The COVID-19 crisis will result in a permanent change to our shopping behavior and ways of conducting business. While some businesses have experienced a temporary short-term peak in demand, other categories will be moving online for good. Is Your Business not E-commerce Ready Yet?
The COVID-19 crisis will result in a permanent change to our shopping behavior and ways of conducting business. If your business is not E-commerce ready yet it is about time to think about it. While some businesses have experienced a temporary short-term peak in demand, other categories will be moving online for good. You might ask yourself why?
- Convenience beats price as the #1 reason for online shopping: We are getting used to online convenience, and new habits quickly become persistent. Last year, convenience topped the list of reasons for online shopping.
- The risk of a pandemic blowback leads to continued social distancing: The increased focus on personal hygiene and social distancing will encourage continued online shopping, reinforcing behavioral change in the longer term.
- Intensified online competition: E-commerce players seeing a surge in volume will do everything in their power to retain their newly acquired customers through loyalty programs, subscription models, promotions, and expansion of the product range.
- Elderly and Vernacular Consumer will Go Online: Those who invest in next-level platforms which include voice searches, AR/VR, language capabilities will be able to retain these new entrants.
Transition Your Business to New Normal
This pandemic is forging new buying patterns, however, what has not changed in the crisis is that leading companies differentiate themselves from their competitors based on the experience that they deliver to their customers. As clear from the trends the consumer is more likely to favor convenience over price.
The Omnichannel approach for e-commerce helps brands and organizations to be seen, reached, and recognized.
Now is the time to act. The bold and ambitious companies that embrace the new reality and take timely action can capture market share and emerge after the crisis as market leaders. Action requires the courage to reinvent your business model and invest in times of high uncertainty.
We recommend organizations, such as yours, to be proactive and consider the following actions:
- Adopt Omni Channel: Omnichannel retailing is a strategy of having a presence across all touchpoints, which basically means going beyond bricks-and-mortar locations to mobile-browsing, online marketplaces, social media, and every online channel where the customers can browse.
- Strengthen Your Customer Experience: Understand the path to purchase of your (new) online customers and provide them with simple and human-centered UX design to create delightful shopping experiences across devices leveraging the latest technological innovation. If you have physical stores, ensure that they digitally connected with your e-commerce channel.
- Strengthen your technology Platform: There is a need to speed up the investments in your existing technology platforms to integrate them with Your Omni Channel Strategy. You not only need to integrate your Point of Sales (Mobile, Web & Stores) but also to integrate the fulfillment, Shipping, and Inventory Management.
- Upgrade your supply chain and fulfillment: Across the world, the traditional Distribution Center led approach is under stress. There is a need to decongest the supply chain. Leverage an integrated omnichannel strategy to enable your Brick and Mortars to act as Micro Fulfilment Centers. Buy online, pick-up in-store (BOPIS) options have seen rapid growth over the past few years, but this model is likely to shift to buy online, deliver from the store for added convenience in the post COVID world.
Not everything is about money. Having the right strategy in place can help you today to be a successful retailer in the future. It is maybe not the best time to just invest in technology without having a clear goal and vision to bring your business closer to your clients with e-commerce.
We in Skillz Middle East believe in a solid plan to take our clients to the next level. With our offer on competitive strategy services, we open doors to the global market.
- Strategy Services: Audits, workshops, Pilots- Proof of concepts, E-commerce Strategy, Digital Marketing Strategy & Services
Is Your Business not E-commerce Ready Yet, Take Action Today – talk to us for your success.!
- Hubspot, by Clint Fontanella 15 Examples of Brands With Brilliant Omni-Channel Experiences.
- Capillary Blog, by Vikram Bhat 3 Trends Shaping the Future of Omnichannel Retail in 2020.