In the midst of the COVID-19 pandemic, Consumers have embraced online ordering for goods, services and food, with many unlikely to revert to their old ways. Many late adopters are now discovering the benefits of the online home delivery experience or in-store pickup options, and may not look back.

According to a survey done by Rakuten Insights, out of the 16,350 India consumers, 12% believe that they would continue shopping online in 2021 as well, while only 5% are confident about going back to shopping in-store. 64% of the consumers feel they would shop online as well as in-store whereas 12% said they would mostly shop online but some in-store if it's safe. Only 7% affirmed that they would try to strike a balance by shopping in-store only if it's safe, while continuing to buy certain items online. In a nutshell, online shopping is here to stay even after the pandemic is over.

Paradigmatic Shift in Consumer Behavior

E-commerce is exploding on all fronts right now. In the context of COVID-19, consumers are looking for alternatives to traditional channels and are expanding the categories of products they purchase. Indians appear to be focusing on stay at home activities by buying video games, e-readers, e-books and gym equipment. Around 4,080 India consumers are looking to purchase televisions and streaming services.

In tandem to the major shift of consumers from offline to omnichannel digital space, many businesses with a strong online presence and  e-commerce infrastructure are currently seeing a positive shift in their revenue. In contrast, businesses that are unprepared or don't deliver a good experience fail to retain their customers. If your site does not appear in the first search results or has performance problems, or if your product catalog is poorly managed, your business will not be able to thrive in this competitive space.

What if I can't sell my products and services online?

Many retailers are investing in e-commerce capabilities, with many manufacturers, service providers, and distributors turning to direct selling online. What does this mean for companies whose offerings do not lend themselves to this method of sale?

In the time when tradeshows and traditional in-person interactions are no longer possible, a strong online presence that attracts traffic and converts potential customers is more important than ever to make up for the lost offline sales. Investments and efforts in content marketing, analytics, search engine optimization, paid search and social media must be sustained and supported by a successful platform.

At present, brands need to streamline their short and long-term strategy to revamp their business in these unprecedented times. The pandemic offers a unique opportunity to think and plan for the new business landscape. In this time of upheaval, it is important to understand both, the long-term as well as implications of the economic, social and technological changes brought about or accelerated by COVID-19.

Ask yourself these questions: what is happening in your industry and in your markets? What changes and trends do you foresee taking place in your industry? How will it impact your customers and suppliers? What path are your competitors taking? How can technology help you adapt and thrive? Can a transactional platform and a more robust digital marketing infrastructure be part of the solution?

Some points to consider

Shipping costs, inventory management, and order fulfillment logistics are just a few of the challenges that e-commerce poses. The economics of ordering online are not the same as traditional “offline” sales, and a different cost structure is required for online sales to be profitable. For example, rental costs, in-store payroll, and up-front capital costs are heavier for a storefront retailer. In contrast, a retailer who participates in online e-commerce faces higher costs for website design, digital marketing, and technical support.

What's more, consumers now expect a free and fast delivery with free, easy and no-questions-asked returns mechanisms put in place by e-commerce giants - but it all comes at a cost. How will you pack, fulfill and ship your orders? What about customer service?

E-commerce a necessity

The fact of the matter is that the changes Indian businesses have undergone in the last couple of months, would have otherwise taken several years. Instead of playing catch-up with competitors emerging from the COVID-19 crisis, start planning now. The biggest takeaway from this whole situation is that E-commerce is a necessity. It can not only help businesses weather the current crisis, it can also position them for a faster recovery and prepare them for the post-COVID-19 economic reality.

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About Vaibhav Lall

Vaibhav Lall, Founder, Khojdeal, is an engineer by education and an entrepreneur by choice. He is the founder of India's largest online deal discovery platform - Khojdeal. Prior to jumping on the entrepreneurial bandwagon, Vaibhav has experience working with corporate giants like Mindtree and Cognizant as a Digital Marketing Consultant. From consulting Fortune 500 companies on digital transformation to launching a startup, he has deployed astute digital strategies that can impact an organization's growth curve in various stages.

Owing to his sharp business acumen, the majority of his time is invested in navigating creative solutions for problems in his niche. Being a keen follower of the works of Simon Sinek, Subroto Bagchi and Ben Horowitz,  he imbibes the learnings both in his professional as well as personal life. Motivated with the zeal and deeply seated desire to change the world, he joined the startup universe as his first job. Soon to become a serial entrepreneur, Vaibhav launched his first startup which develops web apps and helps brands get on to social media.