Undoubtedly, the impact of coronavirus has upended every other industry. Whether we talk about marketing goals or corporate events, the contagion disrupted everything. However, the e-commerce sector stood on a much safer side.
Since online shopping lets you maintain the mandatory social distancing protocols, it was considered the best option. However, things are not smooth even in this sector. Decreasing purchasing power and a drastic shift from some routine activities are impacting sales.
Therefore, it is vital to adapt strategies for dealing with such uncertain conditions in the future. Let us learn some useful tactics for adapting the e-commerce stores as per the recent trends:
Latest Trends during the Pandemic
E-commerce stores proved to be a lifesaving option during lockdowns. However, some businesses are still facing huge losses due to the closure of storefronts. Besides this, investments are also decreasing during this uncertain time. Consequently, the employment rate is declining. Some other recent trends include:
1. A Boom in Online Shopping
Online stores are enjoying hefty revenues. Some essential niches like household and health are even experiencing a product shortage. Apart from it, a recent study by Listrak shows a 40% increase in online shopping.
2. E-commerce Supply Chain Issues
With rising demand, supply becomes a big concern. Since factories are not open during lockdowns, manufacturing was at a halt.
3. Amazon Stopped Non-Essential Goods Shipment
Since the condition is unstable and demand for essential products is hiking, Amazon has taken a new decision. The brand has stopped shipments for non-essential items. As a result, it can focus on necessity goods like baby products, health, household, etc.
4. Businesses are Diversifying Products
Businesses are diversifying their products to sustain themselves in this difficult time. This step is making it possible to stay safe and generate essential revenue. For instance, some e-commerce stores have recently introduced health care products and wearable devices.
5. Rise in New E-commerce Stores
This huge shift towards digitization has led many brands to open e-commerce stores. Since storefronts were closed, online selling was the only option. Even now, when many countries are practicing smart lockdown, people prefer to buy online.
How to Adapt Your E-Commerce Store?
If the changing business dynamics have impacted your revenues, do not lose hope. Arm your strategies with the below-mentioned tips and notice a positive change. Here you go!
1. Coordinate with Manufacturers
Stay updated with your manufacturers to know about any lags in your supply chain. You must be happy with increasing online demand but plan accordingly to manage the supply. Talk to multiple manufacturers, so you always have a backup in case of an emergency.
2. Prepare a B Plan
Whether we talk about supply or delivery options, you should always have a B plan in hand. The situation is uncertain, and things can change at any moment. Therefore, to keep your sales going, always plan your alternatives.
3. Know Your Customer
Do some research to know well your customers? How are they dealing with the pandemic? Are they working from home or furloughed? How do they see the current situation? Knowing all this will help you in molding the tactics.
4. Plan to Serve At-Home Consumer
Since people are at home, they have enough time to engage with brands. Grab this opportunity and use various tactics to stay connected with consumers. Besides this, try to keep them engaged with new campaigns or products. For instance, you can add a new “boredom buster” page in your online store.
5. Keep Your Consumer Informed
You might be facing delays in supply or some problems with the delivery system. Besides this, some products can also go out of stock. To maintain a professional image in front of customers, keep them informed. Update your product pages and highlight the new changes in service.
For instance, I was searching carpet cleaning near me in Stevenage a few weeks back, and I found out that many cleaners have added the “New COVID-19 Changes” section to their service pages to let their consumers know they are being safe.
6. Make the Best Use of Data
E-commerce is all about data analytics. Do not lose motivation with the recent business changes. Always keep trying and try to figure out the results with data. For instance, you have added a new product page and started a new discount offer. Notice the traffic changes to your website after this offer. This will help in making more appropriate changes.
7. Choose PPC Ads Smartly
Since many people are at home, Google searches have increased. Besides this, if you have a product that is helpful in the current situation, like a health or kids entertainment product, PPC is the right option. However, to save your budget, lower bids for a certain time when conversions are low.
8. Offer Discount Packages
The recent financial hurdles have made consumers highly price-sensitive. Though demand for some products is increasing, competition is also at its peak. Consumers are searching for low-price goods and problem-solving items. Therefore, offering discounts and deals is a wonderful idea.
Furthermore, change the way you sell. Instead of earning more revenue per sale, try to reduce the per sale price. This will increase the overall demand, and you will earn the same with the total number of sales.
9. Create Loyalty Programs
These days’ consumers are more active than ever. They want to get the best thing at the lowest price. Besides this, they have enough time for the research. Therefore, it is vital to give them rewards even for the first purchase.
For instance, offering discounts on an initial subscription will entice a price-sensitive consumer. Similarly, you can offer other things like consumers can claim a tote bag on every purchase. Compared to getting other products as a reward, discounts will appeal to the consumers more.
Wrapping It Up
In short, adopting the e-commerce store as per the new business dynamics is mandatory. Firstly, we need to observe the latest trends and then mend our objectives accordingly. Steps like creating a plan B, keeping the customers updated, and using online data can result in satisfied consumers.
Besides this, announcing discount deals, starting PPC campaigns, and creating new loyalty programs can boost sales. The world is changing, and so are the consumers. However, there is always a way to win the hearts of consumers and sustain your business.