For companies selling online the Covid-19 global pandemic almost created the perfect storm. Trends we saw growing stronger over the last couple of years and months were forced into early convergence when countries started putting strict rules into place on how people can trade, move around and engage in an effort to fight the devastation.
Some of the companies that saw Wall Street going crazy for their stock were big players like eBay.com which saw a 120% spike. Shopify, the e-commerce platform that offers companies easy setup and trading, was up by 195%. Etsy.com, Amazon.com and some other big names also saw massive gains.
Big players in the financial markets have cautioned that this trend might not be sustainable and that investors should be wary of a decline at some stage. The questions are however, will there really be s low down in online trade, or has Covid-19 released enhanced efficiencies within companies? Will companies go back to previous ways of doing business, or is it more cost effective to do business the way it has been done recently?
For the customer and consumer, the answer might be straight forward. The new way of buying will prove to be convenient, fast and in most cases cost effective. For the trading company however, it is a bit trickier. Online sellers must answer difficult questions based on an unprecedented situation:
- How much do I invest in stock?
- How much do I invest in people & skills?
- How much do I invest in infrastructure?
- How much do I invest in fulfilment?
- Is it time to upgrade technology?
The list goes on, and it does not get any easier. The one thing that is clear especially for B2B companies, is that the Covid-19 pandemic has brought with it opportunity and chaos at the same time. It has fast-tracked decisions, it has forced us to embrace changes that we were still easing into, and it has forced B2B companies especially, to sit up a notice that selling online is no longer optional. We cannot wait to see how companies will respond and what innovation will follow in the next few months!
Cassie van Wyk is the main author of this blog and has years of experience in the field of channel marketing and e-commerce respectively. He has a passion for writing and sharing knowledge, and does a lot of research in order to bring factual information to all the blog visitors. Feel free to reach out at any time!