COVID19 leading to the rising of E-commerce
The COVID19 global outbreak has been impactful and is expected to shape the remainder of whatever is left of 2020. Essentially, people are coming to terms with the realities of our interconnected world and how tricky it is to tentatively separate those connections from others. To say that we are living in unconventional times feels like an understatement. One of the responses we’ve noticed is how people are approaching this term of isolation and uncertainty is measured in huge overnight changes to their shopping behaviors. From bulk-buying to online shopping, people are modifying what they’re buying, when, and how. The retail economy around the globe is being affected by COVID19, be it rapidly changing buyer’s behavior, or supply chain issues.
For instance, India’s largest consumer product companies saw COVID19 led disruptions significantly giving a boost to online sales in the country. Moreover, several e-commerce sales and contributions to overall businesses have doubled. This is true for top companies like HUL, ITC, Parle Products, Tata, Vivo, and Godrej. It wouldn’t be wrong to say that e-commerce in these times is rising. As a result, people from older generations to GEN-X are becoming getting comfortable with digital shopping as their ‘new normal. Everyone is using this phrase for the right reason. Everything is changing now; shopping behaviors are shifting as a result that is regarded as a vital factor. The longer this stays, the more firm new behaviors become.
COVID19 has created a mortal mark in our lives, a stirring, sentimental bookmark that will forever link us to 2020. The quarantine restrictions are also adding to changing mindsets, ethics, beliefs, rules, and behaviors. It’s forging new schedules. There’s a continuity to all of this. These human modifications set the foundation for the new normal. Consumers shop online from the safety of their homes for essentials like groceries and cleaning products, as well as home goods and fitness equipment. It’s hard to notice these e-commerce trends going away anytime soon, despite the reopening of local stores. Now that many people have become accustomed to buying goods online, there’s a fair good chance they’ll soon convert it into a habit. And while we might assume people are eager to get back out into the world and stores after months of being sequestered at home, that’s not necessarily the case.
Role of Retailers in Escalating Digital Shopping Experience
Retailers must empower their digital fronts before jumping on new platforms/channels. It’s a golden opportunity to deliver high value through inherent and intuitive experiences. Furthermore, it’s a chance to get closer to the customer in a time of need to use digital to show them that they’re more than a shopping cart or purchase, an email address, or contact info, or a conversion percentage.
Segments, such as on-demand delivery services related to fresh produce, online education, and social engagement platforms from gaming to OTT platforms, cloud kitchens, online collaborative tools, e-pharmacies, online consultations are a few areas that may have found their turning point to a highway. Companies in these said areas & segments have witnessed double-digit growth, with millions of new clients onboarding and using their platform in the last couple of months to curb in dealing with this ongoing crisis.
Contactless Payment and Power of AI
The pandemic outbreak is not only transforming the way customers shop but also how they pay for their purchases. Contactless payments received an unprecedented boost during the pandemic, seen by consumers as a cleaner way to pay in-store. Customers are also trying out new & innovative transaction methods while shopping from e-commerce websites, and favor those methods that have the strongest protection against frauds.
This is where Artificial intelligence can refine and personalize customer engagement. This “new normal” is a chance to get digital transformation and technology disruption right, to create the next economy that places people and experiences at the center of big decisions. And, those big decisions don’t just have to be rooted in legacy mindsets and investments just because that’s the way things have always been done.
Companies should prepare for future disrupting events, below are a few steps they should take into account:
1. Digitalization of supply chain:
The supply chain will see significant upgrades and digitization will remove some of the inefficiencies that exist but at the same time add big-time value for wholesalers, retailers, and local stores.
Rebuilding & modifying the business model, employees & teams to adjust to COVID learnings and adapt to the new normal.
3. Reset the operations with innovative solutions
Companies can use this downtime to reassess their business and iron out the bugs, giving rise to new and more innovative solutions to the challenges we are facing.
4. New Age technology adoption:
Adoption of the new age technology like cloud services, AI, Data Analytics, ML, etc. will help in being prepared for life beyond the pandemic.
Apptread being a Custom Software Development & Cloud Services company, our top-rated e-commerce development services help you boost your online store engagement and make it easier for your customers to buy and connect with your brand. Don’t miss out on an opportunity to be top of your customer’s mind and conquer the eCommerce marketplace.
To see how Apptread can help you navigate your business, connect with us at email@example.com