Over the years, eCommerce has grown tremendously into a multi-trillion dollar market and going ahead with further progress. Analyzing its pace in 2020, it is clear that various branches beyond the traditional retail are greatly affected despite the COVID-19 outbreak. Even more of the grocery stores, retailers, advertisers, several services have been digitized so far to bring in a recent trend called the eCommerce boom. This denotes favorable conditions for future investments in the field of eCommerce.
✔️ Impact of COVID-19 in eCommerce Marketing
The pandemic had a fruitful impact on eCommerce though most of the sectors had its adverse effects. It was because of COVID-19 most of the areas could gain several transactions, revenue, and website traffic. More than ⅓ rd of the total retailers could manage the conditions in 2020 so far with technological advancements.
✔️ Shifting Precedence for Future
As a previous measure to the pandemic, the areas of marketing and website experience had increased their investments by 58% and 66% respectively. Though there is not much progress in the percentages so far, they came at the peak. The rise in investment is remarkable in,
- Logistics and supply chain- an increase of 11% of points
- Inventory management- an increase of 8% of points.
- Omnicidal selling- an increase of 3%of points.
Marketing and advertising retained its position on top of the investment graph and saw an increase in executives as a region of investment decline in 2019 (10%) and on positive progress(20%). However, the executive area has a decline in its investments in the same year(19%) and progress (26%).
The desirable changes in the eCommerce sectors have brought in executive agreements such as:
- Migrating to a new platform
- Staying at the course
- Discussions on the current changes and processes.
- Master planning in savings- freezing wages, streamlining headcount, etc.
- Novel modalities for deliveries.
- More social media involvement.
- Changes in the in-store or online mix.
The three major areas with the most investment preference when moving forward are listed down.
- Website Experience
under the circumstances of raised traffic, it is clear that retailers will prioritize their website experience to be continued to develop their customer relationship. The current online shopping atmosphere implies that the website of a retailer is strong to bring an enthralling experience to the customer, resolving their demand, and moving products.
According to Russ Klein, the Chief Commercial Officer at BigCommerce, a retailer’s value chain depends on three fundamental components: effective seizing of traffic, transforming prospects into buyers, and advancing the post-purchase experience. Besides, all these three key points of customer experience are held on or in connection to the digital experience of a retailer.
2. Marketing and Advertising
During the initial outbreaks of the pandemic, most of the buyers made changes in their advertising strategies. They succeeded with their changes of opting for lower advertising costs and raised their budgets.
3. Logistics and Fulfillment Strategies
Major carriers experience delays on their transits and growth in outages with the great change in the year by year eCommerce order increases. This impacted their workforce as well. The General Manager of Shipping at BigCommerce, Matt Crawford claims, the pandemic has revealed opportunities to streamline and advance the chain of supply, logistics, and shipping. To maintain competence, retailers have to move rapidly to fill in such a vacuum.
Thinking about the future, it is better to invest in what we use- the popular brands we wear or use every day. However, it requires sufficient investigation of trends, prices, and brands along with a risk management profile.
Anyone can follow the 8 to 80 philosophy in their investment in high-growth companies. This philosophy relies on companies or brands appealing to people, whether it is an 8-year-old kid or an 80-year-old adult. It is easy for anybody to make money during good economic conditions, but when things are bad with the economy only highly grown brands would survive.
If anyone wants to begin investments in e-commerce, he may follow the experts priorly before his initial steps. There are a lot of e-commerce training available online. Aidan claims that Kibo Code is a new way of doing e-commerce. Check out the reviews to find out Everything you need to know about Kibo Code. They are widely available on Instagram or Twitter to guide in the right direction. Most of them require a monthly basis payment but don’t hesitate, and consider that you are investing in yourself.