The impact of covid-19 on ecommerce and retail markets

As the world responds to the coronavirus (COVID-19) pandemic, we’re seeing a dramatic shift from in-person to online shopping. Consumers are relying on the digital world more than ever and businesses are forced to adapt their strategies and shift toward digital transformation with much more urgency than before. As the lockdown has forced billions around the world to stay at home, there was a new trend that followed. The panic buying led to surprisingly increased sales in some sectors. So much so that it caused the shortage of several products. People have been constantly avoiding crowded malls and supermarkets to ecommerce for everyday essentials. As a result, many traditional street-side businesses have been moved online. Bringing businesses online, by developing online shopping websites and online shopping apps, has proven to be a great relief for people in these troubled times. You are saving time and everything is being delivered to your doorsteps.

Digital transformation in retail

The Coronavirus crisis has led to a complete digital transformation including small shops. Today people are avoiding social contact. This has completely changed the digital payment methods in these small shops and store owners have accepted this new wave of digitalization. Many of these small stores are even offering contactless deliveries along with sanitization of the goods ordered. The digital transformation has proven to be of great value for both consumers and retailers.

The value of implementing a digital customer feedback program

There is no doubt that a great customer experience positively impacts your customer retention as an ecommerce organization. The difficulty comes into play when you need to understand what is perceived as a positive experience. Many organizations find truth in their data. By looking at quantitative data you’re able to capture a clear understanding of the behavior of consumers on your website or mobile application. Data allows you to see a jump in traffic, a sudden increase in conversion following a newly launched ad or improved navigation on your website. It can also raise awareness around significant drops in conversion during the checkout process or earlier in the customer journey. Quantitative data shows you what is happening on your digital channels. It doesn’t necessarily explain why certain things are happening. This is where digital feedback comes into play. By asking your site visitors and mobile application users the right questions at the right time, based on their behaviors, you are able to capture this. Why? Imagine you see a sudden significant drop in conversion throughout the checkout process. You can spend time on identifying the problem yourself or you can ask your users why they are leaving your page in such a late stage of their buying process. Identifying bugs and aspects that build up to a negative customer experience help you improve; understanding why customers are returning helps you identify what makes up your positive customer experience and ultimately helps you to build competitive advantages over your competitors.

Conclusion

Change is inevitable. The sooner you adapt to it, the better. Today it is really essential for a business to have an online presence. If you own a business, now is a good time for you to invest in an online shopping store or an ecommerce mobile app. That way not only your customers will be able to connect with you better, but you can also reap the benefits of soaring high sales. 

If you’re planning to create a mobile app for your business, get in touch with us right away. Share scope, project details, timeframes, and business challenges with us. Our team will carefully study them and then we’ll figure out the next move together.