The COVID-19 outbreak is having devastating effects for many businesses across the nation and around the world. With so many people staying home, business owners are panicking because they cannot achieve the margins they are used to making. Many brick and mortar businesses are having to shutter their doors in cities enacting quarantines because they are not deemed essential. Luckily, eCommerce businesses have the distinct advantage of not requiring a storefront to conduct business.
Even though it may seem scary to see a sudden drop in traffic or conversions, this outbreak is not the end of the world for your business. All economic systems work around the idea of ebb and flow. Unlike the ebb and flow of the tides, the economy does not always follow a set timetable. Sadly for all of us, no one can accurately predict when this will all be over. Luckily, consumerism and human adaptability are two very reliable forces that should help everyone make it through this difficult time.
People can adapt to almost any condition, but it takes time. This current situation is still new and many consumers are still adjusting. As isolation takes its toll, many consumers have been browsing online to pass the time. This means that online shopping is bound to increase as the situation stabilizes and many businesses are already starting to see activity increasing on their site.
There are countless online shoppers adding items to their carts right now, just waiting to feel secure enough in their situations to pull the trigger. Even if that day is not today, it’s unlikely that consumers will be patient enough to resist online shopping entirely, especially after a month of feeling cooped up in their homes. This trepidation is not limited to consumers, as businesses are also hesitant to keep spending during this time.
If your business has been negatively affected by COVID-19, you might have to trim a little fat. This is natural in any situation but, much like consumers buying 100 rolls of toilet paper, sometimes panic can make us do necessary things in excess. Before pulling the trigger on any big decisions during this time, it’s important to consider the long term consequences. A simple cost-saving measure now might actually hurt your business once the economy begins to recover.
To look at this more closely, we have turned to a member of our sales team, Sam, for answers to the big questions many business owners are asking.
Q: Sam, what do you think is the biggest concern currently facing eCommerce businesses?
A: Tangibly, conversions. People are still searching but not buying as much. But overall I think it is uncertainty. How long will this last? The inability to know that last question is what is giving eCommerce businesses most pause.
Q: What would you recommend during this period?
A: Stay the course and don’t make any drastic changes too soon. Things are changing by the minute in this new environment and you don’t want to erase any traction you’ve gained in the last year when it didn’t need to happen.
Q: But if I am a business owner who needs to cut costs, where should I be focusing?
A: This is different for every business/industry/etc. The snap judgement by most is “marketing” because it can be the least tangible at first glance. But this is actually a time to stay the course with your marketing initiatives because your competition may be losing ground in the SEO realm and PPC clicks may be cheaper than ever. To my initial point above, don’t make rash decisions this close to the eye of the storm.
Q: What can 1Digital® do to help my business during this period?
A: In the short term, you would be shocked by what just talking about the challenges you are facing will do. We can be your soundboard and then make recommendations that take into account the industry as a whole, rather than just what you are seeing internally. E-Commerce business is data-driven and we can help you navigate what makes sense for you right now and also what to prepare for down the road.
After years of working with businesses across a diverse range of industries, we know that consistent marketing services offer the best long term results. Even when the future is uncertain, we are here to let our customers know that the best way to make it down the road to recovery is to keep moving forward.
- Logan Darnall
- April 8, 2020