This pandemic has wiped clean the selling strategies of businesses. Businesses have had to change their selling approaches and reduce their selling price to match the market needs. At the same time, COVID-19 has produced an accelerated growth in the e-commerce industry. Customers can now access a wide range of products from the safety and convenience of their homes. Even though the in-store footfalls have reduced drastically, online sales seem to be on the rising trend. This is where the ecommerce industry can cash in and reap benefits.
Third wave of ecommerce is here
With countries gearing up to tackle the 3rd wave of the pandemic, businesses can start preparing for the 3rd wave of new-age ecommerce, which is mobile commerce.
Serving the customers at their place has become a norm these days. Nowadays, customers prefer purchasing through their smartphones. Businesses need to make sure that they are available across various marketplaces. Customers are spoilt for choice, and it is up to the businesses to make sure that they are market-ready and match the current trend.
Other businesses, too, have adopted the 3rd wave in their industry.
E.g., for the aviation and airline industry, the first wave saw the booking of tickets through travel agents. Then the second wave saw the emergence of online travel agencies which facilitated ticket booking. Now the third wave is currently using mobile apps and websites which allow real-time flight changes and rebooking.
Other industries like restaurants have also altered their methods based on the current market trend. The first wave saw direct walk-in reservations. Then the second wave saw users call and book reservations. Now mobile apps and software enable booking and cancellation from the palm of the users. In addition, home deliveries are also on the boom.
It is the right time for businesses to start their preparation for the 3rd wave of ecommerce.
Managing the inventory of perishables will have a significant impact during the 3rd wave of ecommerce. With online commerce ruling the rooster during the 3rd wave, selling perishable inventory will become that much easier.
What can businesses do to prepare for the 3rd wave?
Success is 70% preparation and 30% execution. With social distancing becoming the new norm and online ecommerce becoming the default purchasing method of users, businesses must stay prepared to stand ahead of their competitors. Being flexible in their selling strategy will go a long way in conquering the 3rd wave. These are the other things that businesses can do.
Be present on multiple marketplaces
Brand visibility is the key when it comes to selling your products online. The number of consumers shopping online has increased than ever before and will be on the upward trend for some time. Being on multiple marketplaces has its own benefits. You get to meet the customers at their own place. Customers may prefer different marketplaces to purchase a product, but they prefer to purchase the same product across channels. Providing that consistency is where businesses can stand apart. It is safe to say that the more the channels businesses and customers coexist, the more the chances to sell more and gain better profits.
Improve social media presence
This is an apt opportunity for ecommerce businesses to expand their social media presence. Customers are staying at their homes and spending their extra time on social media. The crucial thing is to provide inspiring and exciting content that many consumers will relate to when purchasing your products. This sets an excellent foundation for your brand as a whole.
Invest in technologies
Improving the overall efficiency by reducing the cost is one of the main things businesses must look for during their pandemic. The best way to go about it is by investing in the right technology for your ecommerce business.
Technology brings in the necessary automation required to scale up your business. Managing various tasks simultaneously becomes easier, tasks that require multiple members can be done single-handedly, and the overall working efficiency improves. One such technology that can take your ecommerce business to the next level is a PIM software.
How can Product Information Management (PIM) software help businesses prepare?
Product Information Management (PIM) software helps you maintain and manage all your product information, from the product descriptions to pricing data, to the product images, all from a centralized repository.
A PIM software like PIMworks helps you integrate with online commerce channels like Amazon, Magento, Walmart, etc., thereby helping you sell your products wherever you like. In short, a PIM helps you streamline your product data and helps you sell your products globally.
Here are some ways a PIM can help you maintain business continuity.
1. Enabling worldwide selling
With online selling taking the lion’s share of the market, the de facto way to sell products would be via online channels. PIM enables selling on various marketplaces across the world, that too simultaneously.
With PIM, you can send all your product data to places you have been listed. You can take your product to where your customers are. Each marketplace has its guidelines, and a PIM software like PIMworks can help address such rules and help you sell your products seamlessly.
2. Reducing manual work and improving productivity
With manual labor hard to find during these challenging times, a PIM can help businesses minimize the manual work needed. With AI and ML, PIM helps in overall automation and saves tons of time and money for businesses. Businesses can easily manage the different tasks associated with the product with the workflow management available in a PIM. Tasks that require various members can be single-handedly done by a PIM, enabling owners to spend more time expanding their business.
3. Facilitating efficient branding of products
Maintaining a consistent product brand, in these tough times, can be a difficult task. However world-class a product is, it won’t sell if it does not resonate with what the customer wants to hear. PIM helps in enriching the product data and information with the best content available across marketplaces. Products meet the market standards with PIM at their helm. Apart from enriching the content, PIM helps maintain digital assets like product images, documents, and videos. This elevates the product description to a whole new level enabling you to earn more.
4. Improving customer satisfaction
If your customer is not satisfied at the end of the day, your work amounts to nothing. PIM can help with the overall customer experience and satisfaction. Customers like to be in control whenever they are buying products. PIM, by providing accurate and detailed product descriptions, helps in the buying decisions of the customers. Customers make an informed decision, which results in them buying more products, resulting in you getting more revenue for your company. A PIM is what every business needs.
This Pandemic has permanently changed the business landscape, especially the retail business landscape. What we currently have is the new normal, and every business is slowly adapting to this truth. The primary challenge of bridging the gap between online and in-store experiences and providing an end-to-end contactless buying journey to the customer is what businesses are facing now. So what are you waiting for?