The pandemic has impacted lives and industries across the globe, and online channels are no exception. Several companies have faced challenges while navigating this new normal, whereas others have risen to the occasion and have been wildly successful.
It was obvious from the get-go that companies that embraced technological innovation and invested generously in establishing online businesses would fare better during—and after—the pandemic.
Statistics show that e-commerce sales increased by 88% all over the world during the pandemic, whereas 11 retailers, including True Religion and J.C. Penney Co., have filed for bankruptcy protection. This is mostly due to losses sustained due to closure of brick-and-mortar stores.
There is still hope for those who want to transition into this e-commerce reality. However, as lockdown restrictions are being lifted for most businesses, we can’t help but wonder what the future looks like for e-commerce, despite its success.
Consumer behavior is changing
It’s difficult to imagine a world right now where you can just go to the mall or visit a grocery store without thinking twice. Our mental checklist for things we need to grab before heading out the door now includes a surgical mask.
As bizarre as it sounds, health concerns and safety are still prevalent for those who are at risk of contracting the virus and spreading it to loved ones at home. This means that people will continue to limit their visits to physical stores and will shop online, especially for groceries.
This means that businesses need to take the following steps in order to boost their sales revenue:
Increase their online presence
You have to take initiatives that enable you to meet your customer base where there are. Either set up (virtual) shop on online marketplaces such as Amazon, Walmart, or eBay, or direct customers to your website to start getting more traffic and orders. You need to be able to showcase your products in some shape or form.
It’s also likely that the online marketplace will become more competitive. Consumers can compare prices with just a few clicks these days. This is why you need to consider tools like augmented reality applications and 3D product configurators to make it easier for customers to learn more about your products so you can boost conversion rates.
Rethink digital campaigns
If you’ve already established your online presence, you need to focus on budgeting for a new digital landscape. Do you need to make your marketing campaigns more interactive or tap into other digital platforms? What steps are you taking to make your web content social media friendly and increase sharing? Have you tapped into augmented reality filters for promoting your products online?
For businesses that already have a strong presence, they need to ensure they continue to manage their platform well. This means making sure you restock your inventory so you don’t have to compromise on your revenue or your advertising efficiency.
Elementals Studio is geared toward making sure your business stands out from the crowd and adapts to the changing consumer climate by helping you create immersive 3D content.
We specialize in real-time 3D graphics and 3D product configuration development that enhances the customer experience. We also offer innovative and sophisticated augmented reality solutions to help you elevate your business.