As more threats are piling up, consumer hysteria has become more certain, fear and panic among the citizens are spreading with a pace faster than the virus itself. Even in history, there was hardly a situation where pandemics ever had a negative impact on the global economy or business. For starters, the influenza pandemic in 1918 was also known as Spanish flu that had nearly shrunken Europe and US businesses. However, the net amount of loss remains unknown and analysis has estimated that the overall loss was in two digits percentage drop as compared to others.
Where does e-commerce stand?
Global brands are constantly worrying about the impact of Coronavirus on the e-commerce industry as a whole. Following the reports, more than 50% of the consumers have been clearly avoiding people or crowds and 30% of users have not been leaving their house until necessary. Due to all these factors, the industry has become highly volatile out of which e-commerce, B2B, B2C, brick-and-mortar. Coronavirus pandemic is limiting the brick and mortar model of e-commerce all across the world. In addition to this, a large number of consumers are turning towards e-commerce in order to get the desired products or services. But it is equally turning out to be a blessing as well as a curse for a variety of online businesses.
A large number of online businessmen or eCommerce professionals are reporting issues with the supply chain management and inventory, especially for the products which are developed overseas. The complete or partial lockdown has further accelerated the cause for a few months. It was made clear by the WHO that the pandemic has resulted in severe global destruction foreshadowing the upcoming strains in demand and supply chain. The global stock market has also seen its worst in the last few months.
Instances of delivery and supply chain
The proliferation of online shopping or demand-supply brings a lot of inevitable delays in an unexpected manner. For example, users who are staying at home are avoiding getting out of their houses and expecting the products to be delivered at their doorsteps. Eventually, an increase in demand has resulted in a supply shortage and prolonged delivery times. Staying on top with this pandemic has caused a heavy shift in e-commerce and its effects are weathering the storm for a bit long. But as soon as the dust settles, the e-commerce industry needs the market share willing to recover from its impact. Some of the major retail chains have already announced that they will be expanding their e-commerce sales but with the spread of the virus, it has almost staggered the situation. Although businesses are better equipped with customer requirements and because of coronavirus, this shift is spanning out of management. The initial impact of the pandemic on e-commerce had started to take its shape in the last few weeks but there is still a lot to come and process. With the rapid increase in the number of coronavirus carriers, a large number of industries have become unpredictable in their business functioning and nature. Coronavirus has already affected the buying or selling patterns in the industry.
There has been a constant decline in sales because the first retailers do not have the essential E-Commerce arm for assistance. Following a report, around 1.5 billion pounds of excess stock is in paused warehouses out of which huge sales are planned once normalcy is resumed. As soon as the stores or warehouses are allowed to reopen it is expected that the sales will bounce back higher. However, the situation of social distancing will likely remain for a long time and it can have its impact on a few for all the customers who might not be allowed to hunker up in crowded places or stores. The business platforms understanding all these changes are about to modify their business management strategies right from e-commerce adoption to supply chain expansion and management. Further, it includes advancing the IT solutions that accelerated the need to Hire Magento developers or other professionals in the same segment.
How e-commerce ROI is dealing with it all
In spite of an increase in the fear of a pandemic, it is speculated that the coronavirus crisis will definitely boost e-commerce industries for good. This business is also surviving in a rocky economy or decline in customer purchases but the economic barriers will fast sooner or later. The golden rule in the e-commerce ROI revolution is that once the user goes online all the purchasing habits become stickier. Hence, for short term purposes, the business might feel discouraged to invest in an e-commerce future but it is more likely to double the advantages in the future.
During the current pandemic landscape of buying and selling business has changed rapidly. The customer priorities or behavior has also altered in the last few weeks in response to the virus which means that most of the brands have to react nimbly so that they can maximize the revenue and generate organic traffic. For instance, if you are already selling your products online then you can count-
- Try to update your Google My Business page with the most relevant and latest information regarding your industry
- You can optimize your platform to obtain the highest ranking and increase traffic. Not only does it have the user experience and convergence but you are also guaranteed a loyal audience along with conducting smooth operations with the purchase
- Go multi-channel and make sure your products or services are present across multiple platforms or marketplaces so that users can reach them easily whenever required.
The bottom line
In the time of anxiety or uncertainty, e-commerce platforms are helping by providing high-quality products and services to make life a little bit easier for everyone. This time is also utilized by extremists or leaders to pioneer advanced technical solutions in the e-commerce space. The largest retail segments have already considered the expansion of e-commerce sales along with providing well-equipped services.