In this social distancing and work-from-home era, people are turning towards online marketing to get their essentials delivered at their doorstep. While other (offline) industries are facing severe financial crises, there has been a steady growth in the online marketplace in the past two months since the global outbreak of COVID-19. This is not only because of its convenience but also a majority of the online stores are taking safety measures to ensure the safety of the consumers.
As per Forbes studies, growth of the US online retailers has boosted up to 68% as reported in mid-April, which surpasses the 49% in the initial days in January. During the lockdown days, the mobile device is the most accessible for all, and about 72% of the customers are using them to order their groceries and other day-to-day essentials.
In such a scenario, if you are planning to start an online marketplace, this would be the best time to reach out to a much broader target group.
Let’s check out the benefits of making such a start of the online marketplace during the COVID-19 crisis.
Benefits of Starting an Online Marketplace during COVID-19
1.Best solution during lockdown or shelter at home situation
Online shopping is the best option for a majority of the buyers since they can’t risk going out in fear of contracting the virus. Nothing is more convenient than making the sellers come to us and deliver our desired products while we stay safe at our homes.
2.Helps social distancing
By ordering online, buyers can maintain social distancing as they won’t have to step out of their homes to purchase their goods. People find getting their products delivered at their homes much safer and easier than stepping out with masks on and standing in long queues at the grocery store, 1 meter apart from one another. Moreover, businesses, too, don’t need to come in contact with any customers, thus maintaining safety. Here are things to keep in mind.
In this situation, when traveling comes with high risks of spreading the virus, one can avoid it by ordering online from a simple mobile app or other eCommerce portals. One needs to navigate virtually through various products and options to buy the essential items. Moreover, being an eCommerce retailer, you, too, can avoid traveling by managing your business online. You need to train your riders to follow all the safety guidelines to ensure the safety of both.
4.High demand for goods due to shops and retail shutdown
During the lockdown days, the demand has risen drastically, with a simultaneous crunch in the available resources in the offline retail shops. This led the consumers to turn into the online marketplace. Moreover, many of the retail shops have closed down for maintaining social distancing, and hence consumers have online shopping as the only option left.
The eCommerce stores assure you of delivering your daily essentials, and they have their stocks full most of the time. The online dealers have shifted their focus to selling only the essential goods, holding the sale of the non-essential ones for the time being. This is one of the primary reasons for the rising popularity of eCommerce companies. Check how to create a two-sided platform.
5.Easy and fast set up of online stores
It is effortless to set up an online marketplace using today’s fast, smart, and advanced digital marketing strategies. Moreover, one doesn’t even need a web developer to get started, since there are readymade apps and tools available to build a stunning and SEO-friendly online portal. Also, today’s eCommerce stores are much easier to maintain, thus allowing you to run your online store seamlessly.
6.Economical way of setting up of store
Apart from being fast and simple, building eCommerce platforms are also quite cost-efficient, since you don’t require high maintenance or developing costs. Also, in most cases, you won’t be required to hire a separate developing team for the purpose. Even though you take the help of a professional team, they won’t be charging you too much, considering the crisis times.
7.Safe and healthy delivery of goods
Nowadays, almost all the online retailers are adhering to the safety measures advised by WHO to break the virus chain. They are training their riders to deliver goods healthy and safe. Include regular sanitization of their inventories and warehouses, daily temperature checks of the riders, wearing safety covers like masks and gloves, contactless delivery options, no cash-on-delivery options, safe packaging, and the like.
8.Better marketing possibilities
Marketing an eCommerce store is far more convenient and easy, and you will have a range of options to bring your shop to the forefront. Since the consumers would be glued to their TV or social media platforms most of the time while staying at home, it is elementary to reach them via these media. Here is the future of online marketplaces.
9.Economical digital marketing of business
Apart from powerful digital marketing opportunities like social media marketing – a large part being Facebook, YouTube, Instagram, and even WhatsApp, other high targeting options induce email marketing and SMS marketing. Moreover, managing and maintaining an eCommerce portal is very affordable and, at the same time, highly productive. There are more chances of conversions, especially when almost every consumer is browsing through social media for most of the day.
10.Easy and cheap business operations
Since you will be able to cut down on the costs associated with running an offline retail store, operating an online portal is not only easy and at the tips of your fingers, but also quite cheap. You don’t have to shell out large sums for managing your inventory, orders, and shipments online. Moreover, accounting, billing, and invoicing too can be done efficiently while staying back at home, thus focusing more on managing your online retail shop.
The popular notion that businesses will take a lot of time to recover from this crisis is breaking with the fast-changing eCommerce trends. With effective digital marketing strategies, you will be able to come closer to your consumers and build your brand loyalty more efficiently than ever during the social distancing era.
Do you have a plan to start an online marketplace business?
Check: Learn how to build a platform like Etsy?