Last year has been a surreal experience for all businesses including the retail industry. The Covid-19 pandemic has explicitly been harsh for the legacy business that focused on a ‘store-first’ operating system and was greatly dependent on conventional marketing methods. A lot of retail establishments had little-to-no digital investments. Such evasive business prospects have jeopardized the business model for retailers and consumers alike. In his article for ‘Information Age,’ Srini Rajamani discusses how the pandemic has changed consumers’ expectations.
Covid-19 and E-Commerce
Deloitte’s study mentions that e-commerce sales are expected to grow throughout 2021 and beyond, with the help of considerable investments in the digital arena. A lot of businesses are planning to get into the online market to increase their productivity. Deloitte’s data also says that 1 in 10 consumers shop online for food items across the European continent. The pandemic has played a crucial role in the sudden shift of markets to online portals. Moreover, they are convenient and quicker, which helps both the business and consumer smoothly complete the transaction.
Companies are constantly figuring out new ways to hold the attention of consumers. With online visibility in its place, the next thing consumers expect is a more ‘store-like’ personalized experience. Many establishments have already initiated the process, but there is still a long way to go. Rajamani mentions that the likability and reliability of a brand depend a lot on the appearance of their online portals. In addition, it is also essential for businesses to pay attention to the versatility and familiarity of their online profiles to compensate for the physical absence.
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