World is suffering through a pandemic globally, which has drastically transformed the way we are going to lead our lives. It has affected the economy of various companies and challenged them to re-invent their methods of operating according to the new norms. This is interesting to know that companies are working on principle of sustaining and building business without any rule book in hand.
The pandemic has also forcefully changed the customer behaviour and daily routine. Most people are now working, minimizing social contacts and avoiding going outside due to lockdown rules laid by the government. This pandemic is not going to leave us any soon, and it’s going to leave a scar on us.
IMPACT ON RETAIL STORES, A SHIFT TO E- COMMERCE
Global COVID 19 pandemic has turned out to be a catastrophe for the retail industry. Major brands have kneeled down in front of this crisis and have closed many of their retail outlets. A shift from physical retail store has drastically changed the sales practices of these companies and now they are investing more on building up there E-commerce site. Companies have amended their employment policies and reduced their retail store staff. Instead, they are investing more on online advertisements which clearly indicates a shift to online – only model. Retailers are also putting up efforts on Content marketing, Social media marketing and Email advertising.
CHANGING CUSTOMER BEHAVIOUR
Impact of COVID 19 pandemic has brought drastic changes to the customer behaviour and shopping habits. Pandemic has left no option but to depend on online retail app and stores to shop for all their needs. Some people are spending on online shops as a therapy and are on a shopping spree and others are just spending on bare essentials: food, groceries, health and wellness products.
Due to the lockdown, people are staying indoors and have more time with them to browse through online collections and leave a review of the purchased products on retail sites. Online engagements have also shot up, as customers are responding more towards the marketing and promotional posts and mails.
Due to large customer dependence on online websites, companies are suffering from supply shortage as they are unable to manufacture new products during lockdown. Logistic services have also disrupted due to the pandemic which discourages customer from shopping online.
OPPORTUNITY FOR E-COMMERCE
Businesses around the world are trying to propose the best model to sustain during this global pandemic. The strategy is to get adapted to the current unpredictability of the situation because it still has a ray of hope for the E-commerce industry. A strong online presence will reduce the risk and create opportunity where businesses should invest on online marketing tactics.
Online customers are changing their behaving globally and are adapting to e-commerce which is putting a strain on these businesses. The future of e-commerce will be shaped according to how they will adapt to them and pave their own way through these difficult times.