I had the opportunity to read Benedict Evans “The ecommerce surge” article, and I was really taken aback by the impact that this period of uncertainty and global crisis is having on the e-commerce business.
Sure it was logic that in a time where meeting people is not recommended, digital purchased would have increased, but the graph is very impressive:
In the last few months, e-commerce has experienced the same growth as in the last few years combined.
According to McKinsey "[...]70 percent of B2B decision makers say they are open to making new, fully self-serve or remote purchases in excess of $50,000, and 27 percent would spend more than $500,000."
What is happening is a revolutionary change in the way customers interact with companies, and this change is here to stay well after the pandemic.
Despite this, a surprising amount of contacts I am having in these weeks tells me that they have paused or postponed their plans for digital commerce!
Sure, companies need to tackle problems caused by the pandemic, because the increase in digital sales does not cover the loss in the offline channels. But as the history of brands like Apple or Tesla tells us, when there is a radical shift of equilibrium in the world, whoever or whatever can ride that wave is destined to remain in a leadership position for the future.
A “Duck and cover” strategy can surely guarantee the survival in the very short term, but it is crucial to react and try to seize anything that can turn the situation into an advantage.
The window of opportunity is already closing.
But with budget issues, how is it possible to act in an efficient way and not put the business at further risk?
One way is to act fast and create a quick Minimum Viable Product. Open or renew a digital channel for the most important and remunerative segment of your market: it does not have to be complete or exhaustive, but it is a way to hold on your customer, increase their satisfaction and loyalty, and why not a possibility to increase your share in spite of your competitors while they are struggling?
It is wise to choose a solution that comes with the most Out of the Box features, that lives in the Cloud to avoid burdening the IT department, and that requires the minimum up-front investments.
It won’t be beneficial only to the customers, but it will also free up sales resources from mundane tasks and allow them to stay closer to customers and increase margin and quality.
What happens when the wave is passed? It would be very bad to lose the gained momentum. This is why it is very important to choose a platform that not only can go live quickly, but also that is sufficiently elastic and reliable to grow together with your business and be the foundation of a newly found prosperity.
Do you want to know who can help you with all of this? Contact us, we are here for you.