E-Commerce: A Lifeboat for Small Businesses to Survive Amid the Coronavirus Pandemic?
Covid-19, the pandemic which was thought to be a big threat to the health of human life, turned out to be deadly for the health of our economy as well. It is survival of the fittest test of who shall pass and how. Only time will tell.
The Economic Breakdown
Table of Contents
While the health scare was just hovering upon us with the speedy spread of the virus, hardly did we know it is going to lock us down so bad that our economy will slip out of our hands. In the United States alone, over 100,000 small businesses have been shut down, children are out of school and our economy has never been the same.
According to the Global Shopping Index, the number of digital shoppers has risen by 40% year-over-year.
Nobody had imagined the power of such a tiny virus that it would disable the life of the entire mankind within a blink of an eye. It did not just flip our way of life but, gave a major blow to the businesses around the world, halting them entirely and leaving them clueless about the future.
A Post-COVID Scenario
We all know nothing will be the same post-COVID. Neither our habits, the way of interacting with people, going out nor doing the business. Yes, because after our health, business is the greatest concern for all due to COVID-19. With the human touch or contact being one of the biggest reasons for the spread of Coronavirus, the offline or small-scale business without any online presence is the most affected. It has even forced many of them to shut it down due to the terrible loss they suffered during the lockdown.
Today, even though we are still not free from COVID, many countries are getting back on track but the scar is still there which will make it challenging for businesses to keep going. So, is there no way out for small businesses to survive in these turbulent times? Well, yes there definitely is! An eCommerce website or mobile app or an online multivendor marketplace software solution is the answer.
E-commerce: The Saviour
The widespread of COVID-19 already showed the importance and worth of eCommerce. The world’s richest man, Jeff Bezos, founder of Amazon was still hiring new employees when businesses in other sectors were firing theirs.
When travel restrictions, social-distancing measures, and large-scale quarantines forced us all to stay indoors, eCommerce websites became the ray of hope for many. Various online businesses experienced a sudden surge in orders as customers flocked in a massive amount in order to stock up essentials as it was the only way left out to get things safely.
It was then that the small-scale businesses experienced the real threat of the coronavirus outbreak when they underwent devastating losses due to lack of customers.
As per a survey conducted by the National Small Business Association, three in four small business owners are scared about the economic consequences of the coronavirus and about 50% of them have already experienced reduced customer demand, while 38% feel unsure about their financial future leading to the complete closure by some of them.
Related: 3 Key Factors Involved in the Success of the Ecommerce Industry
How eCommerce Can Help Cross the COVID-19 Crisis?
We all know the importance of an online presence in today’s digital world. Indeed, for some small-scale businesses, it might appear to be a huge expense but, it is important for them to understand that building an eCommerce website or an online multivendor marketplace software solution will bring in more returns than they invest.
Moreover, God forbid, a similar situation can arise anytime in the future and hence preparing for the worst is the right thing to do now as we have got a taste of it already.
So, here are some valuable tips for small-scale businesses that will help them know why and how to move on to eCommerce:
- The fear of the virus has made us realise that the online world is safer and hence; having an online presence will help you hang on during tough times rather than putting a complete closure to it.
- Technology has advanced beyond our imagination which means, implementing a digital commerce website has never been easier with technology like online payments and options for home delivery which is a must in the world we are living in right now and for the future of it.
- With the fear of COVID-19 not going away anytime soon, adapting a b2b eCommerce software solution will help you retain your customers, grow your business, survive the pandemic, satisfy customers, as well as keep them and yourself safe from getting it.
- Competition is not easy out there and you know customers will easily migrate to your competitors if you are not available or are facing some issues from you. Hence, with your online presence, you can continue your relationship with customers without wasting any sweat as be it COVID or any other crisis, you will be able to serve them all the time.
- Establishing a b2b eCommerce software solution is actually more cost-effective and scalable than you think. The cost of b2b eCommerce website development is comparatively lower than setting up an actual physical store that won’t put your business on hold during tough times. So, it’s all gain with eCommerce.
Related: Deliver Best Customer Service Even If your Agents Are Working from Home
How eCommerce Can Help You Overcome the COVID-19 CRISIS?
Some of you might already be having an online presence but might be lacking some important features or some may be totally new to the eCommerce world, no matter what, to develop your eCommerce website you need not step out and risk your life as it can now be done at the comfort of your home, just in a matter of days.
- First, you need to make up your mind about what and how you want your eCommerce site.
- Next, you need to approach an eligible eCommerce website and mobile app development company to build your b2b eCommerce software solution in the most efficient and productive manner. They can help you in deciding the right eCommerce platform, its features, the best business domain name, theme, the number of pages. etc., without any further confusion and that which suits you the best. And finally, assist you in launching it the best way possible.
Of course, it is a very unfortunate event and it has affected millions of lives across the globe but we also know the pain of establishing a business, getting customers and exposure which once lost, is very difficult to gain back and shutting ourselves and waiting for the pandemic to be over is not the solution to it.
Instead, we must prepare ourselves for the future when we have time, and hence, it is high time for small-scale businesses to think about creating an online presence which will become the way of life in the future for sure.
Related: The Best 5 TED Talks Every E-Commerce Entrepreneur Needs To Watch