eCommerce Industry — Can It Suffice The Need For The COVID19 Crisis?

“Always Deliver More Than Expected” — Larry Page, co-founder of Google.

The above saying complements the ongoing scenario of the eCommerce Industry. Coronavirus has a huge impact on the world economy. The number of online shoppers has increased by 8.8%.

The eCommerce giant Amazon also plans to recruit an additional 100,000 employees in the U.S. to meet the surge in demand from online shopping amid the coronavirus outbreak. The pandemic has changed the way any business should operate and also has massively impacted our lifestyle.

The New Norms of Social Distancing and Self-Quarantine has not only increased an excellent rise for On-Demand and eCommerce Services but also has changed the very perspective of how the consumer shops.

The near future brings in lots of uncertainties, and consumers will more often focus on purchasing the essential commodities rather than non-essential products.

Here, this article will walk you through significant challenges and opportunities for the eCommerce Industry amid COVID19.

Challenges that eCommerce Marketers are facing in COVID19:-

1. More Demand and Less Supply:

Due to Lockdown, many families have not yet stocked up the essentials.

If you are an eCommerce brand or a small business dealing with a product shortage, then it’s a challenging issue.

Unfortunately, you cannot even promote a product that you don’t have in store, especially when your brand sells a product that customers require now. It’s a great challenge, and you can overcome it by creating a sense of urgency among your customers.

Further, it’s time to keep up with the manufacturing and supply whenever you get back to your “New Normal.”

2. Small Businesses Must Move Online:

The pandemic has created significant challenges for Small Business Owners as their shops are closed. It’s tough for customers even to visit your physical stores after Lockdown, as people will keep on practising Social Distancing. According to a survey done by Digital Commerce 360 in March 2020, The majority of retailers (58%) acknowledge there will be some impact on consumer confidence.

Further, another survey by Digital Commerce 360 on “What impact do you believe the coronavirus will have on your eCommerce business?” depicts that only 26% of beliefs that impact will be as per projection. Therefore, only 20% of those retailers surveyed are taking aggressive action. Further, 44% of retailers are taking “some” work, and 36% of the survey participants have a “wait and see” attitude. The following graph depicts the percentage of retailers taking various actions.

Source: Digital Commerce 360

To overcome significant challenges, all retailers need to take immediate action to move their business online and serve their customers’ needs in the best possible way.

3. Customer Loyalty Matters:

It is a difficult time for everyone, and to have your business thriving in the pandemic is a great blessing. Your customers, especially long-term customers, should get considerable attention.

Further, as a business, you need to walk the extra mile for all the loyal customers who trust your brand and require your support.

The competition is very high for eCommerce business owners, and as an entrepreneur, it is your responsibility to take care of your customers as well as your employees. Safety and loyalty matter the most for your business and will help you in the long term.

Opportunities for Small eCommerce Businesses:-

1. The Rise Of Social Commerce:

Meet your customers where they are; it is a golden rule for every business. Every digital touchpoint has become very crucial to get the attention of your customers.

Now, not only your storefronts but even the social platforms are here to serve as digital town squares for your business.

Recently, Shopify joined the Facebook Force to help small business owners to provide a new shopping experience that allows them to create a customizable eCommerce storefront on Facebook and Instagram.

2. Roll Out Your Web Stores to New Stores and Markets:

Now is the time to develop your eCommerce services, expand your Web Stores to New Stores and Markets. In your first attempt, you can launch your web store where you currently have a physical presence.

The advantage you will get is that the existing customers will continue to shop with you. Further, rolling out new web stores in new markets will even help you to reach new audiences. Make sure you keep your store optimized or hire the best eCommerce Development company to keep up with your online customers.

3. Figure Out the New Way to Help and Care:

If your eCommerce business serves essentials, your customers require your help now in these critical times. Some companies have worked under the challenging times, and have served their customers with Zero Contact Delivery, and figured out the best way to help them.

Further, there are companies providing discounts on their products or even supplying essentials to healthcare employees free of cost.

Hence, it’s time to come back and work with a different perspective and design a very strong and well-equipped operation approach that can help your business to keep up in the worst times.