Since the first case of Covid-19 was reported in December 2019, things have not been the same in the world. Many industries have been hit hard by Covid-19, and the different players have been forced to change their strategies to remain sustainable. What we are all really wondering is, what does this mean for the eCommerce forecast for a post-pandemic era?
Customer engagement during Covid-19 has taken a different turn, and this will shape the eCommerce industry even post-covid. A lot of changes will take place in this industry, and here are 5 covid e-commerce forecast predictions worth taking into account.
1. There will be a convenience wave
While prices use to beat everything, things will change, and a wave of convenience will take over. Customers are already used to sourcing essential goods and services from the comfort of their homes, and it is not something they are willing to let go of.
After Covid-19, most businesses will be shifting to eCommerce as that is where the customers will be, with their focus on convenience. They will, therefore, be choosing businesses that offer them convenience. This alone will make eCommerce an opportunity that all businesses want to tap.
The question to consider, how can you make your eCommerce platform most convenient?
2. Increased competition
This eCommerce forecast takes a look at competition increases. The eCommerce competition that existed pre-covid will undoubtedly take a different direction post-pandemic. Competition tends to be high when the supply is high. Already, you have seen that the number of eCommerce players will increase post-covid as more customers look for convenience.
This means that businesses with the same offering will be fighting for the same customers online. This will make the eCommerce space a lot more competitive than it used to be before. As such, the businesses will be doing everything to attract and retain customers. That is through having subscription payment models, loyalty programs, perfect order fulfillment, and offers to mention a few. Since the offerings will be readily available and easy to compare prices, there will also be pricing competition as the businesses work towards giving the customers the best offers.
Post-pandemic, businesses will be working to put their best foot forward to win customers as they will have so many options before them.
3. The use of scalable platforms
Before Covid-19 struck, the activity on eCommerce platforms was rather modest and constant. When the pandemic hit the world, everything changed, and the level of eCommerce activities skyrocketed. The increase in customer flow has forced businesses to expand their platforms by going for more scalable solutions that will grow together with their customer base.
This eCommerce forecast predicts eCommerce stores will stop being comfortable, and they will be forced to strengthen their platforms in order to accommodate the growing demand for online shopping. If you are looking to venture into eCommerce post-covid, this is something that you might want to consider and work on as soon as now.
Test the capabilities of your platform, identify the areas that you need to improve and use this opportunities to incorporate some features that will take your eCommerce operations to the next level like analytics, and automated customer engagement to mention a few.
4. eCommerce stores will be forced to increase their distribution capacity
As the customer flow increases, the volume of products being shipped to the consumers will grow. Businesses need to keep this in mind as they make their eCommerce plans for post-pandemic, lest they will not be able to serve the customers adequately and meet their shopping needs. At the moment, companies are already overwhelmed with last-minute demand for package delivery, and they have to increase their handling capacity.
Same day delivery distribution strategy and expanding your delivery team at this point will ready your businesses for the upcoming opportunity. If you need help with this eCommerce forecast, give QuickBox a call asap!
5. An increase in mobile marketing spend
The marketing strategies for businesses will be centered on digital platforms. Businesses will have to set budgets for mobile marketing and ads on search engines like Google to increase their visibility. This will also be in the effort of beating the growing competition in the eCommerce industry. Businesses will be joining forces with influencers and online marketers to create brand awareness and to generate leads.
Online marketing will also see a decrease in the overall marketing spend, as online marketing is cost-effective. Businesses, therefore, need to align with this forecast and come up with a digital marketing strategy ahead of time, to help your business stand out in the competitive market.
eCommerce in 2020 has experienced double the growth that was experienced in 2019. The challenges brought about by covid-19 are here to stay, and e-commerce platforms will continue providing solutions to these challenges. Businesses must align themselves with the forecasts and design their operations in a way that they can benefit from the situation and also meet the customers’ needs. The activity on eCommerce platforms is expected to rise, and businesses should consequently package themselves to handle the growth.
About QuickBox Fulfillment
Running an e-commerce shop is nothing like your classic brick-and-mortar. While managing your vast marketing efforts, you need to know that your orders are getting to your customers in good order. Let us provide you that peace of mind. From custom packaging & kitting to back to stock returns, we offer world-class fulfillment services for e-commerce owners like you.