But what does this mean for our economy and eCommerce as a whole?

As COVID19 spreads throughout Europe and the rest of the world, so has the spread of changes in consumer behaviour. With a vast amount of countries urging residents to remain indoors and in self-isolation there’s been a noticeable shift in how we shop, with consumers favouring the safety of their homes for buying essentials as appose to risking spreading the pandemic in traditional brick and mortar shops. 

Looking back at a recent pandemic

Historically we can look to SARS for relative guidance. When this deadly outbreak spread throughout China, it aided the acceleration in developing the eCommerce landscape we’re so fond of today. Once a successful brick and mortar shop, JD.com faced a drastic downturn when the SARS outbreak happened in 2003. Richard Liu, the founder of JD.com, saw an opportunity to showcase his products in more accessible ways, harnessing the power of the internet and moving his store online. Present-day, JD.com is the largest online retailer in China. 

Although this story may be inspiring, it’s also important to note that SARS was significantly less contagious than COVID 19 with the spread of fear and panic much less subsided. This means that although eCommerce is booming right now, the future is uncertain. Especially for brands selling non-essential products and eCommerce stores without the assistance of Magento eCommerce agencies.

What this means for UK businesses

According to Esther Ho, Nanyang Polytechnic school of business management director, in a Straits Times article, “Physical store sales will be the most impacted in light of the COVID-19 situation. This may provide the impetus for retailers to seriously consider (going) online, especially if there are success stories to share.” Although we’ve seen a significant rise in online shopping, this new customer trend is almost exclusively related to essential products—putting luxury item business at great strain amid fears of a complete economic collapse.

The British Retail Consortium has also said that retailers would be more than happy to deliver online goods to doorsteps. With fears rising on both our health in our loved ones and the economy, finance minister Rishi Sunak announced that the UK government will be aiding the UK’s businesses with a £330 billion government-backed loan. Stating “We will support jobs, we will support incomes and we will support businesses… We will do whatever it takes.”. 

Looking to the future

This change in consumer behaviour has affected the first quarter of this year in a big way, ultimately creating a knock-on effect for future quarters in 2020. This could have a profound and unprecedented impact on holiday sales as consumers comfort in online shopping and job insecurity rises.

Although there are valid fears on both a personal and business level amongst the spread of this pandemic; it’s crucial to be mindful on how our panic could put those who need help most at risk. In these trying times, it’s essential we show support to those working hard to fight this disease and do our part to support small businesses and protect those most vulnerable. Small and established businesses can also outsource Magento certified developers in order to connect with consumers in a better way. And don’t forget to wash your hands.

If you have any questions about anything discussed in this blog or if you’d like to chat about a project, feel free to get in touch. We’re always happy to help businesses reach and surpass their eCommerce potential.

The post How COVID 19 is Effecting eCommerce appeared first on Magento eCommerce Agency in UK | StreamMarket.

You need to understand that building your business has no finish line (if you do it right). You’ll be required to continually grow and evolve with the demand from your costumers and the technologies that surround your business. Now, if that seems like a daunting task, then we understand. It is if you don’t know how. 

Below are three eCommerce strategies we hope will ensure the longevity of your business for generations to come.

1. Get Back to Basics

Even if you’ve already opened your fantastical web store, it’ll benefit you in the long run to reevaluate your business. How’s this quarter going? What’s your Achilles heel? What are you doing that nobody else is? Even if your business is in the big leagues, going back to basics can be just what you need to reignite the fire for those sales.

• Implement Class A Customer Service

Your customers want to feel like people, not a collection of pixels on a screen indicating monetary gain. Having that human touch and providing trust is essential in creating loyal patrons to your brand. Consider using CRM software to optimise customer response time, even a simple follow up on a recent purchase can make them feel valued. As they should.

• Optimise SEO

We get it. You’re busy. But aren’t we all? It’s a slippery slope, neglecting your SEO, but once you commit, you’ll be glad you did. Take some time to research your industry, find out what works for your competitors and nail down those buzz words to get you to the top of Google. And if you need help, our Magento eCommerce agency in Portsmouth is there!  SEO is well worth investing in.

• Tell everyone about it!

If a tree falls in the woods, does it make a sound?  The answer is NO Because nobody can buy it! There’s no one size fits all marketing strategy out there. But, what we can recommend is being active on your socials, interact with your audience, conquer those hashtags! With Black Friday coming up it’s also an excellent opportunity to offer incentives, discounts etc. 

2. Evolve with your Team & Technology

No matter your planning and prepping, you must be open to change and adjust your business accordingly. As your surrounding team and technology develop, there will also be unavoidable fluctuations in your sales. Nevertheless, there are systems that you can put in place to alleviate these discomforts, maintaining your momentum to your commerce goals.

• Build trust with Customer Reviews and Testimonials

According to research, 72% of customers don’t take action until they have read reviews. That’s huge! Make it a priority that you showcase these reviews on your site. Personally email loyal customers for testimonials and follow up on recent purchases.

• Outsource, so you don’t have to!

There’s no escaping it. And as much as you’d like to think you’re a jack of all trades, the reality is you need help. In order to continue the growth of your business, you need more hands-on deck. It may be time to consider outsourcing fulfilment, shipping or developers so you can concentrate and producing the best product and continue innovating your brand.

• Automate, Automate, Automate

 To keep costs down and to be as efficient as you possibly can be, it’s essential to automate your business in any way you can while retaining your humanity. Select tasks where there is no human value there. Consider implementing AI and machine learning, Google Cloud and Microsoft Azure offer some great tools for automation.

3. Expect Success, Anticipate Failure

 Now you’ve got the ball rolling there’s nothing stopping you! Woah, there cowboy, consider the old saying “prepare for the worst but hope for the best”. There will be inevitable challenges that accompany your grand plans in becoming a billion-dollar eCommerce company. Here are your main priorities;

• Plan for Supplier Problems

As the orders you’re processing grows, as do potential issues such as quality and availability. Do you have a contingency plan in place with your suppliers to counteract this? It may seem simple, but having a strong relationship with your suppliers is a great way to combat this. Keep the communication flowing and get them excited about your brand!

• Plan for Sales Peaks and Plateaus

 Ups and downs are commonplace for any eCommerce business but preparing for the avoidable downs are vital. You can achieve this by having strategies in place. What are your slow periods? What product isn’t selling? Consider adapting your product lines according to public demand, anticipate upcoming trends, perhaps look at up and coming market places? There are always ways to avoid stagnation.

If you have any questions about anything discussed in this blog or if you’d like to chat about a project, feel free to get in touch. We’re always happy to help businesses reach and surpass their eCommerce potential. 

The post 3 Steps to Scale your eCommerce Business appeared first on Magento eCommerce Agency in UK | StreamMarket.