What will be the New Normal of E-commerce with Covid-19?
The coronavirus outbreak took the world by storm and shook many businesses to their core. The pandemic will undoubtedly continue to interrupt the life of people for the next several months. However, we should not expect to return to a familiar world. Instead, we need to anticipate a new normal. Industries, consumers, and companies will all be changed.
As the coronavirus outbreak rages, will this shift towards online shopping, food delivery, and e-groceries be the new normal?
The global spread of Covid-19 is changing the world and making people reliant on technology. More people are staying indoors and working from home to help curb the pandemic, and this has accelerated the digital economy. Retailers around the world are adjusting their business models in the face of COVID-19 social distancing requirements. With more people tapping into e-commerce to meet their daily needs, it’s critical to see how the industry prepares everyone for a post-Covid-19 world.
These are the top three predictions for what the “new normal” will look like in e-commerce.
Increased in Online Sales Due to the enhanced community quarantine, store closures and limited transportation have forced many customers to adapt e-commerce. The surge of customers has lead to an increase in online sales. Though online sales will slightly dip after stores reopen, it’s unlikely they will return to pre-coronavirus levels. The convenience of online purchases will remain even during post-Covid19.
New Partnerships to Improve Fulfillment
Partnerships of retailers and logistics services are now emerging as retailers find ways to fulfill their online demand. Quick delivery is one of the priorities of e-commerce and businesses are now tapping different logistics services for their delivery requirements. A good partnership between these two industries may be the first step toward a business model that prioritizes quick delivery for all products.
Most Retailers Must Improve Online Fulfillment Capability
As millions of people around the world are now working or studying from home, consumers have greater motivation to shop online. This sometimes leads to demand surges and retailers are facing inefficient supplies. With the number of third-party delivery and logistics services available these days, finding vehicles and drivers isn’t difficult, but the fulfillment of the supplies. It is important to have end-to-end visibility of the products starting from the real-time from planning, trip execution, load maximization up to customer arrival. Retailers should start improving their business models by adapting to digital transformation initiatives.
With the COVID-19 pandemic affecting people all over the world, a new digital normal seems to be emerging in the buying routine and behavior of people. Consumers are now starting to adapt to the new normal stage, with e-commerce and digital transformation being a way forward for both consumers and businesses. It is now critical for retailers to ensure that their business processes are flexible enough to adapt to the new normal.