5 Ways the Covid-19 Pandemic is Affecting Customers and Ecommerce Businesses

The COVID-19 pandemic has been very transformative for businesses around the world, especially in the E-commerce realm. Likewise, the pandemic has influenced shopping behavior and has shifted the paradigm of consumer demand in many industries across the globe, particularly in health, technology, and household goods. Business leaders in many sectors need to adapt to the new trends led by the pandemic and keep their hand on the pulse of the consumer market in order to sense the rising demand, while consumers are increasingly using delivery apps, contactless payments, and more.

This change has come abruptly, but it’s important to note that the business and consumer sectors are still evolving due to the COVID-19 crisis. In order to prepare for what lies ahead, business leaders need to understand the prevailing trends and start implementing their strategies.

Here are the five ways the pandemic is affecting customers and E-commerce businesses around the world. 

Panic buying has become a real thing

You have probably heard about the FOMO effect, or the fear of missing out, which is a common marketing practice used throughout the E-commerce world to drive sales and qualified lead generation. But during the pandemic and in the new normal, the FOMO effect has been surpassed by panic buying, which means that people are incentivized than ever before to buy relevant products before they become scarce or out of fear from the virus itself. 

Customers are stocking up on essential products, and they are emphasizing products that have a long shelf life in order to prepare for the next crisis or the next wave of the virus. This is something that Ecommerce leaders can capitalize on by ordering higher quantities of those products from their suppliers. However, the key to success here is to identify the rising need in your specific market and identify those in-demand products.

Be wary, though, this does not mean that you should increase the prices on these products because exploiting the consumers amidst a crisis can prove disastrous for your brand. 

An emphasis on safety through online shopping

There is no denying that the pandemic has brought many uncertainties to the modern consumer, and the fear for personal health and the health of loved ones has been permeating the consumer market in the last two years. For this and many other reasons, consumers have been increasingly shying away from on-site shopping and have instead started to migrate heavily into the online world – prompting businesses in many industries to migrate as well, or risk closing their doors for good.

One of the key drivers of this change is, of course, personal safety, as online shopping doesn’t expose the consumer to the virus as much as in-store shopping does. There is still a minor risk associated with package delivery, but online shopping is still considered to be significantly safer than the traditional model. What this means for you, in the long run, is that you need to implement ecommerce elements into your business if you haven’t already in order to stay afloat in the new normal.

The pandemic has given birth to more online marketplaces

People need more online stores with a broad offering of products and product categories, as they need one reliable vendor where they can find a variety of products. That’s why online marketplaces have been thriving during the pandemic, and why popular stores like Shoppster have become the best place to find better deals on everything from consumer electronics to hygiene products and beyond. The key is to attract buyers with better deals and discounts than your competitors, and you can do that by diversifying your product offering.

Instead of specializing in one or two product categories and limiting your options, you can create a broad offering and become the leading online store that offers regular discounts in each category. This will also inspire customers to keep coming back to check for new deals.

The rise of E-commerce apps and delivery platforms

Panic buying coupled with the lockdown and the need to acquire relevant products as quickly as possible has helped Ecommerce apps and independent delivery platforms to flourish in the new normal. Business leaders can, therefore, capitalize on the need of the consumers to get their products as quickly as possible by establishing a presence on third-party delivery platforms that can get a product from the store to the customer within 24 hours. 

Health and safety products are in high demand

Lastly, let’s not forget that health and safety products are among the most popular and most highly sought-after product categories around right now. What’s more, given the fact that there is little to no risk of getting infected by the packaging itself, consumers are free to order various health and safety products online in order to sanitize their homes and protect themselves and their loved ones from the virus. This is why it is a good idea to venture into this growing market and start to sell these products on your ecommerce store in 2021 and beyond.

Over to you

The pandemic is affecting the business world and the consumer market in a big way. Be sure to adapt to these changes quickly in order to capitalize on the new opportunities and help your company thrive in the new normal.