The COVID-19 pandemic has affected the global economy to an unprecedented scale. With a significant increase in daily cases of coronavirus, businesses would take time to return normal.
Since the situation would take time to improve, consumers will be hesitant to go out and shop, impacting the buyer-seller relationship.
And consequently, people have started looking out for shopping on ecommerce websites.
So, where does this trend lead us?
Well, this would open the doors for entrepreneurs and newbie businesses to create their online presence. Doing so will add convenience to your customers’ lives because you’ll be serving them right at their doorstep.
Even in the aftermath, going ahead with an online business may bring profitable business results.
Important E-commerce Trends to Know
Let’s look at the latest ecommerce trends.
- There would be over 2.5 billion global digital buyers by 2020 and 2.14 billion by 2021
- Millennials spend over 6 hours per week shopping online while elders spend more than 2 hours
- E-commerce sales are estimated to increase to 4.5 trillion in 2021 (Statista)
- Penetration rates are expected to increase to 25 percent by 2025 (MarketWatch)
Ecommerce businesses, as you could see, have a lot more potential in the current and future market scenario.
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Here are the reasons why going online would benefit you!
- Increase in Online Shopping: Consumers, these days, are hesitant to go outside and shop. Because COVID-19 can infect anyone, people are not taking any risk. This has led to an increase in online shopping.
- Reduced Human Contact: In the current market scenario, online businesses are following contact deliveries to maintain social distancing.
- A Surge in E-commerce Growth: “Online shopping is inevitable and encouraged during COVID-19”, say industry’s logistic and retail experts. In categories like health and electronics, businesses have experienced 100% and 91% increase respectively.
Online businesses, as you could see, have the potential to grow in the current marketing scenario and aftermath.
If you have been running an offline business for a long time or want to start your business from scratch, it’s the best time to become a top ecommerce platform. Let’s discuss the business ideas that are expected to see promising future growth.
“Downloads of Walmart’s grocery app have significantly increased by 160%”. Furthermore, “India's online grocery market (Big Basket & Grofers) could top $3 billion in sales this year as per Economic Times.”
Because of the fear of getting infected, people are not going to offline stores to buy home essentials. Instead, people are ordering online to save themselves from infection.
Take your grocery store online to ensure timely delivery of grocery orders at your customers’ doorstep.
Opting for pharmaceutical businesses could bring profitable results. People find it difficult to reach medical stores while others dealing with pre-existing health issues need to get medicine on time. Switching to an online pharmacy business and creating your own ecommerce website will provide medical assistance to every individual.
After the government ordered an enforced lockdown, restaurants had to shut down their businesses. Waiting for the situation to back on track and getting customers like before might take years. But switching to online delivery is a better option.
“Food delivery services would rise as consumers opt to stay in to avoid getting infected, as per The Guardian.”
Launching your food delivery app will help your customers to order food online.
Fitness centers are among the severely impacted businesses by COVID-19. While people are doing home workouts, without proper nutrition, everything will go in vain.Instead, they are more vulnerable to get infected with the coronavirus. Providing healthcare products like multivitamins, fish oil, and zinc supplements on your ecommerce website would significantly help people to take care of their health.
Tip: As long as you can tell the importance of the products you’re selling, your chances of success are high.
Education app downloads spiked in March, 2020, increasing the number of downloads by nearly 300%.
What better reason else do you want to adopt an e-learning business?
The COVID-19 outbreak has led educational institutions to adopt online learning programs. Because most students are adopting e-learning, providing e-books on any trending educational topic would serve the purpose. And consequently, you’ll have a chance to sell a higher number of copies.
So, you might have decided what business idea you will choose!
But you can start an ecommerce website for online learning and make the best of this trend.
Here are the reasons to create a website for your e-commerce business.
- Convenience: Customers, nowadays, are appreciating the convenience of online shopping rather than standing in queues at local stores. When you have an e-commerce website, your customers can make a purchase without being in an unsafe environment.
- Widen Your Brand: With a website, you may expand your product range that will increase your sales exponentially. Customers can also place orders for personalized items, making it easier to provide the necessary information that suits their requirements.
- Learn More about Your Customers: If you want to be successful, you must understand your consumers. With a dedicated e-commerce website, you’ll get a lot of information regarding your customers’ demographics, how they found your website, their purchase behavior, and how much time they spend on your site.
- Build Trust through Social Media: Social media websites like Facebook and Twitter will help you build trust with your customers through reviews and ratings. Moreover, this will keep them informed with regular posts about your products and offers.
- Open 24/7: When your online store is open round-the-clock, your customers will enjoy the convenience of being able to purchase what they want. You won't lose out any sales.
Looking to launch your ecommerce website but don’t know how to do it? Don’t worry, we’ve got you covered!
StoreHippo is an advanced online platform that helps e-commerce businesses to gain a strong foothold in the market without breaking their bank. Our motto is to provide future-ready digital solutions to e-commerce brands that need mobile-ready and customizable solutions to grow in today’s competitive landscape.
So explore a range of services and features that may help you to start your Ecommerce website soon.