Surely the year 2020 will be remembered by every industrial vertical as the economy was hit hard amid COVID-19 crisis. Coronavirus pandemic gained a massive scale with over 9 million cases worldwide as on 22 June 2020. The severe impact has seen in the global economy where the IMF declared recession which was as difficult as the 'great depression' in the 1990s.
The major decline was seen in huge businesses where the revenue growth nosedived by huge numbers. One such query bothering major businesses was How COVID-19 Impacts eCommerce. The impact was seen in the e-commerce industry as people are more focused on buying essentials goods rather than luxury products or even clothes, for that matter.
Speaking of India, the country announced a nationwide lockdown on 22 March 2020, and since then, the economy was trading in the red zone. Many businesses, from then, are practising remote working. Meanwhile, some of the enterprises even got shut temporarily. E-commerce was no exception at such a catastrophic time where some of the e-commerce firms even suspended services. At such unfortunate times, many businesses are looking for better and unique ideas to fill the gap and escalate with better revenues. So, let's talk about some of the factors that will help e-commerce to maintain the business amid COVID-19 pandemic.
Key is Innovation
Well, innovation helps in keeping the businesses running. It helps in keeping business afloat and something to look forward to. May be one such idea you can think of is serving your product and ask for payment after the pandemic is over. One such idea was pitched by a management consultant where they partnered with the clients while committing to receive the payment by January 2021. Such innovation can be executed by e-commerce platforms as well answering the worry some question on How COVID-19 Is Transforming E-Commerce?
Supporting Your Employees
At this unfortunate time, many employees look to their senior management for better support so that they are not laid off from the organisation. If you keep the confidence of your employees, they work dedicatedly for the business to grow. It is important to offer clarity to your employees on the situation and inform them of any changes in the process. They will perform effectively once they have a clear path to their career.
What's Your Plan of Recovery?
How do you plan to recover once the pandemic is passed? This decision is as important as running a business during the crisis. In order to, bounce back to 'New Normal' consistency with a peace movement and revenue growth, Enterprises must plan an execution plan that will allow them to resume their operation smoothly under the benefit of the firm.
Planning and Adapting to New Challenges
Being stingy about your policies and quotation at this time might not bring you any revenues during the crisis. At these uncertain times, a business must go flexible and adapt to the new norms and challenges faced worldwide. Insufficient planning at this time might cost big bucks for your company. And thus, one must improvise the need for their business and act according to the flexibility of the current situation to reduce Coronavirus (COVID-19) Ecommerce Business Impact.
How Coordinated are You?
As the businesses are running remotely, all the employees must be well-coordinated with the employer. Businesses, at this time of crisis, must leverage technology in order to be connected with all their employees. They are starting with providing network availability to online conference platforms like Skype and Slack that will help in working together effortlessly.
Perspective must be Different
Seeking out new opportunities and changing your business perspective at the time of crisis is something that your firm needs right now. For instance, following preventive and safety measures while delivering a product to the customer might help you gain more loyalty from your customer. This is one such example. There are many flexible changes that businesses must be open to.
Work on Customers' Habits
As the lifestyle of people is changing around the world, businesses must become flexible according to the user's habits. For instance, the demand for essential goods increased during the nationwide lockdown, and many e-commerce firms focussed on apparels were also delivering essential goods to their customers.
And of course, they operated this feature after understanding their habits and needs. In fact, as per statista, the traffic on e-commerce site after nationwide lockdown reached 14.34 billion reaches. That explains a lot about their behaviour during COVID-19 pandemic.
Be Adaptable in your System
Any business that is adaptable in its methodology and adjusts rapidly is the one that will hold its quality in the market for a more drawn out timeframe. Contriving a methodology that is area driven will demonstrate productively. For instance, if your business has a greater part of clients in Delhi, you would need to break down the evaluated timeframe for the city to come back to commonality since certain territories have a larger number of cases of COVID-19 than others. It has a crucial Impact of COVID 19 on the E-commerce Market.
Follow an Area-wise Approach
A few areas, for example, retail and transport are one of the most exceedingly awful hits by the pandemic, suggesting that they may take more time to recoup than different parts. Your business methodology ought to be detailed and executed in like manner.
Development as per the Situation and Requests
Development is one of the main considerations for any business to thrive in the market. Improving new things and refreshing your clients with the goal that they don't stop for a second to buy the item will just assistance the business congruity.
Idealism is Crucial
Despite the circumstance, staying hopeful about the future will help the assurance of the whole group. While the coronavirus cases might be on the ascent, trust isn't far away. For the present, we can do what is best for everybody; remaining safe by rehearsing social distancing and cleanliness.
Mentioned above factors will help you in maintaining your business growth amid COVID-19 pandemic with a more flexible approach. While people are browsing around the internet or job portals, it was noticed that many employees were fired or asked to leave the organization during this crisis.
But one thing to realize here is that your 'Employees are the pillars' of your firm. While many are asked to leave the firm as a result of COVID-19 Impact on e-Commerce, businesses must pay gratitude and respect the work delivered by their employees. It is crucial to keep them satisfied as they are running the entire operations behind your services and products.
Meanwhile, if you are rigorously looking to partner with various clients, it is important to acknowledge their terms and agreement as every sector is experiencing some financial pains. E-commerce is a definite choice for users to rely on as the nationwide lockdown bound them to purchase a product from a retail store.
This time can be used as an immense opportunity while working on more visibility of your brand through social media platforms. Empathize with your users who are looking for great discounts and deals online, and your brand site must be the first one for them to click.
And thus, it is important to work on your SEO skills as well for better ranking on the search engine platform. You can also partner with technology firms like Owebest technologies to help and guide you with correct skills and algorithm required to enhance your technical trades.