COVID-19 has had a huge economic impact on businesses, with brick and mortar retailers being hit especially hard. As government restrictions being lifted in many countries, we spoke to Joris Kroese, CEO and founder of Hatch, to find out what we can expect for the future of e-commerce and how brands can prepare for the future.
The Current Market
Recent events have caused a dramatic shift in buying behaviour with large market segments moving to digital commerce. Brands and retailers have had to adapt quickly to this behaviour, and many have shown great flexibility. This flexibility has mainly been illustrated through brands coping with high search and demand, which is equivalent to peak shopping periods, like Christmas and BFCM. For most omni-channel businesses, overall sales declined, however, there was a significant shift to e-commerce. This helped to balance the total sales lost.
Traditional Retail vs E-Commerce
Following the shift to digital e-commerce, what’s in store for the future of offline retail? It is now more crucial than ever for brands to focus on digital transformation and their omni-channel capabilities. The current events has hugely accelerated this trend and it’s something we expect to last.
Omni-channel and digital transformation may have previously been thought of as buzzwords, but the terms are now a reality for businesses across the globe.
Omni-channel: Acknowledging the existence of new emerging channels, playing all fields and offering a seamless customer journey.
Digital transformation: is the action of incorporating digital technologies throughout all areas of a business and its processes.
How to Prepare your Business for the Future
How can businesses prepare for the future of e-commerce?
As a long term goal, brands must adopt an omni-channel strategy to allow a seamless buying experience for customers. In the short term, brands may want to think about shifting budgets to enhance their e-commerce and make sure their products are available online.
Brands that want to combine their online and offline sales channels and offer an omni-channel experience can benefit from Hatch’s Where to Buy off-the-shelf solutions. For more enhanced ecosystems, Hatch can offer more advanced solutions to support the digital marketing and sales landscapes.
For more information about how to set your business up for the future of e-commerce, watch the full interview below.