Strategies for times of disruption
Posted by Screen Pages on 03/04/2020
What our partners are advising merchants to do
With the outbreak of COVID-19 having caused major disruption on many levels of life, eCommerce has become even more important for merchants wanting to continue serving their customers. Our partners from YotPo, dotdigital and Nosto have shared some relevant advice for businesses to help them manage their business in this new reality.
YotPo – How is COVID-19 Changing Consumer & eCommerce Trends?
The ways in which we socialise, eat, exercise, and, most notably, shop, are shifting. On March 17th, 2020, YotPo polled 2,000 consumers and saw many emerging trends, a few key takeaways being:
- Shopping behaviour is beginning to evolve, with consumers more responsive to marketing messages, including email, SMS marketing, social, and more.
- Consumers prioritise buying food first and foremost, but also products that promote health and wellness, including supplements, superfoods, and items like thermometers and medication.
- If products are out of stock in stores, consumers will consider less familiar brands.
Read the full report here.
Nosto – Effects of Covid-19 on Fashion, Apparel and Accessory Ecommerce
At Nosto, they closely track real-time changes in the Ecommerce retail landscape due to the global Covid-19 pandemic via their network of thousands of partner retailers. This data snapshot looks at data for the Fashion, Apparel & Accessory industry, one of the hardest hit industries from the pandemic, from the 1st through the 25th of March 2020.
Ecommerce KPIs are all down from 2020 vs 2019 – including visits, sales, orders, AOV, and conversion rate.
At the lowest point in the sample for sales (Friday March 20th 2020), global Fashion, Apparel & Accessories sales revenue had dropped over 30% from the March 1st baseline — a massive decrease, compared to less than 3% relative drop in 2019.
But — there appears to early signs of a revenue recovery driven by higher conversion rates as retailers appear to be reacting and adjusting, with some notable variances between countries.
Read the full report here.
dotdigital – Managing communications in times of crisis
During times of crises and uncertainty, brands’ ability to communicate with audiences is crucial. Amidst charged emotions and apprehension about the future, you’ll need to reassure audiences about the continuity of your business while maintaining business as usual.
A crisis communication plan helps you organise ways of effectively communicating with audiences during uncertain or emergency situations.
They help ensure that employees, customers, partners, and anyone else involved in your business are fully equipped with the information they need. Crisis communications help protect employees, assets, customers, and ensure business continuity.
Access the full article here.