Without a doubt, Covid-19 is the single most important defining event of 2020, and the implication will certainly be here with us for a much longer period than envisaged. It is already redefining our lives in more ways than we could imagine. Our social lives are rapidly changing; religious houses are empty, restaurants, bars, cinemas, shopping malls are just recovering after being shut down.
Education is the worst hit in all of these narratives. Over 1.6 billion children were thrown out of school globally; this is unprecedented in the history of the world. The intriguing part of it is that people have come to terms with the situation and now see it as the new normal.
In the course of our lives, we occasionally have to deal with uncertain situations. The good news is humans are equipped to respond accordingly. The lockdown, social distancing and other safety measures have expectedly pushed consumers towards eCommerce platforms which is the highest beneficiary of the current global new normal. The global e-commerce industry has been significantly impacted by the novel COVID-19 pandemic.
E-commerce retail platforms are currently experiencing unequalled traffic, and the only explanation for this is the desire of shoppers to avoid crowded places to help flatten the curve of infection. People have, therefore turned to online platforms as the best solution.
Statistics show that there was an unusual spike in global traffic on retail platforms between January 2019 and June. Retail websites recorded about 22 billion visits in June 2020, from 16.07 billion visits in January 2020; way beyond traffic during the peak of holiday due to the impact of COVID-19.
The graph below demonstrates a sharp influx of traffic on the retail e-commerce platforms, which continue on the upward ascendancy since the outbreak of the COVID-19.
Consumers are not the only ones making the necessary adjustments to the current trend and disruption. COVID 19 has caused a major shift in business conditions for many companies globally, with businesses transitioning online successfully.
Companies are taking a vantage position to benefit from the current boom being experienced in e-commerce. The resultant fierce competition is one that requires lots of grit and creativity to navigate if any business is to stay ahead in the competition.
Thriving in the Midst of Competitors
To make the difference in the midst of the current stiff competition, you need to do what others might not be prepared to do.
Redefine Customer Experience: convenience more than anything else is the primary reason why customers are patronizing online platform. To get ahead in the competition for customers, business leaders must understand the new online customers’ behavior and their path to purchase to provide them with a quality user experience designed to not only make shopping convenient but strong enough to guarantee a repeat visit.
It is essential to have an effective stock management practice which must be deliberately integrated into your operational policy. It is estimated that over 43% of business do not have an effective way to track their inventory. There is nothing as refreshing as being able to meet customers’ satisfaction on account of having the right stock and knowing products that are in trend. You to recognize that stock management is not just an internal process for monitoring your inventory; it also directly affects your relationship with your customers.
To be able to retain your newly gained customers, it is important to not only promote loyalty programs but to expand your product range to ensure that the right products are available at all times. The competition intensifies with consumers using price engines and referral sites to find the best deals online.
Strengthen your technological platform by ensuring that your website does more than just facilitating buying and selling. Your eCommerce site should be KPI driven. It should be enabled to capture metrics that tell you: how many customers are visiting, your conversion rate, Shopping cart abandonment rate, cost of customer acquisition, customer lifetime value, average order value and gross profit margin such that making a decision is objective and not based on guts feeling.
How Clarobi Can Make the Difference
COVID 19 has made taking a business online not only ideal but the right thing to do amid the current reality. However, you may have also observed that succeeding online is not a task that you should leave to chances. The competition is stiff and more businesses are still transiting online, meaning competition will be stiffer in the days ahead.
The cheering news is that Clarobi has got you covered in this. Are you looking to set up an e-commerce platform or manage your platform? Are you currently overwhelmed by the dynamics of online business? You need not worry any more, reach out to Clarobi today and stir your business back on the path of profitability.