After-effects of COVID-19: Will the Online market sweep away the existence of offline stores?
The past few months have been a challenge, to say the least. The emergence of this pandemic has caused a major economic crisis, leading to a global recession. Businesses worldwide are struggling as buyers are not able to interact with sellers, highlighting some key points of improvement in how the world conducts business.
The epicenter of COVID- 19; China (Wuhan) is now believed to be free from the virus’ deadly grasp. China now leads the pack of countries preparing to recover and return to normal functionality. But should we aim to go back to how things were?
“Insanity is doing the same thing over and over and expecting different results.”
- Albert Einstein
It would be unwise and downright irresponsible to not take away lessons on connecting with customers in a better, safer way. Let’s explore this in a little more detail.
Initial statistical insights:
Currently, there are a handful of reports that provide a sneak peek on how society will behave and interact in the aftermath of COVID-19 outrage. These reports strongly indicate that the touting efforts of offline stores will not be received in a positive light. Footfall in brick and mortar stores saw more than a 50% decline, across regions and industries. People are still refraining from getting out of their houses to shop. With the nightmare still haunting customers, the reception to China reopening its businesses was very cold. Drawing half of the usual customer volume is heavily shaking the already shattered economy growth.
The overnight switch of customer’s buying behavior
Regardless of how healthy and hygienic atmosphere offline store will offer to its customers, people will push themselves to stay in closed doors only. Analysts have observed that there is a sudden shift of customers to online shopping rather than moving out and shop from offline stores.
Here are a list of reasons that supports customer’s decisions to stay distant from offline shopping:
- There is no formal announcement about the complete eradication of COVID-19
- There is no dedicated vaccination made to immune an individual against COVID-19
- The contagious spread of coronavirus still haunt people
- People are not sure about the sanitization and hygiene standards of the offline stores
- Gradually people are finding their comfort staying at home, close to their family members
So, what next?
If you are a business provider, you must have overheard that in the coming times, the economy will face one of the biggest recession. What does that mean? Already the first quarter of 2020 has been a rollercoaster ride for all. No one is prepared for another catastrophic series of events. It is a do and die situation for every business to either perform or become a history in the list. But how will you even match the expectations, when your customers are in a denial mode to enter your store?
Driving your business on online platform
Businesses have faced a tough time on account of these uncertain lockdowns. It has practically destroyed the revenue graph in a very bad way. And while we cannot undo the disaster, there is still much to do to secure businesses’ future. Earlier, picking up an online marketplace to showcase and promote your services was considered as one of the extended business operations. But, looking at the current scenario, switching to the online platform will be the most sensible step for any business.
“ If your customers are afraid of reaching you; it’s time for you to reach them”!
Already there are many of the businesses that have shifted temporarily to the online platform to serve their services during this quarantine period. But looking forward to the optimistic results, it would be a profitable deal to stick to an online platform.
Future of revolutionized online businesses
No matter how many or which epidemic hits the globe, if you are geared up with smart technology to shield your business, there is no looking back. Economists believe that though this sad event of COVID-19 outbreak has crippled the growth but it has given a clear indication that in the coming times, online businesses are going to top the chart.
Verdict over offline stores existence
Looking at the foray, it could be observed that online business will teem with rapid growth, escalated sales and much more in less time. This will give a swift sweeping off the offline stores from the market.
Are you a business owner who is running an offline business or is planning to go ahead with one? Is the trouble of switching to the online platform making you anxious? Are you worried about the future of your business after this pandemic? Relax! Take a deep breath. Technology has covered all for you! At Jungleworks, we are assisting every niche of business to create its own success story by switching to the online platform.
If anyone has told you that your business will sink after this downturn phase, prove them wrong with your actions. Connect with us and sail your boat in this tsunami!