Being in this E-Commerce industry, Like every similar year, we all have a plan for 2020, or I can say we all had a plan for 2020. But now, due to the coronavirus pandemic, we can see a big full stop in front of our stunning plan.
In this time of rapid change, every business/industry needs to understand and figure out the speed of the market, the speed of competitors, and the speed of customer preferences.
This pandemic is a turning point for all businesses, and it requires forward-thinking, new plans, re-build strategies, new practices, and tactics in all the critical areas.
E-Commerce brands across the industries are planning new changes to meet consumer’s needs and understand their behaviour after COVID-19. We all know that the upcoming months are going to be difficult and challenging, whether it is for well-developed E-Com businesses or underdeveloped E-Com businesses. Cash management and business maintenance would be essential for every business.
But what is the plan after lockdown or for the post-COVID-19?
Sources say that after this lockdown, most of the customers buy products online. But the thing is what they will be looking for? What will they buy?
This time it is more important for all the E-Commerce brands to evaluate their business, focus on customer engagement, update their messaging, and closer attention to user experience.
We all know that an uncertain and unpredictable future will be waiting for us, and we all have to face it. Most of the brands will have only one option, and that is survival, and other brands will have the opportunity to stand out from the crisis and keep their business value.
So how will the E-Commerce Business Reshape after COVID-19?
By applying the below practices, An E-Commerce business can survive and save it for an extended period.
1. A Proactive Approach will help to Survive
E-Commerce businesses have to know the market demands and needs because it is the best way to meet customers’ loyalty and win the market. A smart E-commerce brand will acquire a proactive approach to deal with comprehend what changes will happen. This is the right time to make strategies quickly to analyze the future needs of your customers and be ready to adjust the products and services accordingly.
But the question is, how will you identify customers’ needs?
As you know, this is not the right time to conduct customer interviews, surveys, market research, or customer feedback because most of your customers would not be happy or interested in this.
So what do you do?
You need to gather the comments, reactions, and data, then analyze them. You need to change your messaging style, ask them what they need instead of what you have for them.
2. Offer Value to Your Customers
The world is going to be very different after COVID-19. Researchers have found that brands can accelerate their recovery post-recession by building brand value and awareness during the recession. During this Quarantine, businesses need to stay connected with the customers and share updates regularly via emails or social media. As we all know that companies would take time to get back on the previous track, but the main thing is pre-preparation.
What can you do for pre-preparation?
Prepare the essential information that your customers need to know. The data might be related to the temporary services changes, your working hours, pickup, and delivery time. Prepare FAQ (frequently asked questions), add them directly on your website and social media so it’ll save your responding time and your customer can get instant replies.
E-Commerce businesses should recognize that every single action is communication for customers. You cannot conduct business as usual, but you might engage your customers with your brand by posting creative content such as throwback pictures, behind the scenes photos, by going live on Facebook or Instagram. Share some tips according to your business (for example – if you have a beauty brand, then share some beauty tips with home remedies).
Figure out the ways to make a strong bond with your customers and always recognize them about your brand. In this tough time, every business needs to represent its brand position appropriately.
3. Keep Your Stakeholders Connected and Safe
Clarity and transparency are necessary with your stakeholder. To recover and reshape your online business, you need support from customers, employees, suppliers, creditors, investors, and regulatory authorities.
Businesses need to maintain regular connections with suppliers regarding their capability to deliver goods, investors to provide and raise funds, Employees to maintain their work balance during and after the COVID-19.
Stay up to date with the market situation and keep your stakeholders informed, prepare recovery plans for post-COVID-19, so that your business can position itself in the right direction.
Once the situation is mitigated, All E-Commerce brands should reshape their businesses. As time is passing, this crisis is teaching us too many business lessons, and we will be carried forward by those lessons once the crisis has passed.
Let’s start the plan to recover your business from today, not later!
