Here are some key takeaways to keep in mind as we move past the pandemic.
5 min read
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The global pandemic was devastating for several businesses, namely retail, restaurants, hospitality and in-person entertainment. While many businesses closed their doors permanently, others surfaced and even thrived.
Some businesses were forced to pivot to an online ecosystem that they were not familiar with, as retailers had to move inventory online to remain above water and some restaurants were forced to rely solely on delivery to keep their doors open.
The ecommerce industry grew at exponential rates, with established brands gaining incredible growth and newcomers setting a blistering pace. Rather than focus on the negative impact Covid-19 had on businesses, let’s focus on the lessons brands can learn from what the pandemic caused within the retail and ecommerce industries.
1. Consumers will always be willing to spend money
While there was a lot of doom and gloom talk going on during the pandemic, many retailers were reporting record online sales. Just to paint the picture for you, Best Buy reported that its online sales shot up by more than 240 percent during the second quarter. Many people stocked up on electronics to keep themselves and their families occupied while inside since there was no clear indication of when “normal” would return.
Even with so much uncertainty regarding employment, income and the economy, consumers were still spending money. While “save it for a rainy day” would have been the smartest financial move, consumers are naturally inclined to spend.
Faced with boredom and redundancy during the lockdown, many consumers turned to online shopping as a form of entertainment.
2. Commerce has shifted heavily online
Even as states begin to open up and retail stores follow suit, the pandemic has introduced an entirely new demographic to the convenience of online shopping. From buying common household items on Amazon and having them arrive within days to ordering groceries online and having them on one’s doorstep within hours, many of these consumers will continue to shop online simply because it’s more convenient.
Ecommerce brands shouldn’t fear retail opening back up and taking market share back. Instead, focus on driving that convenience message in all marketing and advertising. Instead, think of ways to provide even more value to your customers.
Is there a subscription option you can roll out to make repeat fulfillment more convenient for the customer while also creating a consistent and reliable revenue stream for your brand? Now is a prime time to introduce convenience upsells.
3. Social media can launch a brand literally overnight
One of the most interesting things I noticed during the pandemic was just how many one-person
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5 Lessons Brands Can Learn From the Pandemic