The global pandemic caused by covid-19 is the main cause of the economic crisis that is being experienced throughout the world today. People forced into extreme confinement have adjusted to their new reality. Within this new reality, new consumer habits have emerged.
What is the most common consumption today
That answer is easy and quick to give: electronic consumption. Due to the global pandemic, citizens around the world have understood the importance of the digital age. Although it is true that social networks and the Internet were talked about before, today it is the center of income for many families.
Thus, the digital or e-commerce market becomes one of the main supply alternatives.
Does the coronavirus affect online stores?
No, that is why many entrepreneurs have decided to create their own online business.
He Royal Decree 10/20 March , maintains electronic commercial activity as an essential activity and therefore, any company can freely sell its products on the Internet in times of pandemic.
Tips to sustain your e-commerce in times of covid-19
1.Improve your communication with the customer. If people are at home more time this will translate into greater interaction when buying the products of your business. It is very important that you give feedback to your customers and they see you active.
2. Provide more information. Even though your online store continues to function, you should write messages about how your store is doing despite the pandemic. Inform about the possibility of delivery delays.
3.Includes promotions. Who said that the covid-19 makes us lose opportunities? Create promotions! Make your client feel that due to the pandemic they may have that promotion. You will make him feel special and see something positive about the situation he lives.
4. One-off adjustments. Specific changes in your service such as free shipping or offering promotional prices will make you different from your competition.
Real figures in times of covid-19
According to a survey conducted by Forbes magazine, sales made by digital media increased by 50% since March 3, the day on which the first coronavirus contagion was announced. And, in April Google registered 40% more searches with the word “online courses”.
This new reality has created the need for different citizens and different forms of business. The take away modality, virtual classrooms, online stores or web consultancies are just some of the thousands of businesses that have been promoted in recent months.
In mid-April there was an increase in digital demand of 33.5% compared to previous weeks. This study was made based on basic necessities and products to perform gymnastics at home.
Before the coronavirus arrived in Spain, the creation of online stores ranged between 5 and 40%. Today it has levels similar to those of the United Kingdom or Germany.
But what are the products with the most business opportunities?
Below we show you by sections the different conversion percentages for various products, based on the interests of the first half of April. At this time, the quarantine had already been established in most of the world for a month.
Babies and children’s clothing + 75%
Home and garden + 61%
Technology and household appliances + 43%
Pharmacy + 40%
Car and motorcycle + 37.6%
Fashion + 31%
Games and educational material + 27%
Sports + 20.6%
Pets + 19.6%
Leisure and culture + 11.6%
Food + 3.23%
Will this growth be something ephemeral?
The opinion of Accenture is the next: “L customer business experiences they have to generate trust, comfort and relevance , but, in parallel, new habits and behaviors are emerging that may be the starting point for a new wave of innovation in trade ”.
Although the global covid-19 pandemic does not happen every year, it is with us now. This means that despite the fact that there are many countries that have lifted the quarantine, the virus is still there. If in the future there are major outbreaks of this virus or a new one is born, what will you do with your business? Will you be prepared? Have you learned from this experience?
Economic consequences of the coronavirus
There is no doubt that covid-19 has affected the world economy. Most of the Latin American countries have activated emergency plans and requested foreign financial aid.
“There is a window of opportunity in the long term,” said Daniel Titelman, Director of the Economic Development Division of the Economic Commission for Latin America and the Caribbean.
BBC World conducted an exhaustive interview with Daniel Titelman, in which he explains five serious effects that the pandemic will bring:
1-Economic collapse between countries that were previously trading partners.
2-Fall in the prices of raw materials. This is already affected in many countries. As the price of minerals such as copper or iron falls, the decrease in the price of foods such as soybeans, meat, corn and cereals is added.
3-The interruption in the production chains. When this activity is interrupted it does not only affect companies that generate different materials. But also to those to whom they provide. The countries most affected by this factor are Mexico and Brazil, whose manufacturing plant is the largest in the Latin American region.
4-Lower demand for tourist services. The little or no demand for tourist services leaves many companies dedicated to this activity in ruin. Examples of this are Mexico, Cuba or the Dominican Republic.
5-Currency devaluation and capital flight. If there were already countries in debt, after the pandemic was decreed the figures have skyrocketed. This situation has worsened as economic activity has been paralyzed.
“People get scared and seek refuge, taking their capital to safer places, like the United States Treasury Bonds,” Titelman says.
What is the solution so that the covid-19 does not affect you? Have a digital business.
Why GMOL Solutions
Sure you are now thinking of setting up an online store, but why should you choose GMOL Solutions?
Because we are professionals, because we are experts and because we know what we do. We have an excellent team of professionals around the world. We have created all kinds of projects; virtual classrooms, online stores, web consultancies, presentation websites, hotel, gastronomic, medical websites … and all that because we have the best team of professionals.