Long-term trend toward online purchases gains momentum that will last long after the pandemic is over.
The COVID-19 global pandemic will likely be one of the defining events of 2020, and that it will have business implications that last well into the decade. The actual trend toward online purchases is gaining momentum and will last long after the coronavirus crisis is over. Coronavirus has drastically shifted the world's buying habits, and businesses are rapidly adjusting to the new pandemic reality.
There is no escaping the fact that regardless of what your perception of the actual crisis may be, the truth actually is that the COVID-19 impacting our way of life and the economy in dramatic ways. The coronavirus pandemic is deepening a national digital divide, amplifying gains for businesses that cater to customers online, while businesses reliant on more traditional models fight for survival.
Sadly, many businesses are losing money and some are on the e brink of having to shut down their doors permanently.
Can this be avoided?
No matter what your opinion may be on the merit of this virus crisis and its threat to society, there is no denying that it is creating a multiplier effect on what was already a trend towards online buying behavior. This current outbreak is taking that trend to a whole other level inciting and forcing people of all ages to rethink how they live their lives and how they buy.
Consequently, if you own a business, now is the time to really think hard about how your business is investing in its online strategies and whether you are prepared to cater to this new world. It does not matter if your products or services are designed for in-store experiences, now is the time to re-think how your business can evolve to ensure it survives this changing dynamic. Whether it is creating new product lines, better leveraging content marketing and social media strategies to keep customers connected to your brand, or even thinking bigger about new business ideas that capitalize exclusively in a digital world, you have to think differently. Subscription-based delivery services and remote focused technology offerings are going to explode in growth as more and more people choose to shop and make their buying decisions from the comfort and safety of their own homes.
The situation is rapidly evolving
The amount of people deemed safe to gather in a single place has dwindled from thousands, to hundreds, to ten. Restaurants, bars, movie theaters, gyms, businesses and most public places in many major cities are either forced to shut down or restrain their access to the public. Meanwhile many office workers are facing new challenges of working remotely full time. Essentially, people are coming to terms with the realities of our interconnected world and how difficult it is to temporarily separate those connections to others.
To say that we are living in unprecedented times feels like an understatement.
One of the responses we have seen to how people are approaching this period of isolation and uncertainty is in huge overnight changes to their shopping behaviors. From bulk-buying to online shopping, people are changing what they are buying, when and how they are buying.
As more cities are going under lockdowns, nonessential businesses are being ordered to close, and customers are generally avoiding public places. Limiting shopping for all but necessary essentials, making masks mandatory and enforcing social distancing is now, like it or not, becoming a new normal.
Brands are having to adapt and be flexible to meet changing needs. The Coronavirus Pandemic will last for at least another 18 months with business implications that will last well into the decade.
JMD Systemics, a division of King Global Earth and Environmental Sciences Corporation is here to help you make the best decisions for your brand during these uncertain times. At JMD Systemics, to help you determine what choices you can make for your business, we have gathered some facts and numbers around how behaviors are changing, what products people are buying, and what industries are feeling the strain.
JMD Systemics Website Design & Development can provide not only the platform on which to quickly launch your online store and stabilize your business, but also the resources and tools you need to make the process as smooth as possible.
Talk with us.
Michel Ouellette JMD, ll.l., ll.m.
Systemic Strategic Planning, Crisis & Reputation Management