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Though the waves of coronavirus have been going up and down, there is still no assurance that everything will go back to the way it used to be. Covid-19, being a global pandemic, is likely to change our way of living in the near future as well, having implications that may last for decades. Phases of unlocking are going on and people are trying to return to their “normal life”, but the business landscape will be different, perhaps permanently. Nonetheless, this is a very crucial transformation that is indeed the need of the hour.
The abrupt digitalization may have left many retailers in drastic conditions with a shortage of customers. Digital and omnichannel retailers have pivoted and transformed effortlessly, but the retailers that prioritized physical stores and face-to-face engagements over online strategies have struggled a lot. Non-essential business shutting down and customers avoiding public places have somehow led us towards the path of “new normal”.
Selling and doing business online has way too many pros which overpower the cons. Shoppers are more than happy and safe to stay at home, research and purchase the solution or service as long as the risks are subverted. This distance and interaction through screens very obediently guide us in following the protocols like social distancing, minimal physical interaction and thus low risk of being affected. Online shopping is convenient for both consumers and sellers. Artificial intelligence and high-tech features have solved a lot of problems faced by retailers. Maintaining data, records, information, etc., are more feasible in an online mode. Thus, it gives them more time to spend on business development strategies than doing paper and administration work regarding business.
In comparison to setting up an office at a physical location, it is very easy to manage and run a business online. It’s extremely affordable with many vendors and distributors making it even easier by providing various services. Directly selling online and having a diverse range of customers also helps in increasing the reach.
With online service providers, there is no limit in the number of customers operating and shopping at a moment. The good news is that the newly-established online companies don’t have to struggle in front of big retail giants like Amazon, Walmart, etc. Social media platforms like Facebook and Instagram with a billion active monthly users provide an excellent opportunity for small-scale retailers to expand their consumer base and reach.
Shifting to online can provide retailers and service providers with a great opportunity to scale up their business as the data and insights they get online can give a much more accurate forecast about sales, customer base, estimated revenue, etc. It can thereafter help the seller in planning effective business strategies. With a vast range of scope and opportunities, the online market is here to stay. Not just till the time of restrictions and lockdown but most probably even in the days of “new normal”
Written By: Aditri Priya- DQ Channels