09.04.2020 / 17:02
E-Commerce against coronavirus crisis: what you should focus on
The COVID-19 pandemic has brought us not only a global health crisis but also an economic crisis that has already had a bad impact on many industries including Retail. Consumers are searching for safe ways of shopping that makes E-Commerce a leading sales channel while offline stores are closing one by one. According to the daily COVID-19 survey by Statista around 45% of respondents in the United States and around 25% in Germany started to shop online more (as of April 7, 2020).
However, online retailers also face challenges like supply chain management, delivery issues and a surge in online orders. What things you should focus on to stay afloat and overcome the crisis?
Pandemic times changed people’s everyday lifestyle and increased demand for specific groups of products. According to Statista people started to spend more money than usual on health and hygiene, household cleaning products, home entertainment and hobbies. Such changes in demand require real-time tracking of market trends to remain relevant to your target audience. You can implement an AI-driven Retail solution that will monitor changes in real-time helping you make more informed decisions for both assortment and price optimization. One more good option is to conduct detailed research on your target audience or use Big Data analytics to identify your customers’ preferences and make decisions on assortment accordingly.
Delivery services can become the only way to generate revenue under the present circumstances. As there are many cities unavailable to reach by carriers delivering shipments, a good idea is to implement a system where both your employees and your clients can double-check the possibility of delivery. Don’t forget to think over alternatives providing customer satisfaction in case of delivery restrictions. For example, you can maintain customer loyalty by offering a gift card for future purchases or providing free access to the premium account.
Countries that are under strict lockdown (including Italy, Spain and France) can affect your supply chain and cause difficulties with the replenishment of warehouse stocks. Put attention to the smart warehouse tracking systems to avoid the situation of stockout. Advanced inventory management systems can track quantities real-time using Machine Learning algorithms and Computer Vision technologies and timely send notifications in case of low stocks.
The increase of online orders can become challenging to process maintaining the high quality of customer service. Think over implementing an advanced automation mechanism that will accelerate processing and inform your clients about challenges related to their order in advance. Remember that potential problems with delivery and order processing should minimally impact your customers’ loyalty.
Retailers’ fight for survival during the crisis requires the implementation of new digital marketing strategies that will make consumers prefer your online shopping platform to others. Make sure your E-Commerce app is built according to the SEO concept to guarantee that customers will easily find your online shop. You can also think about implementing smart features like intelligent search, matchmaking and personalized suggestions for customers.
Increased interest in online shopping requires innovative solutions and bold ideas to make your E-Commerce platform stand out. Consider new ways of sales like Augmented Commerce. It provides overlaying digital content into a real-world context making shopping extremely personalized and increasing user engagement. This way you can drive your sales and reduce return rates that is extremely important in today’s transportation conditions.
The coronavirus pandemic has created new conditions for business development as well as new needs and expectations of your customers. Exposit can support you in the struggle against the crisis and help you to respond to new challenges using innovative technologies. Contact us to discuss relevant technology solutions for your online Retail and take care of your health.