The coronavirus outbreak has opened ecommerce opportunities and accelerated growth. Agile marketers and nimble retailers can still meet their customers expectations and demands by providing reliable experiences. Your customers – returning and potential – are still available, but it is a matter of reaching them and connecting with them. Ecommerce trends may be different than originally expected, but there are still emerging opportunities.
Today, NetElixir compiled advice for retailers from our webinar presentations, guest speakers, and outside sources. As this is an uncertain and unprecedented time for all of us, these strategies may not be applicable to all retailers across different categories. NetElixir strategies are based on the dataset from our webinar presentations, but it does not purport to be a comprehensive analysis of all retailers within any particular industry. Before acting on any information regarding these ecommerce opportunities, please consider its appropriateness to your particular circumstances and marketing objectives.
If you have specific questions about your industry, please email us at shareinsights@netelixir.com.
New Online Customers During the Coronavirus
The Covid-19 outbreak could fundamentally shift online shopping behavior. The period of March 8-22 saw the greatest increase in new online shoppers, as brick-and-mortar stores began closing.
It is important to note how, when, and why your customers find and return to your site. NetElixir has long focused on helping companies find and engage their high value customers. Building brand awareness and loyalty during a crisis will encourage these new online shoppers to return to your business even after the crisis subsides.
Build a community to stay connected with your customers, new, returning, and potential. Remember that your community also extends to your coworkers, team members, and associates so keep them engaged as well.
You can learn how, when, and where to meet your customers at every touch point by tracking the changing behavior of your customers. You can ensure a seamless and easy shopping experience by eliminating friction points. As the rate of new online shoppers increases, you want to make sure your site is easily accessible and navigable. While these shoppers may not need technological assistance, they still want to be able to easily access their desired items. As customers get more comfortable and familiar with online shopping, ecommerce could see a permanent change post-coronavirus.
Working from home and social distancing measures have raised screen time. Marketers and business leaders should increase your attention and focus on your existing customers to earn a higher share of their screen time. Offer products that can help provide relief and support during these difficult times or that can help connect one another. Display how your company is responding to and helping the community in the wake of Covid-19.
Online Shopping Throughout the Coronavirus
One friction point you can eliminate is by offering a reduced shipping fee or an extended return window will help more customers complete transactions. The average order value (AOV) may decrease, as we have seen in our dataset, but transactions and conversions will rise as customers buy only what they need and can afford.
CPCs are low and online demand is high. There are opportunities within the Pet Supplies, Home Furnishings, Home Decor, and Tools & Hardware categories for strategic marketers to earn their share of search.
You should constantly review the 4 Ps (Product, Price, Promotion, Place) by asking yourself:
- What categories and SKUs will you focus on?
- Can you offer an incentive for your new customers?
- Does a differential pricing strategy make sense?
- Are you running location-targeted campaigns?
Visual Capitalist explored the individual items that are experiencing the greatest and least amount of growth:
Additional Insights
Register for our next webinar to stay up-to-date on the latest data regarding the impact of the coronavirus outbreak on ecommerce sales and online shopping behavior. Join us live on Thursday, April 23 at 2 PM ET.
Join BWG Strategy with NetElixir’s webinar on studying the impact of the coronavirus outbreak, live on Tuesday, April 21 at 3 PM ET.
You can watch our March 11 webinar here, which was the first of the series on tracking the impact of the coronavirus on ecommerce sales and online shopping behavior.
Our March 26 update webinar featured our first Retail Superhero, Parag Shah, the Vice President of Grocery at Wakefern Food Corporation for Shoprite, and detailed over a month’s worth of research.
The third webinar in our impact of Covid-19 series, which aired on April 9, featured UPS’s President of SMB and US Marketing, Gerard Gibbons, for a live Q&A.
Further Reading on Ecommerce Updates During Coronavirus
Our Founder and CEO Udayan Bose emphasizes the importance of real data. Real-time data, gathered daily by our Retail Intelligence Lab, shares a glimpse into how people are coping day by day. For further reading, you can see our prior retail analytics updates on retail ecommerce and online shopping behavior:
- Ecommerce Grocery Shopping During the Coronavirus, from Wednesday, April 15
- Supply and Demand: Navigating the Coronavirus Outbreak, from Monday, April 13
- Updates on Coronavirus Impact on Ecommerce Sales and Shopping Behavior, fom Friday, April 10
- What is COVID-19’s Impact on Retail Ecommerce, from Wednesday, April 8
- Coronavirus Relief Beyond Online Shopping, data from Monday, April 6, published Wednesday, April 8
April 2020 Initial Updates on Impact of Coronavirus on Ecommerce, from Friday, April 3
