Running Business in the Post-Pandemic World: Main Changes
In a world where customers visit e-stores 10 times more often than brick-and-mortar ones, cash bills have become a thing of the past and more than 10% of doctor appointments moved online, businesses are forced to adapt to the “new normal.”
The coronavirus pandemic disrupted the way we search, buy and sell products, affecting buyer habits globally. But what has actually changed? How can entrepreneurs succeed in the post-pandemic environment? Which changes will stay with us even after the virus is defeated? Keep reading to find out!
The Online World
From customer behavior to demand predictions, the eCommerce industry has faced a number of changes that altered the way companies approach their operations. As many consumers were locked at home, their shopping trips have moved online, which inevitably led to changing their buying habits.
According to the statistics provided by Digital Commerce 360, online consumer spending went over $861 million in 2020 compared to $598 billion in 2019. Online purchases represented a quarter of the total spending, and this figure is projected to triple in the coming years
Since hundreds of retailers went bankrupt, electronic commerce has become a lifeboat for many companies trying to survive in the volatile business environment.
Anywhere you go, credit cards are preferred to cash, which makes sense in times of quarantine and social distancing. But when Covid goes out of the scene, will we still be using digital money almost everywhere?
Experts say “yes.” We already live in a world where every business, even your favorite coffee shop, encourages you to skip using cash, and the majority of customers are opting for contactless payments to protect themselves from Covid.
In addition to personal safety, digital payment methods are convenient since they provide benefits such as spending tracking systems, safer transactions, flexibility, loyalty programs, etc. In short, motivating buyers to choose digital money over cash has become a new trend that will stay with us for a foreseeable future.
Perhaps the most obvious shift in the labor force is a dramatic increase of remote work. After more than 90% of businesses were forced to bring their operations online, software development companies launched a number of products to meet such growing demand. It accelerated already existing teleworking trend and encouraged small and large companies alike to rethink if they actually need offices.
For instance, Corporate America decided to downsize its office space as they allowed more employees to work from home. By encouraging their workers to practice social distancing, they implemented the best practices in fighting against the virus. This step also helps the company cut costs and ensure they are prepared to operate in the changing business environment.
The latest study by McKinsey&Co confirms remote work and virtual meetings are likely to stay with us long after the end of the pandemic. Experts analyzed the potential of remote work across 200 tasks and 800 occupations and found out that more than 25% of the workforce can work from home 3-5 days a week without any loss in productivity.
When the pandemic is over, companies will catch on to this trend, allowing for greater flexibility and substantial cost cuts.
Many consumers have embraced the convenience of eCommerce during the pandemic. In 2020, the eCommerce industry experienced a dramatic increase in market share which will only accelerate in 2021. Other online services like video streaming, telemedicine and online banking have taken off as well.
Virtual shop assistants and online fitting rooms have become a new trend in eCommerce. They help customers choose perfectly matched products without visiting brick-and-mortar stores. With the rapid development of virtual reality, machine learning and other evolving techs, this trend is likely to take off in the upcoming years.
Is it convenient to browse your online store from a mobile device? If not, you are losing up to 73% of sales. Your customers want to browse the e-store easily regardless of the device they use. With the online sales boom, it has become more important than ever to ensure your users have a seamless shopping experience.
To check whether your e-store aligns with the latest trends on the market, reach out to Mementia for professional consulting services.
Experts at McKinsey&Company believe that more than 25% of workers globally might be forced to switch their occupation due to post-pandemic changes. The growth in high-wage jobs and the decline in low-wage ones have forced millions of employees to develop new skills and search for employment opportunities in more in-demand industries.
Although this shift is expected to be tough, scientists predict it will have a positive long-term impact on the economy.
Stay Competitive in the Post-Pandemic World with Mementia!
It’s always a good idea to make sure that your business runs in line with the latest trends now and that it is fully prepared to face post-pandemic changes.
Contact Mementia for top-notch web development services and our professional team will conduct an audit of your online business to spot possible vulnerabilities and come up with the solutions to fix them.