ATLANTA, GA - March 31, 2022 - Undoubtedly, the global pandemic has completely altered the way things operate, from businesses to people's daily lives. While many of the changes have presented challenges, there has been a collective move to a more virtual model that has uncovered significant opportunities for eCommerce companies.
In fact, according to UN trade and development experts, UNCTAD, the e-commerce sector saw a “dramatic” rise in its share of all retail sales, from 16 percent to 19 percent in 2020. While this increase is impressive, the backdrop of uncertainty brought on by the pandemic means that eCommerce companies must be strategic in their efforts to seize the opportunities of greater digital commerce.
Deepak ‘Dee’ Agarwal, is an accomplished entrepreneur with more than 20 years of experience leading multinational eCommerce businesses, including popular online retailer NoMoreRack.com. He recently shared thoughts on ways that businesses in the eCommerce space can continue to balance the opportunities and challenges of the current uncertainty to drive greater business value.
“One of the most significant retail changes caused by the Covid 19 pandemic is how people conduct their businesses,” explained Dee Agarwal. “To survive through the pandemic, many businesses have tapped into eCommerce, and the competition among companies has increased. Businesses must focus on perpetually optimizing their eCommerce strategy to stay ahead of the competition and trends.”
Update your eCommerce business
An eCommerce business should be seen as a living thing, one that evolves and changes with the market realities. Often, the online marketplace fluctuates depending on the clients, trends, technology and innovations. With each new shift, entrepreneurs and leaders should evaluate if there are new ways and approaches to reach their target audiences, boost sales, increase profits and sustain the business.
“Entrepreneurs need to be well-versed with market changes if the needs and wants of clients are to be met,” said Deepak “Dee” Agarwal. “To accomplish this, entrepreneurs need to keep track of the current trends and new technological innovations in the business world, adopt new marketing styles, and invest in giving their clients the best customer care experience possible.”
Pursue different means of business finances
Having alternative sources of finance is paramount for the sustainability of any business, especially in times of uncertainty. The onset of the Covid-19 pandemic saw various businesses' hard work go down the drain. Many companies and enterprises recorded losses worth thousands and millions of dollars, leaving many unemployed due to cost-cutting.
As entrepreneurs and business leaders chart strategies to manage the unknown, they should think about how alternative means of financing can help sustain and scale the company while minimizing the strain on resources.
“While a business or credit loan from the bank could be an alternative source of funding, companies must be careful and look for a bank with reasonable credit rates that are manageable even in leaner times,” noted Dee Agarwal. “Businesses should also look towards investors and various business partnerships and explore all of their financing options.”
Increase the sales channels
Thriving companies find ways to reach and convert new clients. However, in times of insecurity, consumers may be less willing to give a new business or company a chance. One way that eCommerce companies can look to increase sales and customer acquisition is through referral and influencer programs.
“Many consumers are motivated to purchase by the recommendations of ‘people like them’ and those they trust,” explained Dee Agarwal. “As a result, influencer campaigns and business referral programs can be a great way to tap into trusted third-parties that influence customer actions.”
It’s important to note however, that while influencer and business referrals can deliver new customers, high quality products and services, as well as exceptional customer service, are key to retaining customers and growing your customer bases over the long term.
While the pandemic has been challenging and tragic in myriad ways, all moments of uncertainty present opportunity for those willing to pursue it. By focusing on strategies to both protect businesses from market shifts and leveraging these shifts for growth, leaders of eCommerce companies will be better prepared to navigate the storms of business leadership.
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