During these times of uncertainty, the challenges posed by Covid-19 have given rise to a great opportunity for businesses to expand their e-commerce presence and adapt to the new ways of the world.
To stay relevant in the market, the e-commerce industry relies on continuous and innovative technological advancements. It is therefore imperative for it to keep up with the ever-changing trends to stay relevant. During the Covid-19 pandemic, the “working from home” era took off and the majority of businesses were forced to adjust their entire business model which mostly relied upon face-to-face interaction to a complete digital interaction model with no preparation or warning. This in turn has forced businesses to create new habits and embrace the unknown.
Change is never easy, yet it is inevitable. It is therefore important for businesses to embrace change and take the necessary action in order to succeed and survive. According to Charles Duhigg who authored “ The Power of Habit”, habits are formed in three steps:
The cue which sets off the action.
In the current circumstances, the Covid-19 pandemic is the cue that has resulted in businesses all over the world having to create an automatic response to the global crisis.
The routine is the action that is taken to create the habit.
In this case, the routine has become the shift from working at the office to working from home, communicating virtually, improving and updating websites and interfaces to become more user-friendly and having to adapt and comply with new methods of maintaining personal hygiene.
Reward is the outcome of the habit which may make it worth maintaining in the future.
According to recent research, there have been clear benefits of adapting to the changes of the market for the e-commerce industry As such, these changes will certainly be worth maintaining going forward.
According to the Salesforce Global Shopping Index , revenue growth for 2020 has increased by 20% compared to 2019, digital traffic growth has grown by 16% and shopper spending growth by 4%. It is therefore apparent from the graph below that by implementing a shift from a physical to a user-friendly virtual platform, significant benefits can be achieved even during these trying times.
Even before Covid-19, many enterprises were having to make the shift from old traditional methods of doing business to new and improved digital methods. Changing a business model to suit the needs of the market at any given point in time is needed in order to achieve success in the long run. However, changing to a virtual platform is only one element of an evolving business model. Being able to communicate effectively to the relevant target audience in the correct manner is equally as important. For example, during a global pandemic it may be appropriate to decrease the traditional “sales pitch” approach to gain traction and rather focus on providing support to the audience being targeted. This strategy is more likely to gain the trust of the market.
The e-commerce industry is flourishing and has almost limitless potential for growth. It has the benefit of being able to adapt quickly and is far less susceptible to disruption caused by global crises. Given the current devastating pandemic, businesses will clearly have to find ways to adapt to the challenges it has created. Carrying on “business as usual” will no longer guarantee a businesses success and relevance. The time has come to change.
econsultancy.com: Stats roundup: coronavirus impact on marketing, ecommerce & advertising
roihunter.com: Coronavirus Habits Will Stick: is E-Commerce Ready?
salesforce.com: How Shelter-in-Place Is Changing Digital Commerce Habits
wordstream.com: 5 Ways to Adapt Your LinkedIn Ads During COVID-19