Covid-19 has fundamentally altered how our commerce and businesses work. E-Commerce is no longer just a subset of commerce, but also, it’s future. The time has never been riper for people of all trades and businesses to understand the online market place and transition into its activities. It’s time we looked back at the world of business post-COVID19 and find opportunities where others see obstacles.

Impact of COVID-19 on E-commerce

For many businesses and people around the world, COVID 19 has spelled disaster. However, for the E-commerce market, it has been a blessing in disguise. During these tough times, when everybody was speculating a more defensive approach to keep their line of business intact to say the least, online markets took a different turn.

With people taking social distancing precautions and most stores barely able to operate whilst following the ‘SOP’s, the E-commerce industry simply bypassed all such issues. From the range of products that were never part of online shopping to Retailers jumping in aggressively to mark their online presence, the world witnessed a sudden growth in the E-Commerce market well before time.

This trend is evident from the surge in demand online platforms like Amazon, Shopify, and Ali Baba had seen. In particular, Amazon has seen an increase of about 40% in its revenues under COVID-19. This change in consumer behavior is here to stay, and for businesses and entrepreneurs to survive in this evolved market, they need to understand and take advantage of this new shift in online shopping.

We’ll look at the impact of COVID-19 on e-commerce from two perspectives.

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1) The lens of the entrepreneur.

2) The viewpoint of local businesses.

COVID-19 and the Future for Online Entrepreneurship

As most consumers move online to address their needs, a more competitive and aggressive approach is on the lookout. This situation opens a golden chance for entrepreneurs to seize the opportunity through their originality and innovation, building a strong foothold.

This surge in demand for E-commerce consists of people searching for goods they originally bought from conventional supermarkets or local stores. For instance, if we talk about groceries, food items, and customary household stuff, they were never on the list for an online shopper.

At the time when E-commerce websites were not equipped enough to manage the sudden increase in demand for such inventories, the burden shifted on the drop shippers to cater to this segment. Although drop shippers were having strict constraints to manage their supply chain availability freely amid Coid-19, the situation is much more suitable now and in the future as relaxation in lockdown is observed gradually around the world.

This means, an entrepreneur who is thinking of starting a dropshipping business or looking to mark their presence online, could capitalize on this opportunity by making a much-needed entrance to secure a spot for the online shoppers.

Apart from the above-mentioned products being ordered online, many fringe products have seen an uptick in demand due to COVID-19 as well. For someone who is just starting their business in the online marketplace, It is a smarter strategy to focus on these products that are not popular on the online platforms but have found an increased interest in demand from the consumer. These products may include stationary, cleaning utensils, face masks, and hand sanitizers to name a few.

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As an entrepreneur, it is smarter to focus on these products, as they have comparatively less competition and an underestimated demand in the online market place. Though the future looks promising in E-commerce as it does not stop consumers from buying, there are new risks due to COVID-19 that an entrepreneur needs to keep in mind. Firstly, shipping has been affected due to travel restrictions and intermittent lock-downs. Consequently, any e-commerce businessman has to keep tabs on the shipping aspect of online shipping far more than before. Some things an online business can do to mitigate these problems are:

  1. i) Have contact with more than one shipping company.
  1. ii) Honestly informing their customers of shipping difficulties.

Conclusively, 2020 is a great time to be an entrepreneur. With some business acuity and a professional work ethic, E-commerce can be your shot to a successful and sustainable financial future.

What COVID-19 means for local businesses?

As a local businessman suffering from economic loss due to lock-down restrictions, the time has never been more apt to move online. The survival of your future business depends on it. As more customers have moved to the online sphere, it is about time that you should as well. There are primarily two ways you can move your business online:

  1. i) Build a website.
  2. ii) Build an online presence on popular e-commerce platforms.

The first option is only viable if you can invest a lot of capital for this transition, and your business has a recognizable brand value. If that’s not the case, then it is advisable to consider the second option.

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To successfully build an online presence in online platforms like Amazon, you need to understand how they work. The key to success in an online market is your consumer reach, which depends on your ability to market your product effectively. To do this, you need to learn about product listing, inventory management, and shipping to name a few.

The ability to expand and evolve your business beyond its geographical and demographical limitations is an opportunity you can’t ignore. In post-COVID19 circumstances, even local businesses need to survive to have to become entrepreneurs in the online market, and the best way to this is to educate yourself on the new shift we all are seeing in the online market that has surfaced in the most unusual way.

In conclusion, Covid-19 has fundamentally altered how our commerce and businesses worked. e-commerce is no longer just a subset of the commerce, but also, it’s future. The time has never been riper for people of all trades and businesses to understand the online market place and transition into its activities. It’s time we looked back at the world of business post-COVID19 and find opportunities where others see obstacles.