How COVID-19 Changed the Face of Commerce
It takes only one great pandemic to change the world of commerce DRASTICALLY. Nothing and no one has prepared us for this crisis and there’s a reason why everyone else may panic.
The panic brought by pandemic, covid-19, has led most businesses to introduce and become more open for the new normal work from home or virtual work. Although the whole world and even Singapore has tried to “flatten the curve”, it seems like corona virus is not going away anytime soon.
People are afraid to go out due to possible health risks at hand and would rather just want to stay at home safe. With this current situation, eCommerce has become the go-to rescue for most of us when getting our daily necessities such as groceries.
These changes was unprecedented.
Consumer Behavioral Changes
Since the onset of covid-19, consumer behavior has changed a lot by the beginning of March. The eCommerce industry is booming and taking its lead in the business world.
With most people stuck at home, there’s no wonder why most of their attention is in their smartphones scrolling and shopping online avoiding the crowds. Online shopping attracted more consumers than ever before compared to when corona wasn’t around.
Logistics companies are also in-demand these days delivering important goods like food, beverages and other commodities.
Ecommerce revenue increased to to almost 20% of this year. The big chunk of the profits usually came from gadgets and entertainment services.
Some businesses are allegedly making the move to do online services due to the current crisis we’re facing. For example, brick and mortar businesses are now trying to add an eCommerce platform to thrive in these trying times. Businesses are forced to embrace this change to avoid loss of profit or worst, filing for bankruptcy.
Zoom, a teleconference app is also on the rise as work from home emerges. Businesses can now connect to their employees conveniently from this free app without the hassle of going to the office. Even tech giants like Google and Facebook are now making significant changes to satisfy their users to endure this fight with the virus.
It’s safe to say that our “shopping behavior” has changed significantly overnight. But the question is, what behavioral patterns have subsided to address these changes of consumer behavior?
Let’s take a look how Covid-19 changed the “way we buy” and how can we respond effectively with these changes.
The Significant Changes in Commerce since the Pandemic
1. Buying and Selling Strategic Solutions
The face of Digital Commerce has changed overnight as well. Back in the day, we used to shop home improvements or clothes and shoes whenever we need to. But with the pandemic, it became a dire need to have everything become so accessible from our smartphones.
People has used the internet a lot like they never did before. One of the reasons why is availing “food delivery”. Grab Food and Food Panda Delivery has an influx of food delivery demands over the course of covid-19. More and more people are availing its services since it’s convenient and safe. A 20% rise of their profit has been recorded over the past few months from food orders.
Customers can now enjoy fresh and delicious meals from the comforts of their homes. These companies have also introduced a “no-contact” delivery option to lessen their customer’s fears of contracting possible health risks from the riders.
2. Businesses Showing Empathy
Businesses’ new marketing strategy is to reach out its customers through showing empathy and telling them that “they care”. No wonder a lot of commercials and emails have been popping out lately showing their support that we’re not alone in this fight.
One example is LinkedIn, they’ve been offering discounts and even a FREE eLearning session on different skills and topics from its members. The company has launched and introduced ways on helping people to stay productive at home.
Other than that, food brands are also introducing certain topics such as “easy homemade recipes you can do at home” and even having a special segment on “quarantine recipes”.
It’s clear to see that brands are cheering up it’s consumers that you can still do stuff at home without having to go outside.
3. The Rise of Live-stream
Media networks are airing news as well and having their talents connect via live-stream. Gym instructors, chefs and other skilled influencers are offering free virtual classes via live-stream. Who would’ve thought you could do Zumba class at home with your instructor and other students.
No wonder most companies and other brands are now transitioning into organizing live-stream shows and gatherings to reach out more customers. Their content is more accessible and visible to the online world.
How Can WE Respond as Consumers Through These Changes
Support local online sellers as much as possible.
This is the time where you can support your country by supporting you own local goods and services. In this challenging times, businesses are also facing hardships. By supporting them, we can help them to thrive and have their employees keep their jobs.
Produce relevant content that helps.
It’s time for content creators to reach out to audiences by sending uplifting and encouraging messages. Mental health is important and encouraging messages will help them cope.
Take advantage on online resources.
With the rise of free and discounted online classes and eLearnings, now is the time to take advantage on learning something you’ve been wanting to hone. A new skill to learn in the comfort of your homes is such a productive way to do at home.
This challenging times has brought pure uncertainty and fear towards us. But instead of focusing our attention on these, we may channel our energy by using challenges as opportunities. Follow the light at the end of the tunnel, you never know, you might find a new purpose.