The C-word. COVID-19. It’s all we hear about nowadays and whilst we’re sure you’re sick of it, it’s something we need to talk about.
But why?
Well, the Coronavirus has completely disrupted the way consumers interact with businesses across all industries. In spite of this challenging time, some companies have flourished by digitally-transforming their businesses. And, as an existing eCommerce business, you are leading the way.
Studies have shown that UK online spending will grow by 20% by the end of the year. This growth will be permanent and represents a fundamental change in consumer behaviour. Given the scale of change and huge potential opportunity, we know there are lots of questions you as an eCommerce business owner will have - not to mention any worries about how to fend off large online players.
To help put some of your concerns at rest, we’ve put together our top tips for making the most of absolutely remarkable time.
- Use Your Size as an Advantage
Change begets change and the larger the company, the longer it takes to instil such change. As a direct result of COVID-19, we are seeing regulation shifts, and whereas for larger, undynamic corporations this throws up complex challenges, you are a wiley adaptable business. Did you know that Primark saw sales plummet from £650m a month to £0 throughout lockdown? And whilst countless SMEs changed their offerings to offer eCommerce capabilities, large retailers like Next and TK Maxx had to shut their UK online operations temporarily? Make sure you utilise your ability to adapt quickly and ensure you get first-mover advantage over large bulky corporates.
- There are only XXX weeks until Christmas!!!?!!? - Prepare for the upcoming seasonal trends
Whilst it seems to us that 2020 has been one long, never-ending month, it turns out that Seasons still exist - for which you as a business still need to prepare. In fact, even despite the global recession and the doom-and-gloom of COVID, three quarters of global consumers are not planning to reduce their spending during Christmas 2020. Furthermore, 27% of UK consumers are planning to start their Christmas shopping early this year to spread costs over a larger period of time. In order to keep socially-distanced and safe, consumers this year more than ever will shop over the web, resulting in potentially record-breaking busy peaks around seasonal times such as Cyber Monday, Black Friday and the New Year sales. Get those websites prepped and polished! - Don’t stop marketing at this time
We’re learning more about how COVID has impacted the economy every day. The first two months of lockdown saw industry-wide closures and corporate giants fall. However, after the darkness comes the dawn, and as the economy opened and businesses adapted, there have been reports of major economic activity in the past 2-3 months. They say it takes two months to build a habit, and it appears that this has happened with converting consumer behaviour from high-streets to online. Capture your share of this growth by investing in online marketing, updated ads, and revamped consumer loyalty programs. Did you know that loyal customers are 50% more likely to try new products and spend 31% more money compared to new customers? COVID has given businesses the opportunity to connect with their consumers arguably more so than ever before. Don’t let this opportunity slip!
Hopefully this has given you some ideas around where to focus your efforts in the coming months. If you are interested in discussing funding options to fuel any of your ideas, drop Rich an email (rich@scorethebusiness.com) and we'd be happy to chat!
