There has never been a greater opportunity for online retailers to flourish. The lockdown, caused by the coronavirus pandemic, is making everyday life complicated in innumerable ways, and it’s those that sell who are reaping the rewards by coming to the rescue.
Social distancing guidelines have seen most high street shops temporarily close, with customers looking instead online to buy everything from everyday essentials to hobby supplies.
At EKM, we have seen a doubling of the number of sales and orders made through the retailers who use our platform. In the month leading up to the official lockdown, which was announced on March 23, we handled around 9,000 sales per day on average. In the month following, that jumped up to an average of 18,000 orders per day.
Of course, this may depend on your market and product. If you’re a specialist in party supplies or camping gear, you may not be enjoying the boom to the same extent. But other sectors are blossoming. One of our customers has seen revenue jump more than 2,500% in a matter of weeks.
This is a massive opportunity for all businesses, but especially those who trade solely online. It is the first time that the high street is not an option for customers. They’re out of the game. And this current situation, with all its complications, is actually levelling the playing field for retailers. If you sell online, this is your time to shine!
What you can do
Market your brand
This is a crucial time to get the word out about what you do, what’s for sale, and where people can find you. Many marketers and analysts note that, historically, it’s the businesses that increase their advertising during a troubled economy that outperform the competition for many years afterwards. Even if you don’t have a budget for paid-for advertising, mailers and so on, there are plenty of free tools such as email broadcasts, blogs and social media to drive traffic to your site.
Set up an online shop
Surely, most readers of this blog will have an online shop already. But many don’t, and are missing out on sales every single day. It’s never too late, though. An ecommerce operation, especially if you have an existing shop, can be set up quickly, easily and with little up-front cost. We have even launched a new service, Obodo, specifically designed to help local businesses sell to local customers – and it’s free to set up.
Consider diversifying your range
More people are shopping online than ever before, meaning there’s a larger volume of demand for a wider array of products. This is a massive opportunity for you to meet that demand – not only with what you already sell, but related products, too. Whatever you specialise in – it could be a fruit and veg shop starting to sell eggs and dairy, or a telescope shop stocking astronomy books – your customers and potential customers are in search of everything from daily necessities to time-fillers for the quiet lockdown days. And, great news, there are plenty of suppliers who are struggling to get their goods to market and looking to partner with retailers just like you.
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