Corona Virus Effects On ECommerce
Firstly, before we begin sharing our findings – we’d like to start off by saying that we feel for and we’re hurting for everyone affected by this horrible virus. In moments like these, we also say “Business is secondary, family and health come first.”
We’re getting calls, every other minute – asking if the bubble and “glory days” of eCommerce is coming to end; our answer – Yes but NO. We are not just being optimistic and hallucinating due to unexpected amounts of “quarantining” – we have actually been making massive strides leading our clientele to financial and brand stability during this trying time. How you may ask? See below!
Relationships Are Everything!
When we begin working with a new client, the first thing we ask is how engaged their existing customers are – if they don’t have any customers, we work out an actionable plan to retain them in the future. Now, say you have your customers in place. We suggest the following moves to keep your sales figures and ROI up!
- FaceBook Ads:
- Instead of focusing majority of your ad budget towards cold outreach, start positioning more of it towards retargeting. You can set up custom audiences between people who engaged with your socials, website or are on your newsletter. You should be doing this regardless, but we like to follow the 70/30 rule – meaning 70% of your ad budget goes to cold outreach while 30% goes to retargeting. It might sound outlandish, but have you ever flipped it? Put more budget focus on retargeting and give it a shot – it is worthwhile, especially in times like these. Screen time is up 70%, meaning that those who already know you and never purchased, might just do it now.
- Email Marketing:
- Before you do anything, we all have to acknowledge that without customers, we and you have nothing. Be genuine, take some time to wish your customers well. For many, this time screams anxiety and nerves. Take the initiative and let your customers know what steps you are taking to take care of them and your team.
- Be Generous: There are many charitable organizations that could use your help! We suggest offering some type of donation based off sales – and let your customers know. Not only will it show that your brand cares about the world, but it’ll allow them to be a part of something greater (along side YOU).
In short, yes – sales figures might see a bit of a drop, but that in itself might just be the wrong outlook. Spend this time to form proper customer relationships and strategize for the better days. eCommerce will have a dip for now, but we cannot begin to tell you how many of our clients are beginning to analyze and assess ways to grow when this thing is over.