The world has faced a lot in the past year. Covid-19 has toppled all aspects of everyday life and people are forced to adjust to the ‘new normal’. Businesses have seen a dramatic shift in the shopping trends because of the lockdown imposed to minimize the spread of the deadly virus.
Effect of Pandemic on Online Shopping
Previously, an online presence was an optional and ‘additional’ good thing for many businesses but this is not the case now. According to a survey conducted by the US Department of Commerce, for many retailers, 84% of all purchases are done in-store while online sales make up only 16%. However, after the spread of Coronavirus, the in-store sales dropped dramatically and the retailers had to find ways to shift that 84% to their eCommerce store. This means that the online shopping experience has to be perfect so that consumers are comfortable buying from your eCommerce store.
Shopping after COVID
Ecommerce businesses are skyrocketing as people are staying at home and making purchases online. Retailers have worked very meticulously to perfect their eCommerce stores in the past year. New data from IBM’s U.S. Retail Index states that Covid-19 has accelerated the shift away from physical stores to online shopping by 5 years. However, retailers are concerned whether the online shopping trend will live on even after the pandemic is over and people can safely leave their homes. A common assumption is that people have had enough time to get into the habit of online shopping. This suggests that even after the pandemic is over, consumers will be more likely to shop online than to go to the store. However, the shopping behaviors are going to change in the following ways:
No More Stocking Up on Essentials
A shopping behavior consistent with the spread of COVID is stocking-up on essentials. People have changed what they buy and how much they buy to a great extent. Consumers are seen buying loads and loads of food items, self-care products, medicines, baby care products, etc. Logically, this stocking up will stop altogether once the pandemic is over.
Higher Demand for Certain Products
According to a survey, 49% of the consumers admitted that they spend less on clothes because they are staying home. The sale of clothes, shoes, and makeup, etc. has declined due to lockdown but retailers need to be mindful of the fact that the demand for these products is going to rise exponentially once the pandemic is over. In preparation for the post-pandemic times, business owners are expected to refresh their inventory with a special focus on products that were not in demand during the lockdown.
There have been a lot of reports of cybercrime in recent days. Since the shopping trends have shifted towards estores, cybercriminals have got more opportunities to mess with peoples’ businesses. It is crucial that you give your attention, time, and money to making your eCommerce store safe and secure. Since online shopping is here to stay, the success of your business largely depends on how safe is the consumers’ information with you.
We can’t wait to say Hello to the world where there is no deadly virus destroying peoples’ lives. As excited as we are, it is extremely important that we prepare well for the normal days coming ahead. Your business can flourish tremendously if you make arrangements for the post-COVID days beforehand.