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How Corona Virus Has Impacted an Online Business World?
2020 will be forever remembered as the year of the starting point of the global pandemic, which is the Covid-19 and the impact it had on everything around the world has been terrifying and at the same time it has brought about a drastic change in the business world.
The change came overnight and everything has been changing ever since. Everything was locked in 2020, from schools to large and esteemed organizations. It will be an understatement if you say that 2020 was an unparallel year. Online marketing companies have experienced a major and drastic change.
The digital marketing agencies and digital marketing companies have flourished majorly because owing to the fact that everything was shut down, the public had no other option but to rely completely on the online world.
So without any further ado, let us see how a microscopic virus has wrecked and turned the table of the e-commerce or the online marketing world.
1. Sales trends
The sales of the majority (about 58%) of the e-commerce companies had experienced a drastic decline which could be attributed due to the lockdown rules and restrictions like reducing the movements of people and the transportation of the goods/products.
While on the other hand, the third-party marketplaces have seen a major upsurge of sales by 60%. The increase in the number of buyers has contributed to the increase in sales.
2. Sales Channels were a Game Changer
Social media plays a very important role in digital marketing. The digital marketing agencies or the digital marketing companies have their own websites and social media handles on Facebook and Instagram and many more. This led to the up-spike of the sales of these companies because the majority of the audience were using social media in the lockdown period.
3. Composition of Sales Changed
All the e-commerce companies, as well as the online third-party marketplaces, do sell a lot of varieties of things but due to the covid-19, most of those businesses started selling essential products. The main5 essentials included electronics, fashion, food delivery, furniture, and other household items, handicrafts and gift items, etc.
There were several companies that have seen an increase in sales of face masks and disinfectants, school stationery products, kitchen products, groceries as well as medicines and other pharmaceutical products.
4. Payment Methods
All the digital marketing companies and nearly two-thirds of the e-commerce business have changed their payment method and have made it digital. While cash on delivery option was still considered, but these companies and businesses were encouraging their users and audience to choose the digital payment method.
5. Cost Structure and the Workforce Size of Businesses have Changed
As we have seen that two-thirds of all online business has experienced an increase in costs but on the other hand, 44% of the businesses have reported reduction on their workforce and 18% of the business are still expanding theirs. Due to covid-19, while some of the businesses are blooming but not all businesses and sectors are benefitting from the situation.
Whether you have a new business venture or your business needs some assistance due to recent times, then look no further because we at Inventive Digital Bharat Solutions offer the best digital marketing services and will help your company reach the heights! We are just one click away to help you!