Ecommerce has always been the future of businesses with giants like Amazon and AliBaba. The few businesses left to join the bandwagon were irreversibly pushed towards online ecommerce stores because of the Covid 19 pandemic. Not only are these businesses pushed towards online selling but are also encouraged towards accelerating growth because of market saturation.
That is why a lot of companies are moving forward from the conventional ads and marketing strategies and adopting new ones. By integrating third party apps in their data, businesses all around the globe are making more informed, data-based decisions and growing their market.
In 2020, online revenue globally increased up to 44% and in 2021 it increased another 39% and there is a good chance this upward trend will continue.
Factors Positively Affecting The Growth Of Ecommerce
1. Rapid Growth Of Mobile Devices
The rapid growth in the use of mobile devices and other internet devices has made it fairly easy to place orders. Find all kinds of new products online, make smart purchases by reading the reviews etc. According to research by Google 55% of users access the internet via their mobile phones.
2. Online Stock Lasts
One of the major benefits of online shopping is that general groceries and toiletries don’t run out that easily. Also, they are available all over the internet unlike brick and mortar stores. One other benefit also presents itself in the form of pre-ordering. Pre-ordering helps you not only get your hands on limited stuff but also pre-order groceries every month.
3. New Shopping Habits
Due to social distancing and quarantine, people have shifted from the traditional brick and mortar stores to buying online more. This has majorly benefitted stores that were one way or the other prepared for going online or adjusted quickly to the change. The reason being, the lockdown and the pandemic has stayed long enough for people to discard previous habits and form new patterns.
Things That Add Value To Your Ecommerce Boom
1. Be Transparent
In times like these customer loyalty is highly volatile due to new habits, which opens up a lot of the market for new/small businesses. According to a research by Civic data, the number of people who liked online services has doubled as compared to last year. It jumped from only 11% to a whopping 41% in just a year. To take advantage of this shifting loyalty, be transparent about your current situation. If you are having shipping problems or stock out issues, tell your customers. Customers prefer a brand that is trustworthy and honest about themselves even in times like these.
2. Be Flexible
During this pandemic and most likely after it, customers would prefer online shopping to offline even boomers have shifted to buying online as well. We recommend adding flexibility to your business. E.g having more than one payment option, shipping option, having your customer service 24/7 if not online during peak hours. E.g to cater to credit card customers, some businesses, while delivering to your doorstep, send a card machine with their delivery person to help you pay without worrying about cash.
3. Adopt an Omnichannel Approach
Omnichannel refers to giving customers a seamless shopping approach whether they login through, web, mobile, tablet etc. This approach inherently puts the customer at the core of your rather than the product. Businesses like Walmart, Bed Bath and Beyond, Amazon etc are also embracing this approach. Walmart gives the option of either you shop online, you come to the store or you merge the two by ordering online and picking up from the store.
4. Keep An Eye On Your Data
As google would say data, data everywhere. When it comes to highly uncertain times, the only certain thing is data. Keep a close eye and study the habits of your consumers during the pandemic. This will help you devise omnichannel strategies and provide your consumers with better experience.
In conclusion consumers and businesses both are trying their best to adapt to these changing times. Depending upon the industry you work in and your target audience, you will respond differently but remember to put human beings at the core of your business and you will be good to go. Don’t be afraid of changing a few strategies to match the needs of your customers just make sure to back it up with data. Let us know how the pandemic has changed your habits as a consumer or as a business owner.