The pandemic has brought catastrophic effects on everyone, no exceptions. Retail businesses, restaurants, hospitality, and in-person entertainment have been greatly affected. While many have closed their doors permanently, others surfaced and even thrived.
However, businesses found a way to market their business through the pandemic and pivot to an online ecosystem that they may not have been familiar with, as retailers had to move their inventory online to remain in business. Some restaurants were forced to rely solely on delivery to keep their doors open.
It is also safe to say that the e-commerce industry grew at exponential rates, with established brands gaining incredible growth and newcomers setting their own environments as well. Businesses are choosing to look at the brighter side of things and make the necessary changes in order to survive.
Here are five lessons businesses can learn from the pandemic and how they incorporated it into their every day lives.
1. Consumers will always be willing to spend money.
Given the situation, many retailers still have reported online sales. Many people have stocked up on electronics to keep themselves and their families occupied inside their homes since there was no clear indication of when “normal” would return. Even with the rise of unemployment, consumers are still spending money. Faced with boredom and redundancy during the lockdown, many consumers turned to online shopping as a form of entertainment.
2. Commerce has shifted heavily online.
Even though the economy is starting to recover, the pandemic has introduced an entirely new demographic to the convenience of online shopping. From buying common household items to ordering groceries online, many consumers are completely using this easy tool because of its convenience. E-commerce brands should focus more on driving that convenience message in all of their marketing and advertising. It should be effectively communicated that you are providing this value to your customers.
3. Social media can launch a brand literally overnight.
It’s always a shock how many one-person operations popped up and flourished thanks to social media. From handmade clothing and accessories to arts and crafts, there are a lot of successful creative launches that start from TikTok or Instagram alone. The key here is developing a special product that customers will be more than willing to share and support your efforts.
4. Consumers love direct-to-consumer brands with a thriving community.
Creative brands have successfully built a community that encourages their customers to share on social media using designated hashtags. This creates user-generated content that brands share on their own social media profiles for exposure. Because consumers love the idea of being highlighted by the brands and they feel a part of, they will pay a premium price to feel like they belong. This is one of the successful strategies in the market today and is much more effective than a traditional advertisement.
5. Never be afraid to pivot in order to unlock new opportunities.
This pandemic has caused many brands to pivot. And this should not be a bad thing. While businesses are closing their doors and laying off staff, there are those that pivoted to new opportunities and are currently making more profit than ever before.
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