Consumers have embraced ordering goods, services, and food online during this period. COVID-19 (new coronavirus infection) With the pandemic running rampant, many people probably won't go back to their old habits. Many late adopters are also discovering the benefits of online delivery and pickup experiences. In store You have options and may not be able to go back to your old ways.
“Once the crisis subsides, companies will wake up to a new reality,” he says. Jean Philippe Mr. Senneville, Director of Business Innovation and Technology at BDC.
Consumer behavior changes dramatically due to necessity
“Many of the new consumer behaviors exhibited at scale during lockdown will become permanent,” he says.
e-commerce Right now, it's exploding by every metric.within COVID-19 (new coronavirus infection) Along with this, consumers are looking for alternatives to traditional channels and are expanding their product categories. A great example: Statista says, “Online sales of home appliances, electronics, building materials, and DIY have skyrocketed since the onset of the coronavirus pandemic in Canada. Sales in this category rose from March 11 to April 14, 2020. To date, it has increased by 587 percent compared to the same period in 2019.”
E-commerce compatible Some companies are making profits, while others are suffering.
Companies with a strong online presence and robust e-commerce infrastructure are now seeing increased revenue (or minimal losses). Businesses that are unprepared or provide a poor customer experience will not be able to retain their customers.
For example, “If your site ranks poorly on search engines for relevant searches, shows performance issues, or has a poorly managed product catalog, your business will not succeed in this competitive field,” says Senneville. says Mr.
What if I can't sell my product or service online?
Many retailers are investing e-commerce Many manufacturers, service providers, and distributors are turning to direct sales online.
What does this mean for companies offering products that are not suitable for online sale?
“In such an era trade show and traditional face to face Interactions are off the list, and a strong online presence that attracts traffic and converts them into leads is more important than ever to make up for lost offline sales,” adds Senneville.
“Investments and efforts in content marketing, analytics, search engine optimization, paid search, social media, etc. must continue and be supported by capable platforms.”
Short-term and long-term strategies
The pandemic provides an important opportunity to reflect and plan for the new business environment. In times of great change, it is important to understand both the short and long term. long term the effects of economic, social, and technological changes brought about or accelerated by COVID-19 (new coronavirus infection).
You need to consider: What is happening in your industry and market? What changes and trends are expected in your industry? How will your customers and suppliers change? What are your competitors? What will you do? How can technology help you adapt and grow? Could transactional platforms and more robust digital marketing infrastructure be part of the solution?
Here are some considerations.
Shipping costs, inventory management, and logistics order fulfillment are just some of the challenges companies face. e-commerce. The economics of online ordering are different than traditional “offline” sales and require a different cost structure to be profitable. For example, lease costs, store labor costs, and upfront capital costs are higher for brick-and-mortar retailers.online e-commerce Stores will incur more costs for web development, digital marketing and technical support.
Also, e-commerce Giants count on fast free shipping and free and easy shipping No questions asked Returns are costly. Also, how do you package, fulfill, and ship orders? What about customer service?
“It’s not just the products and services that need to be available online; many parts of the business model need to come together to make it a profitable revenue stream,” says Senneville. .
Once you are sure you have a short-term contingency plan in place, create an action plan that reflects your short-term contingency plan. long term change:
- Get your team on board and seek advice from experienced people to strategize. e-commerce Expert.
- Define the changes you need to make to different components of your business and build a technology roadmap.
- Remember to constantly communicate with your employees and create a plan while learning what works and what doesn't for your company.
It's not too late now
Years of change compressed into just a few months. Rather than trying to catch up when others emerge, COVID-19 (new coronavirus infection, Start planning now.
“not only that, e-commerce It has the potential to help businesses weather the crisis, but also position them for a faster recovery and be post-ready. COVID-19 (new coronavirus infection) economic reality,” Senneville concludes.
