What are the challenges ahead?
Generally speaking, COVID-19 has had a devastating impact on businesses. All non-essential retailers have been forced to close their doors. Restaurants, bars, hairdressers, spas, and more are unsure when they will be able to welcome their next guest. In response to the pandemic, many businesses have had to get creative and adapt their strategy for the current market. Ambitious professionals in sales and marketing should be watching how businesses react with interest. Which brands have managed to successfully grow their audience throughout COVID-19, and which brands have struggled? In terms of marketing, what seems to be working right now, and what isn’t? Read on to learn more about how e-commerce has been affected by the outbreak of the coronavirus.
Whilst now is a difficult time for many businesses, those with an online store could be experiencing an uplift in orders. Data shows that online orders have increased by more than 50% since the beginning of social distancing. This means that businesses should be focusing on their online presence to make the most of this uplift in sales. Retailers that have both a physical and online store should seek to offset their shop losses by increasing online sales. Graduates of an MBA in marketing and sales will learn how to engage new and returning customers to drive sales, something that is particularly useful at this moment in time.
It’s not hard to guess which businesses are doing well right now. According to research, educational products for children are in high demand as parents attempt to entertain and educate their children while working from home. As well as this, art supplies and home gaming systems are flying off virtual shelves.
At business school, students will learn some of the best ways to maximize sales and adapt to customer behavior. Whether it’s seasonal changes, a national holiday, or a global pandemic, entrepreneurs and executives need to be able to think strategically.
One way that brands can increase online sales is by being creative. Now is not the time to continue with business as usual, now is the time to innovate. Clothing brands like Lucy and Yak are creating scrubs and masks for healthcare workers, and breweries like Brewdog are creating hand sanitizer. This activity resonates with audiences and can be easily shared through both traditional and social media. This, in turn, leads to an increase in traffic to their online stores and ultimately drives sales.
Data shows that people are spending more time online since COVID-19, meaning that businesses should be investing in creating a satisfying online user experience for their customers now more than ever. To accomplish this, many businesses are using new and emerging techniques like virtual reality (VR) and augmented reality (AR) to connect with consumers at home. This is likely to be a lasting change to online marketing, as brands realize the results that can be achieved.
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