It is no
denying now that the world is shifting towards digital platform. All the
businesses, companies and oraganisations have their own consumer friendly
websites so that their audience’s experience can be better. This digital transformation
has encouraged every businessman to rapidly change their ways of trade and cope
up with the dynamic environment. It is very well said that “to improve is to
change, to be perfect is to change often.”
Although
this digital transformation came in the picture a few years ago, the global
pandemic has given it an accelerating push and every digitalization is the most
common option people choose to promote out themselves. One thing to learn from
this is that nothing is constant or predictable.
According to
EY Future Consumer Index, 43% of the consumers, post pandemic, prefer to shop
online rather than buying using their previous method of going to the store
themselves. This only represents that geographical location is not as important
as it used to be in an era.
COVID-19 has
had a tremendously negative impact on almost all businesses especially the
retail business since the production of consumer goods was stopped to the
extent where the shops were seen completely empty a lot of times. In such a situation,
many retailers questioned their ability to create a new customer base according
to the new consumption habit. They wondered if their selling method is still
efficient enough to keep their customer’s trust in their brand.
Two of the
great examples of this would be Lululemon and Nike. With the world being put to
lockdown, the demand for athleisure increased remarkably mainly because
athleisure was a great choice for majority of the people to wear during
lockdown. They handled their business during such a crisis because of their
digital expertise and resources. Also, Lululemon diversified its products to
meet people’s changing demands.
A brand that
faced extreme loss due to COVID was Under Armour and Uniqlo. Its majority of
the sales was based on distributing their products amongst other retailers
which faced a drastic drop in its sales due to physical shops being shut.
Uniqlo is basically focused on football which also had to face a sharp downfall
because it couldn’t keep the interest of its consumers online as much as it
could in their physical stores.
The world’s
leading digital platforms have gained the most benefit due to the global
pandemic and majority of these large companies are based in USA and China. It
makes it difficult for some smaller companies or organizations to compete
against them and a make a known place of their own.
In order to
work swiftly with e-commerce, better understanding, skills and collaboration is
required. Post pandemic, more than 30 e-trade companies have partnered together
to acquire more opportunities and gain awareness regarding the risks that
raises due to COVID. Also, to identify the ways in which businesses in less
developed and developing countries can work their way out through these risks.
This step must be taken into consideration by all business men in order to
flaunt their business.
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