Tag Archives: online marketing strategy

Effects Of The Ongoing Pandemic On Online Shopping

Impact of Covid on E Commerce

We’re witnessing history being made with the COVID-19 virus running rampant in society. This is an event that children will read about 10 years from now in their History textbooks (or whatever digital medium is the most used by then?).

This global pandemic is of a scale that has brought the whole world to its knees. Its impact has been more than significant, to say the least. The whole world has morphed and changed because of it. Social distancing protocols have made doing business very challenging, no matter what kind.

The worst part of this virus and the disease is that it is silent and goes unnoticed for the most part. You never know where you’ll catch it and when.

So many businesses have suffered because of the pandemic. Restaurants, bars, movie theaters, gyms, and hotels have all dwindled in their turnovers, and the major cities have suffered the most.

The worst part is that there seems to be no defined end that can be projected to this turmoil. That is why everyone has started focusing on alternatives, shutting down their businesses and moving on, or adapting by dealing with losses and trying to keep their head above water. Office workers now have to work remotely full-time. These changes and more have changed the common people’s perspective on daily life too.

The New Normal

Now people hesitate in going out to buy products and daily needs requirements. Shopping malls, grocery stores, and shops are now being completely replaced by online shopping.

Not a long time ago when e-commerce was still a fresh prospect, people used it to buy novelty items. Then came around the wave of online shopping where you could buy practically anything you want online, with lucrative deals on offer. If a piece of clothing doesn’t fit you, you can just have it returned and replaced with something else that does.

Online Shipping Home Delivery
Eventually, the online market place turned into a fully-fledged shop where you could buy anything that your daily requirements dictate. From groceries to fresh vegetables, meat, and dairy products. Everything can be bought online now. And with the new social distancing protocols in place, it’s best to not be surrounded by other people, and restrict your human interaction down to the one delivery executive that brings you your stuff.

The Growing Boom of E-Commerce

From a strictly business perspective, the Indian e-commerce market is projected to grow over its USA counterpart to turn into the second largest online bazaar in the world by 2034. The projection predicts that the market will grow from $30 billion to $200 billion in about 9 years. The top-dogs of the e-commerce game, China are still a little farfetched goal to touch. Sitting on the throne of e-commerce at a value of $672 billion, China is leaps and bounds ahead of their competition.

Panic Buying and Coping with the Virus

When the initial news of the COVID-19 virus started spreading, people everywhere were in a state of panic. With very little information and the threat of death hanging over people’s heads, people started to stock up like it was doomsday.

Even shipping services were suspended in the first wave of total lockdown. That is why, when e-commerce was one of the first services to resume, people started to abuse their wallets and buy as much as they could, because at any time it could’ve been announced that the services are being locked down again.

Panic Buying

It can also be called retail therapy, where people were just calming themselves down by generating dopamine from buying new things. All these factors and more have helped e-commerce in being the next great business to get into. Everyone likes the convenience that buying things online brings.

How Safe is It to Order Online?

According to the studies conducted, the virus can stay alive on solid surfaces from anywhere between 3 hours to 3 days. The studies are still not very conclusive because of the limited time we’ve had with the virus. But regardless, from the time that it takes to package and ship your product (which is now extended because of slow shipping), practically all threat of you catching a virus through your package is minimized.

You should still use an aerosol sanitization spray to neutralize the packages you receive and wait for a few hours before you bring them in and touch them.

Conclusion

No matter how optimistic we get, some things have definitely changed for good. This pandemic may not last forever, but the changes it brings are going to stick around. Some people are now used to the serenity of isolation, and dealing with fewer people, and being in fewer social scenarios.

They are now spoiled for the option of ordering things online and getting things delivered to them at the comfort of their home. These changes make it a good time to get into the e-commerce business. It is the right time for prospective businesses that can sell products online.

For further information on  E-commerce Marketing, you may contact us or visit our website www.bmconsulting.in

**This blog is compiled by Divyanshu Gupta

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How To Rebuild Your Business After The Pandemic

How To Rebuild Your Business After The Pandemic

The year 2020 has proven to be a difficult year so far for businesses around the world due to the outburst of the global pandemic. Manufacturing units are shut down, supply chains are disrupted and companies are facing labor shortages due to the imposition of lockdown by their respective governments. All these factors have culminated in the disruption of global trade that has brought the world’s economy to a standstill.

Coronavirus impact on businessCoronavirus impact on business

As you can see from the graph given above, the GDP of countries across the world has been affected negatively due to this pandemic. Millions of individuals have lost their jobs as most of the businesses are on the verge of shutting down permanently. So, does this global economic downfall mean that your business cannot get back to its former glory post this pandemic? The answer is yes, it can.

Businesses in China, the country where this pandemic originated are slowly springing back to life. Most of the businesses in this country have started their operations already, though with strict safety measures in place. The world needs to develop similar recovery strategies that would slowly put the economy back on its feet and ready to move upwards on the graph once more.

Stabilizing your business after this pandemic is going to be a tough task, but it is not impossible. You just need to improvise your business strategies and redesign them to meet the requirements of the current market. You need to have a recovery plan that can put your business back on track once this crisis subsides.

Following is a list of few steps that you can take to restart your business after this pandemic:

1. Identify the Damage done to Your Business: Every business, big or small, has been affected due to this pandemic. You need to minutely study every aspect of your business and determine the area which has taken the most hit. For example, if your production unit is doing fine but your supply chain is hampered due to the lockdown, you need to concentrate your efforts in that area.

No business can flourish without a smooth cash flow which is the reason you need to identify the economic damage done to your business. If the damage is too high, do not hesitate to ask for funding from different sources to jump-start your business. Many governments have already offered economic packages to help rebuild the SMEs. Take help from wherever possible but just make sure that the influx of money is not hampered.

Identify the damage done to your business

2. Learn to Adjust to the New Way of Working: Lockdown has confined people to their homes which have forced companies to allow their employees to work remotely. Surprisingly, this model has proven to be cost-effective for many companies and they are planning on sticking to it even after the pandemic.

As a business owner, you must come up with new ways to make remote working engaging as well as productive. Also, never fail to address your employees’ concerns as they need to feel connected to their company. Remember, your employee is an integral part of your business and a business can only prosper if they are happy.

3. Develop new Business Strategies: This pandemic has changed the market in many ways which means that your previous business plans won’t bear fruit in this current situation. Take your time and restructure your strategies so as to meet the changing demands of the current market.

As a business owner, you will need to find out what problems your customers are facing right now and how well you can address them. For example, since restaurants are closed due to the nationwide lockdowns, restaurant owners have started doorstep deliveries and takeaways with amazing discounts to keep their businesses running amidst this crisis.

Develop new business strategies

4. Concentrate on Selling Your Products Online: Since the coronavirus has limited the public movement, it is wise to concentrate your efforts on selling your products online rather than through the physical market. Redesign your marketing strategies in such a way that they will help to regain the customer’s trust in your brand once more.

If you have a website, ensure that it is free of flaws and functions smoothly. Create innovative content and post it regularly on your website so that the customers will be aware of the steps you are taking to stay afloat in this crisis. Let them know that you are taking all the necessary safety measures at your manufacturing facilities and even during product deliveries to ensure a safe environment. This will help the customers keep their faith in you which will, in turn, boost your sales.

5. Prepare a Contingency Plan for the Future: At this stage, you would have understood how important it is to have a backup plan to tackle such emergencies. The COVID-19 pandemic has taught the world economy a lesson that it needs to be prepared for such scenarios because this kind of a worldwide disruption is not going to be the last one.

There are a lot of steps that you can take to ensure that your business does not get affected due to such global threats. For example, you can find ways to cut operating costs without disrupting your work culture to increase your profits. You can even focus on strengthening your liquid cash savings to ensure smooth cash flow in the midst of such an outbreak in the future. The crux is to learn from the current scenario and have a contingency plan to keep your business running.

Prepare a contingency plan for the future

To be frank, this situation is new to everyone in this world. We cannot comprehend how well the economy will bounce back after this pandemic but we do know that we have the determination and the skill to bring our businesses back to normal. All we need to do is give our 100 percent to our business and take every step required to get our sales charts on the upper side of the graph once again.

For further information on  Online Marketing, you may contact us or visit our website www.bmconsulting.in

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