How the expected crisis will affect Brands?

Hi fellow Indihackers,

As some of you might know, I shared my thoughts about online retailers in the previous weeks. So, this time I'll be covering brands (manufacturers).

For those who don't know me, I am the founder and the CEO of a tool (known as Price2spy) that provides comprehensive and suitable solutions for eCommerce professionals to strive in the current competitive market conditions. Moreover, I am also an e-commerce professional with extensive knowledge and interest.

With most countries under some kind of lockdown and stay-at-home order, there is almost no retailer or brand that hasn’t been affected. This particularly stands for those that have brick-and-mortar stores. The majority of them needed to close. Even those who’ve remained opened have seen a decrease in customer traffic due to the online shop orderings increase.

Depending on the way that their economy is structured, countries are trying to come up with an efficient solution. Governments are considering different economic support measures, but global inflation won’t be avoided.

Research done by Emarsys and GoodData shows that eCommerce revenue in the United States is up 42% year over year. Therefore is needless to say how important it is to have an eCommerce website that is well-optimized.

Brands who have already invested time and effort into making a user-friendly website are for sure in a better position. But, everything isn’t lost yet for those who didn’t think about this on time. Brands should think about how they can sell their products online and better communicate this option to their customers. It’s expected that the purchase price will increase, as well as the business costs which will result in the price increase of all retailers in the market.

While this is an extremely challenging period for retailers/brands and customers as well, it’s also clearer how important eCommerce has become. All those brands who had second thoughts about having an eCommerce store, now are completely sure where they must direct their attention to.

What are your thoughts? I'd love to hear from you!