If you run an eCommerce business, you must be well aware of constant changes happening since the second quarter of 2020. The coronavirus outbreak has left every business to shift towards online marketplace to enhance their product/service reach and gain maximum profit. Since some businesses have successfully recovered through the last two waves of Covid-19 waves, the rest are still struggling to get back in position. Moreover, the third wave is around the corner and there are a lot more uncertainties whether there should be a lockdown, new curbs, rules, etc.
Therefore, in this blog, we will discuss the impact of Covid-19 on eCommerce businesses and eCommerce strategies for Covid 19 to increase sales during pandemic. We will also highlight why it is important for online businesses to gear up the preparation ASAP followed by some frequently asked questions.
Impact Of COVID-19 On eCommerce Businesses
“The Indian eCommerce industry (sic) has witnessed a huge upsurge due to COVID-19 and there is substantial room for future growth,” said Phil Pomford, managing director of Asia Pacific, Worldpay.
Since the second quarter of 2020, our lives have seen a drastic change due to the pandemic. The biggest transition that has happened is from offline to online stores, the way how business is conducted, the selling approach, and other strategies. The Covid-19 outbreak has disrupted people from stepping out of their houses and how they perceive online stores. The demand for essential items has seen immense growth and people have switched to online shopping for buying almost everything. The concept of online shopping is embraced by many and so we will analyze the impact of Covid-19 on eCommerce businesses.
According to IBEF, the Indian eCommerce market has seen a huge transformation in the way businesses are being conducted during the pandemic. It is estimated to grow to US$ 111.40 billion by 2025 and is estimated to reach US$ 350 billion by 2030.
Since customers want to avoid stepping out into public places, eCommerce has been a savior to millions of people. Moreover, online businesses have created massive employment opportunities for people who lost their jobs during the pandemic and are now planning to create powerful eCommerce strategies for Covid 19.
So, to prep your business for the third wave, here are some essential factors to be taken care of:
- Keep a track of your inventory and supply chain to cope up product shortages.
- Make sure your online payment methods are working seamlessly.
- The return to origin orders (RTO) and the costs should be monitored properly. RTO costs are comparatively high on COD orders, so ensure to deal with it securely.
- Keep your catalog up-to-date in terms of images, product specifications, or features, etc.
Overall, eCommerce has been a crucial part of every individual’s life during the corona outbreak, more shoppers have turned towards online space, so to offer your customers the best service or products, it is essential than ever to prepare your store for the third wave.
Why Should eCommerce Businesses Prepare For The Third Wave?
In order to protect your business from any kind of damage, long-term or short-term loss, crisis, etc. it is very crucial to incorporate efficient eCommerce strategies for Covid 19. Since it is unpredictable how the world economy and market are going to react towards the third wave, businesses should be prepared for everything in advance.
- With the rise of the new variant Omicron, there are higher chances for sudden lockdown to control the transmission of virus on an extreme level. Since, for the last two waves, lockdown seemed to be an apt solution, many small and medium eCommerce stores got shut. Many of the giant online platforms were working fine to generate the maximum revenue.
- The travel restrictions made it difficult for many eCommerce businesses to deliver the products to diverse locations. Hence, preparing your store for managing future shipments efficiently can be a wise step.
- Make sure that your employees, delivery executives, etc, are vaccinated to keep your customers, clients, and business safe.
- Since, the third wave has caused a lot of uncertainties in terms of new rules to conduct businesses, eCommerce businesses might face a shortage of working capital if a lockdown is imposed.
- Due to decline in demand, supply chain might get affected which in turn will also influence the manufacturing units. Eventually, you have to keep your stock uptight to avoid any shortage in case of high demand.
- Various shipping services may not be able to work at remote locations, so prepare your eCommerce store to cope up with all the unfavourable scenarios.
eCommerce Strategies To Survive Third Wave of COVID-19
Execution is important to achieve success in the digital ecosphere. With a new covid variant, new norms and rules might be imposed. But unlike previous waves, you now have time to be prepared and conquer the situation. The last two waves of Covid-19 have forced businesses to change their selling methods and approaches as per the market demands and trends. The third wave is also going to be uncertain in terms of approaches and challenges. So, to prepare your business and boost sales during covid third wave, here are some of the strategies that can help you stay on top of the game:
1. Promote or display your products on multiple marketplaces
In order to increase sales during pandemic, the most essential strategy is to boost your brand visibility. This can be done through several ways however, the most effective one is to promote your products on different marketplaces. As the number of digital shoppers is immensely increasing day by day and considering the social distancing norms, more shoppers will turn towards online shopping. In fact, consumers look up to various websites for shopping, to fetch the best deal. So, making your product available on multiple platforms will help you reach out to potential buyers, increase sales in covid third wave, and achieve maximum profit.
Once you have promoted your products, you need to manage and update catalog on multiple platforms. Does it sound overwhelming? Don’t worry, you can outsource eCommerce catalog maintenance and our experts will take care of all your needs.
2. Never ignore the power of social media
More youngsters and youth are active on social media and find it a viable place to pursue new products. Various online businesses run exclusive ad campaigns, launch their products, promote it through influencer marketing, which in turn gain more audience attention. As consumers are always looking out for something new so quirky and interesting content can make your brand stand out from the competitors to boost sales during covid third wave.
3. Keep consumers informed about the issues
Do not hide anything from your customers if you want to increase sales during pandemic. Transparency is the key and is the most appreciated factor among the customers. The new variant is going to affect the supply chain and manufacturing, due to shortages. Further, your shipment costs may rise, the delivery may not happen on time, and several other issues may arise. To attract new consumers and retain the existing ones, you should keep them updated and communicate the problems.
4. Revamp your online store
Equip your online store with numerous options, be it payment options, products, or filters. The easiest way to boost sales during covid third wave is to revamp your website. Make it user-friendly by incorporating eye soothing designs, backgrounds, easy-to-navigate pages, simple content, and whimsical images through professional image editing services. You can even turn your store into a one-stop destination, which definitely attracts a large number of customers.
5. Take care of customer convenience
If you have an offline store but are planning to start your eCommerce business simultaneously, then shower your customers with the convenience of online shopping along with the option of picking up the product in-store.
For example, Sephora allows customers to shop offline as well as online. The customers can browse through the products online and place an order to avoid long queues at the store during the pandemic. Further, they can pick the order from the store anytime they want.
6. Send out regular updates and notifications
To increase sales in covid third wave, various businesses will turn to online platforms or even start their own eCommerce business. However, the sole part is to distinguish yourself so that you do not get vanished among other stores. So, keep engaging with your customers through emails, keep them informed and often ask for feedback or cart abandonment status or new launches or offers.
7. Offer niche products
eCommerce businesses are becoming very common nowadays but you can stand out of the crowd by offering niche products that are not easily available online or rarely available at reasonable prices.
For example, quirky handbags, handcrafted jewelry, tiny kitchen essentials, or any other products that are unexplored yet beneficial to the customers.
8. Coronavirus-friendly fulfillment
Offer contactless delivery option to avoid any physical contact between the delivery partner and the customer. In fact, you can partner with third party vendors, their delivery partner will pick the items from your store and deliver them to the customer, accelerating your delivery process and time. Moreover, you can outsource eCommerce order processing services to get more control over inventory and order fulfillments, enhance the delivery speed and fulfil orders on time.
Run Your Business Smoothly During Third Wave By Outsourcing eCommerce Catalog Management Services
To increase your sales during a pandemic, you first need to organize your store efficiently and make sure your catalog is updated. Outsource to Data-Entry-India.com, as an offshore catalog management company gives you access to experts who can help you populate your e-commerce platform with catalog management services and make sure that your website attracts and retains customer traffic without any difficulty. With eCommerce catalog management services you can display your merchandise in an appealing manner with complete detailing.
1. Do I need to prepare my eCommerce store to increase sales in covid third wave?
Ans: Yes, as a business owner you need to take all the measures to make the most profit during the third wave and save your business from drowning.
2. Why should I prepare my eCommerce store for covid third wave?
Ans: There are no concrete rules and regulations around third wave and how businesses need to be conducted. So, prepare your store beforehand, stock up your inventories, and make sure your catalog is organized to boost your sales in pandemic.
3. What strategies can be implemented to boost sales during covid third wave?
Ans: Promote or display your products on multiple marketplaces, run exclusive ad campaigns, launch new products, promote them through influencer marketing, be transparent with your customers, equip your online store with numerous options, be it payment options, products, or filters, take care of customer convenience, offer contactless delivery option.
4. How can eCommerce Catalog Management Services help in increasing sales during covid third wave?
Ans: By outsourcing catalog management services, you get access to experts who can help you populate your eCommerce platform efficiently and make sure that your website attracts and retains customer traffic without any difficulty.
More and more consumers are embracing online shopping and this is going to continue for the long term. The third wave is about to hit the country, so to boost your sales during a pandemic, we have discussed some tips and strategies to prepare your business for generating more revenue. To increase sales in covid third wave, talk to our experts at +1 585 283 0055 or write to us at email@example.com