COVID-19 pandemic has impacted our lives in almost all aspects. It has also affected the ecommerce as it is undergoing a change because of how people are spending online.
During the pandemic, Ecommerce Europe interviewed various ecommerce associations, business partners, and company members. It revealed that 65% of respondents expect that due to the pandemic, there will be a reduction in sales, a limited or full closure of businesses, and many companies will be laying off employees. Contrary to that, 66% of the UK population will be resorting to online shopping in the upcoming months.
Key Findings
- Users are more confident about online shopping, and store confidence is low.
- Though online stores are experiencing lesser traffic, at the same time, users are moving from browsing to buying mentality, which has decreased the drop rates.
- Contactless delivery and the speed of delivery are two major factors for customers during the pandemic.
- The surge in online shopping has been observed the most in the age group of 35-44.
According to analysts at Edge Retail Insight, the global trend forecasting arm of retail insights firm Edge by Ascential, the UK’s ecommerce sales will see an expected rise of £5.3bn due to the increase in online shopping caused by the COVID-19 pandemic. They have revised all their previous forecasts on consumer shopping behaviour and preferences after analysing the long-term impact of COVID-19.
Impact on Sales
- Amazon is expected to add an additional £2bn in UK sales, and by the end of 2020, the total will stand at £31.1bn. Before the pandemic, it was predicted at £29.1bn.
- Tesco’s revenue in 2020 is expected to rise by an additional £1.7bn, and it would reach a total of £61.1bn. It was expected to be £59.4bn prior to the pandemic.
- Sainsbury’s sales are expected to add an extra £0.6bn to reach £31bn by the end of 2020. Before the pandemic, the estimated figure was £30bn.
The Future of Ecommerce
Online sales are expected to grow, and there will be more research and surveys to support this. These are the times when businesses have the chance to challenge and revamp their proposition. If they take the right steps, they can capitalise on the online shopping behavioural changes as users get more dependent on ecommerce, even after the pandemic ends.
Going online and looking for things one needs is simpler now, thanks to the easy availability of technology.
Users can quickly go online with accessible internet and smart phone technology or tablets or laptops.
While watching TV on their sofa, they can easily buy jewellery, a new dress, book a cab, order a meal, or browse for furniture options.
What they need is usually just a few clicks away from them.If you want your customers to access your products and services so easily, you need to make sure you are going digital with your business.
Ecommerce is standard now, and your customers are waiting to browse through your website.Before you start taking your business online, you need to ask yourself these questions.Is your industry operating online?Many businesses are successfully serving their customers online, but this is not true for all the industries.
For example, organizations in communication or banking technology are all about digital now, whereas industries requiring human labour such as construction or agriculture are not quick on the digital route yet.If your industry and competitors are happily catering to customers online, then it is high time that you get online as well.
Would you like to optimize your ecommerce/business website on search engines for higher revenue?
Let us help you, hire the most wanted best seo services company not only seo services but provide social media marketing, ppc services, email marketing, digital marketing and so on at a very affordable price.
For a free trial, visit https://www.gtechwebindia.com/
