommerce has been booming and growing at an unbelievable rate. Just in the year 2019, the United States had seen an eCommerce growth of 14.9 %. Consumers had spent a total of 601.75 billion dollars on online, a growth of roughly 78 billion dollars from the year of 2018. Additionally, post-pandemic, eCommerce business is set to rise even higher.
How has the pandemic affected Ecommerce?
There were certain products or rather a group of products that people used to prefer buying physically, i.e. by going to the store. These included groceries, household appliances and decorative items (mirrors, antique pieces, wall clocks). However, since the COVID-19 pandemic commenced, people have restricted themselves from going to stores and prefer buying even groceries online. The reason is not just fear of going to crowded places but also the fact that many stores shut down in the wake of a global catastrophe.
In light of coronavirus, nearly one-quarter of shoppers are looking for contactless payments or delivery options, with 36% of shoppers saying they won’t return to brick-and-mortar stores until a vaccine is available, according to a recent survey of 3,558 consumers from Salesforce Research.
With 44% of respondents’ conduction more their shopping online in mid-May – an increase from 42% two weeks earlier, based on that we can say online shopping has been steadily increasing throughout the corona pandemic. According to same survey by Salesforce research, 68% of USA shoppers expect to continue buying essential goods online.
This graph provided by Bloomreach shows some trends emerging as people respond to this widely shared experience.
It was also seen, that stores with an already established eCommerce platform managed to do well even in these tough times. But the next question that arises is, what will happen post this pandemic?
What’s the probable road ahead?
- Increased online buying: People have started preferring buying goods online due to the pandemic, chances are that post this crisis as well this preference shall remain intact. Possibly because it has started becoming a habit. Imagine 3 months of not having to go out, wait in long queues to buy certain items, why would one want to change that? Buying goods online is now even more convenient than ever.
- A Paradigm shift in behaviour: You read it right. People once feared buying certain products online, thought that it might be a risk. What if the product/good was damaged or what if it was not satisfactory? Well, this current scenario has made people overcome that fear of buying online. People have started trusting and the easy return and fast delivery policies have simply been the cherry on top of the cake. Hence, it is expected that there will be a behavioural change with respect to shopping and buying goods.
- Intensified online competition: At present, there are roughly 7 million online retail companies in the world. The advent and upsurge of technology and website development companies has made it extremely simple for stores and businesses to go online. Which means that it will be an intense race hereafter, which will lead to new heights in online competition.
How can businesses be prepared for similar future events?
- Adapt with changing needs: This is the perfect opportunity for bold and ambitious companies that are ready to take a few risks and take timely action so as to place a foothold on the market and gradually expand and grow along the way. It will require courage to reinvent your business model in these times of uncertainty. Analyse your business model and make sure whether it is still applicable in these changing times. This is indeed the time to create your digital market place, refurbish new ideas and models that shall suit your profit as well as satisfy your customers.
- Strengthen technological platform: The world is now at your fingertips. A click and you may get whatever you wish for. Since the invention of the internet, desktops and smartphones, technology has come a long way. Mobile applications have become so very common for almost all businesses today. Digital revolution has swiped the industry off its mechanical feet. With so many mobile application development companies, it is pretty simple to have an application custom made to suit the requirement of your business.
- Improve E-commerce environment: For those stores that already have their eCommerce setup, you can use this time to improve your ecommerce The more friendly, simple yet attractive your website or application is, the more customers shall get attracted. User interaction is one of the keys to improving the overall experience of a customer. Chatbots and artificial assistants are leading the way in improving user experience.
Going Online is the Way Forward
It can be said for a fact that going online is the way to futureproof your business. Be smart and act quickly and remember that luck favours the brave.
Dont know where to start? Our team at Global Vincitore can create magic for you. With an experience of over 5 years and successful completion of many projects, it is we will not let you down. Connect with us to discuss your requirements for a no-obligation discussion.