Turn lemons into lemonade by taking advantage of the huge surge in online sales around the world.
What You Will Learn
There’s no double that the coronavirus pandemic of 2020 was a devastating blow to economies worldwide. Tens of millions of people lost their jobs, thousands of businesses in retail, catering, travel and other hard-hit sectors went to the wall.
All of that is tough, really tough. But every cloud comes with a silver lining. And if you are in the Ecommerce business - or want to get into it - then this is a time of opportunity.
Right now, we are seeing a massive surge in online sales that is not likely to go away any time soon. Sales have increased by a whopping 47 percent year on year, and the numbers keep growing.
But it’s true that there are challenges, too. So is this really the best time to start a business? Let’s consider the facts and find out…
Bouncing Back from Disaster
In the early days of the Covid-19 outbreak, the Ecommerce sector was one of the hardest hit. The majority of products sold online are sourced from China, and suddenly the supply dried up.
Because the virus hit China first, the impact was devastating. Just as factories were beginning to scale up after the Chinese New Year shutdown, they were forced to close again as the pandemic swept across China.
But even if you were able to source products, transporting them to the country where you wanted to sell them became a huge problem. A lot of air freight is carried on passenger aircraft, and when these flights were grounded, the supply chain broke down.
For a few weeks, there was chaos. But it was only a matter of time before the problems began to fade. China was one of the first countries in the world to reopen its factories, and airlines started converting passenger aircraft to carry more cargo freight.
Everyone learned to live with the ‘new normal’ and the supply chain has mostly healed itself...and the situation is improving day by day. So after receiving a big shock in early 2020, the Ecommerce production and supply chain is rocking once more.
The Big Shift to Online Buying
So we’re up and running again (mostly) with Ecommerce shipping and delivery. And that’s great news, because the demand has never been higher.
With shopping malls and retail stores, millions of people have turned to online shopping to get the goods and products they need to live. In fact, without the Internet, we would all be in a far worse position. How would you live if you couldn’t go to the shops or buy online?
The rush to Ecommerce solutions has been overwhelming. Amazon rushed to hire an extra 100,000 workers to fill the demand. But even that wasn’t enough, and they had to hire another 75,000. Those are phenomenal numbers!
Purchasing online has become part of the ‘’new normal.’ The malls may be open again, but do you want to risk getting infected while you shop? Or getting caught up in some crazy violence over the use of face masks?
For many, buying from their safety of their own home has become the preferred option. And that may not change very much, even as life settles back to some kind of normality.
First-Time Online Buyers
Another huge driver has been the massive number of people who have been forced into trying online purchasing for the first time.
Many of the ‘baby boomer’ generation had been resistant to changing their shopping habits. But with no shops to go to, they tried online purchasing - and discovered that it works!
More importantly, they also discovered that it is also safe, cost-effective, fast and very convenient. And with over 100 million baby boomers in the US alone, that really makes a big difference. We can expect many millions of them to continue their new purchasing habits, shifting sales from offline to online.
Retail Woes Continue
The continuing shift to online purchasing has been putting real-world retail stores under pressure for years. Many big chains such as Borders, Toys R Us and Blockbuster have already succumbed to the inevitable slow, painful death.
For those that have managed to hang on, the pandemic may well be the straw that breaks the camel’s back. Many are facing bankruptcy, or at least substantial downsizing.
With all these stores disappearing, where will customers go? Online, of course!
Succeeding Online Today
With sales surging at an astonishing pace, this really is a great time to get into Ecommerce. Start a Shopify store now, and you can really cash in on the fast-growing opportunity.
But you need to think carefully about what you sell. Some sectors are booming, while others are struggling.
This is a bad time to sell anything that is considered non-essential, especially at the higher end of the market. Sales of jewelry and other luxury items have plummeted, as have sales of apparel. After all, who wants to be ‘all dressed up with nowhere to go?’
But in other sectors, vendors are struggling to keep up with demand. Markets such as survival, home fitness and home furnishing have seen surging sales - and the trend is continuing.
So the key here is to sell products that are in demand in the strange new world we find ourselves in. Forget travel accessories...move into home-based hobbies!
Seize the Initiative
Many online vendors have been sitting on the sideline for months, frozen like deer in the headlights. That’s understandable, but it’s also a path to failure. Stand still, and more agile vendors will leapfrog you to greater success.
Now is the time to seize the initiative in a huge, fast-growing market. Find your niche, harden your supply chain and get ready to make bank in one of the biggest business opportunities in history.
It’s all yours for the taking.