Covid-19 brought the world to a halt in terms of its operating potential. With the innovation of varying marketing strategies to acquire customers, companies have found interesting ways to penetrate the market.
COVID and its impact on businesses
Covid’s impact on businesses was no less than devastating. With a complete market blackout due to quarantine conditions, businesses were forced to shutdown and abandon lucrative opportunities. Individuals were forced to stay in their homes and during this time, there was a boom in the digital market.
Online shopping gained massive traction during this time. According to Reuters, Amazon added over 90 billion USD to their market capitalization during the pandemic. The rise of these digital platforms was barely unnoticed as businesses started to formulate strategies attempting to tie in the digital world, while still staying true to their message, across the world.
Profitability in E-commerce
Covid’s inception meant the eradication of the typical 9-5 work hours in office spaces. With a switch to remote and hybrid work, people found themselves dependent on their devices for every source of information and interaction. Ushering silence to the typically filled workplaces urged businesses to reassess their ways of interaction.
According to Statista, the pandemic observed that retail e-commerce (utilized by the adopting and existing businesses) rose to nearly 4.28 trillion USD. It was also reported that retail platforms reported a surge of 22 million visits in June 2020. Up from 16 billion visits just five months earlier (January 2020).
The attractiveness of this transition, however, was much expansive. After the conduction of vaccination drives combined with the shift to a more conventional lifestyle, the e-commerce market continued to experience rising profits. This marked a larger transition with businesses awarding a large chunk of their sale conduction to the e-commerce department.
Reason for change
Each business fosters a distinct operating nature. While businesses in online retail like Amazon were able to benefit from the pandemic’s undue arrival, the tourism sector struggled to get off ground. Due to increasing travel restrictions alongside the loss of monetary streams for income earners, people simply didn’t have the money to travel.
In such a case, it is important to think outside the box and innovate other strategies to increase the demand for businesses. For example, tourism businesses could collaborate with reputable hospitals and health organizations to make them a reliable source for travel. With the right implementation of health protocols, traveler confidence would rise, tempting them to try the company’s services.
With companies brainstorming and adopting new avenues, the pandemic has strengthened the way market functions. Adopting smooth reflexes has strengthened companies. If problems like the pandemic were to arise in the future, newly formulated strategies have ensured that the losses would be seemingly nullified.
A path of confidence and familiarity
E-commerce’s introduction to the market was seen as an attractive proposition. As the market continues to experience its fair share of trials and tribulations, e-commerce’s continuity and longevity has strengthened its position more than ever. For companies to succeed in their businesses, they need to adopt alertness and adaptability into their core values. Once, resilience becomes a habit, then the rise to success will seem inevitable.