Covid-19 enabled some of the most disruptive changes across global markets, from depleted supply chains to worldwide health and safety restrictions; no one can deny the sheer impact and burden the global pandemic placed on the world. In fact, it’s gone so bad that it induced an economic recession that we’ve yet to recover from. Despite the efforts to reinvigorate the world economy through vaccination programs and increased social awareness, we still have a long way to go before we come anywhere close to pre-pandemic levels.
However, if there’s one change that’s been the most impactful, it’s the closing of physical branches that lead to the rapid mass migration of business onto the online platform. And while previous trends have long since indicated that e-commerce would grow steadily, nobody expected the sudden boom that came right after the initial outbreak. So, today we’ll be going over how you can navigate and survive in today’s dynamic e-commerce landscape.
What Sparked The E-Commerce Boom?
Firstly, we must understand the context behind the e-commerce boom and what factors built up the massive bullish momentum for the industry that we see today. It would be simple to single out and say that the global pandemic was the key turning point, but it’s equally important that we comprehend the building blocks that support the sudden shift in consumer behavior.
- Ease Of Access: Number one, a critical advantage that always placed e-commerce and online shopping above the traditional method of visiting the nearest local branch is ease of access. The concept of scrolling through your phone, adding a product to your cart, and having it by your doorstep as fast as a day’s shipping is unbeatable, and all you need is an internet connection. Coupled with the fact that no stores could keep their doors open during the lockdown measures, it introduced this accessibility to an immense amount of new users.
- Social Media Integration: Number two, everybody loves their share of social media, and there’s a space for everyone, whether Facebook, Twitter, Instagram, or even TikTok. And one major update that further launched e-commerce into the spotlight is when online stores started to see some major social media integration. For example, Instagram shopping enables influences and online creators to sell affiliate or personal products directly to their followers.
- Preference For Digital: Number three, there’s just a growing preference for digitalization in the modern world, and Covid-19 acted as the catalyst that reminded both consumers and businesses to pick up the pace with innovation. Technology has become an essential part of everyone’s lives, and the increased adoption of e-commerce is but one direct effect of technology’s long-term evolution.
What Can Your Company Do To Adapt?
The e-commerce landscape is a dynamic market that’s constantly changing and moving with the times, an unrelenting force that refuses to slow down even just a bit. However, it’s not impossible to place yourself in an advantageous position that lets you benefit from all the disruptive innovations, and all it takes is putting effort in the right areas to catch the wave.
#1 Improve The Online Experience
While online shopping, in general, tends to lean on the concept of “tailored and personalized customer experiences,” no company nor platform has yet to perfect or improve the quality of the online experience. As a result, this creates an excellent opportunity for emerging companies, both big and small alike, to pivot and focus their resource on creating the best online customer experience. And, with the help of effective VoC programs and direct customer feedback, you can tailor your online experience to suit the target audience.
#2 Better Advertising Strategies
Although established companies and businesses that had operated on the e-commerce platform long before the global pandemic know their way around the most efficient marketing methods, all the late bloomers and recent digital migrants have yet to gain such knowledge. Therefore, to adapt, your company must research and discover where your target audience is most active among the most famous social media platforms. From short bursts of tweets to influencer marketing with YouTube creators, anywhere’s a good place to start.
#3 Value The Reverse Supply Chain
Last but not least, amidst all the change occurring at a pace inconceivable, don’t forget to value your company’s reverse supply chain. It may feel like the odd one out, considering the previous two pieces of advice. Still, a firm grasp on reverse logistics enables your environmental responsibility and strengthens the trust with your customer base. It’s always the repatriation of products back to the warehouses that cause the most stress for consumers and creates the most waste, so knowing your way around it speaks a lot of your credibility.
Business Resiliency Amidst Economic Uncertainty
Overall, despite the dynamic nature of the current markets and shift toward e-commerce, it’s not impossible to practice business resiliency in a time of economic uncertainty. So, tailor the advice presented above to suit your industry, and you’ll be setting your business in the right direction for the foreseeable future.