Impact of Digital Platforms on Small Business during Covid-19

Impact of Digital Platforms on Small Business during Covid-19

Impact of Digital Platforms on Small Business during Covid-19

The world is facing a global pandemic due to the COVID-19 outbreak. Not only has this crisis impacted all aspects of our lives, but it has also put a strain on businesses. The economy has been largely disruptive in terms of revenue generated as well as loss of human lives. Since the onset of lockdown, most businesses were ill-equipped to deal with the new restrictions and shutdowns. Small and medium-sized businesses were hit the hardest due to the unavailability of migrant labour and travel restrictions. 

The crisis forced small businesses to adapt to new approaches and strategies to stay afloat during these tough times. The first step to bring about changes in the business was the adoption of digital channels such as social media, website, and mobile marketing to connect with customers and potential leads. Ecommerce has been in the industry long before Covid-19 entered. But the virus accelerated the ecommerce expansion and pushed Small and medium-sized enterprises (SEM’s) to incorporate long-term shifts to online presence. E-commerce sales volume reached $211.5 billion in Q2 2020, growing 32 per cent from Q1 and 44.5 per cent year-over-year (Source) from luxury goods and services to everyday necessities, all firms shifted to conduct online business. 

Since Covid-19 hit the globe, the E-commerce industry has been on an upward growth trajectory. For small businesses, the online marketplace has proved to be a good platform to create awareness and expand the business. The opportunity of selling online comes with obvious benefits, some of which could include:

Increased control over brand messaging and consumer engagement.

Direct access to consumers and their data increases the scope of personalization and development.

Easy, fast, and less time-consuming purchases promote 24-hour sales.

Affordable and requires less investment when compared with a physical store.

Faster buying process as consumers can easily browse and spend less time shopping for what they want.

Better customer experience as the users connect with the brand on a personal level increases the odds of brand loyalty.

Creates a global marketplace as customers are no longer restricted by geography or physical barriers and can shop easily from all over the world.

There’s no doubt that eCommerce has played a huge role in keeping the economy from suffering even greater damage during the pandemic. It puts technology at the heart of business strategies and allows a company to grow irrespective of the industry. Therefore, eCommerce is the perfect way to gain the attention of the target audience, especially in times like these, when technology is bound to become stronger than traditional means. 

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