Feeling like stuck in an apocalypse of any sci-fi movie? We too!
The peak in COVID-19 cases has made the graph fall for the nation’s economy. An obvious matter and we need to feel concerned about it.
The pandemic has severely forced several businesses to shut due to stagnant cash flow in the market.
The new normal has changed man’s perception of creating a purchase to making money in the current scenario.
Business organizations of all variants are having adverse results served on the plate, but one of these- Online Retail Business seems to come up with flourishing results.
What could be the possible reason?
Well, the undivided attention of a common man with a speedy internet connection has accelerated the means to connect them with top online retailers in India, which is significantly giving retailers the direct opportunity to earn benefits and revenue from the same.
Let’s dive into understanding the clear picture of the pandemic’s impact on the online retail market.
No doubt, the eruption of the pandemic has led to several disruptions in the work-management flow.
With imposed lockdown in March, the Indian-based online retail shopping had faced the sudden jolt that left the orders standing in nowhere.
Unlike other industries, the online retail business has a different story of collating business’s virtues. With the fabricated medium of communication, services like Myntra and Flipkart become functional the same as pre-COVID scenarios, resulting in a boomed market with unexpected results.
As per the reports of Business Standard, the pandemic has raised the bar of expected revenue for the industry, which is expected to grow around $200 billion by the year 2028 from $30 billion in the year 2018.
The pandemic will continue to hunt the market for a longer run. The businesses are trying their level best to accommodate with same to earn benefits from the predicted upsurge in revenue and value in the online retail market.
Generally, online retail business works around the practice of digital marketing services, which include social media marketing and online reputation management, to reach out to the costumers in the most defined fashion through different social media platforms.
The following are the list of strategies online retailers in India are pondering upon for having best out of opportunity:
No-touch delivery and contactless experience is the call raised by the customers in the wake of contagion transmission.
To earn perks in business, local retailers have switched their means of reaching out to the customer online.
The communication is wielded between the duo parties, i.e., brand and customers, through the omnichannel for enhanced connectivity.
In the new normal scenario, the brands are leaving no stone unhurt to be on the same platform as the customer.
To have a tight grip on the customer, the brand should portray a unique sense of focus on omnichannel and customer support services.
Cloud computing technology has always left marketers in big aww for its extraordinary online retail shopping service level.
The cloud has acted as a big help to business owners and their customers by connecting them well on the ‘virtual’ platform.
The technologies embedded with integrated cloud services such as Big Data bolsters keep track of employees and customers from remote locations, which is persuaded more than ever due to the social distancing norm.
The implementation of cloud services has leveled up the grade of service intended to increase sales in the online retail business.
Technologies like Artificial Intelligence (AI) and the Internet of Things (IoT) are a great help to business organizations.
AI holds the authority to replicate the actions of the human brain without a sort of physical interference.
Shaping these tools in online retail shopping is changing the definition of looking industries running on loops of fashion, animation, sports, etc.
Incorporating the applications of AI, e-commerce, and retail managers tend to starting an online retail business offer a better preface to the customers that let them decide call of final investment and further it gives a mirror-image of professionalism to customers on the ground level.
Also, the technology bolsters in fabricating the strategy to meet the challenges of online retailing in India with the input in social media marketing.
Presently, luxury stores in complexes and malls are shut or facing low traffic physically.
No doubt, the obvious cause is fear of infection.
To cope with loss registered in pandemics, the trend to conduct business operations had a shook turn creating a completely different way of retail online shopping.
Although the market of e-commerce has again geared up on the wheels, here is an added twist to the tale.
The namely brands have also laid their hand in changing times by changing their USP as per today’s situation.
Let’s have a look at recent product highlights/trend invading the retail online shopping:
The mere words have done wonders in the retail market. The benefits are collated for both forms of marketing, i.e., Local as well as Online retail business.
Adding the term to any product meant for edible has automatically improved its sales rate.
If we dig to understand the word’s depth and popularity on the online platform, it can be clearly understood with its amount of search volume, i.e., 27,100.
In the month of March-April, the keyword has topped the chart with a search volume of 110,000.
The numbers are enough to exaggerate the attention.
Witnessing the extensive popularity, several brands had activated their plan-B to churn business benefits for flourishing online retail business.
Immunity Booster Ashwagandha, Immunity Booster Tablets, and Immunity Booster Drinks were some major launches of brands for the market boom.
The national lockdown and anti-social gathering norms have encouraged the customers to simplify their marketing attempts easier than before.
Services like Big Basket, Supr, Grofers, and Milk Basket have offered a viable platform where one can have stuff required on a daily basis such as vegetables, fruits, supplements, milk, beauty products, etc.
The retail marketers dealing with these services have earned tons of benefits, even in the hour of pandemics, and will continue to grow in the coming time due to their safer packaging assurance.
Mask comes under the list of essential goods, as it is seen as a precautionary step for protection against Coronavirus.
The engrossed local and online retailers in India have ‘turned the tragedy into an opportunity,’ where the famous brands in clothing lines have launched their knitted range masks.
These masks are available in various shapes and sizes that perfectly suit the face of the customer.
The availability and regular need for masks have pushed the retailers to invest big in the field and earn bigger.
The fear of infections has upcycled each human to create a purchase for sanitizers and handwash.
The quantity of these products is not limited anymore to Mls but is available even in Litres.
Existing brands and newly framed brands have tested their luck to experience in the online retail business for lucrative profits.
And nothing to shock, they earn big in the same.
Few brands contributing to retail online shopping revenue are- Lifebuoy, Frsh, Mediker, Dettol, Khadi Essentials, etc.
Hence, we can conclude that the customer’s change in behavior is one of the responsible factors that has changed the business’s direction for online retailers in India.
Although the steps to earn recognition in the domain, remain the same, i.e, incorporating digital marketing services at the right point via social media marketing, search engine optimization, online reputation management, and many more.