How to Adapt Your Ecommerce Strategy to the Challenges of COVID-19
COVID-19 has rattled the status quo. Business models are toppled. Consumer preferences have transformed. Now brands are on a lookout for strategies that will help them stay abreast in the long run.
This has opened up space for innovations and adaptations. For the e-commerce sector and their newfound tailwinds, this is essential.
What Will Drive the Core
The unprecedented scale of the pandemic erased a lot of previous predictions. This provokes a strong urge in people to learn various demographic changes that can boost the market in the coming years. The basic premise of this new review will have pillars on:
- Adding value to customers
- Crafting the right message
- Knowing the economics and its nuances
- Analyzing the pros and cons of the recent moves
COVID-19’s Impact on E-commerce
The impacts of the COVID-19 crisis on eCommerce businesses continue to be felt across the globe. Medicines and vaccines are still a distant process. Claims of nearing a discovery are doing the rounds, but they are yet to be verified. The best way to survive the crisis is to maintain social distancing. Researchers believe that this will slow down the spreading.
This regulation has also initiated several changes:
- Government worldwide have initiated lockdowns
- Strict measures are in process to curb public gathering
- Fixed time slots are allotted for store visits in several countries
- Groceries and essentials are facing supply crises
- People are buying products for months at a go
- 52% of consumers have dropped the idea of going out in a public gathering
- 32% of people are concerned about going out
- Manufacturing sector took a toll due to reduced factory output
Even if you are certain that your business will survive the hit, the ripple effect of the economic crisis will disturb your financial influx.
How Are E-commerce Sectors Performing?
E-commerce is a broader term to bring in most of the online transactions under one umbrella. Sectors like groceries, health, baby care, sports, subscription services will undergo many changes.
After governments lifted the ban from e-commerce sites delivering groceries, a huge surge in demand was noted. In China, JD.com had a quadruple rise in demand. Amazon has similar experiences in supplying groceries to people. To meet the demand, the e-commerce giant hired 100,000 people.
2. Other sectors
Healthcare and baby care are two sectors where the demand is constant and sometimes surpasses the supply. In the former, products to maintain hygiene, masks, and gloves are in high demand.
3. Subscription Services
People are spending more time on apps like Netflix and Amazon Prime, but the number of takers has not increased much. Gaming sites like Twitch.tv have a surge in subscribers.
The Best eCommerce Marketing Strategies to Last Long
ecommerce marketplaces for sellers have made significant progress in these troubled times by exploring strategic options to maintain a rapport with their customers.
A company like Amazon makes its presence felt using strategies that only a giant like them can afford. The company invested heavily in both essential and non-essential items and hired 100,000 new people to capitalize by building a strong market presence
Companies can also use measures differently, like these:
1. Build a Rapport
Sharing backstory has evolved as a trend in various social media handles. This is to give the consumer a chance to become a part of the brand. Now, this strategy can be tweaked a little to tell a different story of an extraordinary time.
- You can redesign the banner of the website with a short story of your struggle in these trying times. Share how it has impacted the supply chain.
- Share letters from your shipment partners to tell people of the worries to bring both customers and the company on the same page.
- You can also add a discount if your budget permits
2. Want vs. Need
You have to understand whether the product you sell is an essential item or not. If it is not, then the best way to sustain is to sit out the time. Hatch some other plans to play big later.
But if you still want to play, the best way is to go for a discount. You can try this as well:
- Your buyers will be repeat buyers, who already own your product
- They will buy just so they don’t miss any opportunity
- You can entice them by adding essentials with your product
3. High Demand- Low Supply
If your product belongs to the essential category, then there is a chance that your stock will run out soon before you have the chance to place your order.
- The intent will be to hold your customer
- You can place an ad asking your buyers to sign up before your supply dries out
- This will push the buyers more
- People, keener to stock in bulk, will see this as an opportunity
4. Online Content
Your target audience is bored and craves new content. If you have the budget to spend, then this is the ideal time.
- A lot of slots are empty as companies want to review their budget before spending. You can buy those slots at a cheaper rate
- Create new content but think of strategies that play not with fear of COVID-19. Hook your audience with that to build prospects.
It is a great time to learn more about your customers. A lot of new e-commerce buyers were previously reluctant to spend money online. Now they have no alternative but to spend online. You can always make plans to get them hooked to your product and build a base. The choice of playing aggressively or just to wait and watch is up to you.