The impact of COVID-19 on eCommerce is likely to be discussed for a long time. One thing is clear – emerging from the COVID-19 virus is likely to be a gradual process, with the possibility that restrictions may be lifted and reinstated according to the level of contagion. Many large businesses, as well as brick-and-mortar stores, have sustained critical blows, which will necessitate a substantial injection of cash for recovery.
To date, the quarantine has triggered thriving online sales. In our previous blog posts about the impact of COVID-19, we suggested how to jumpstart your online marketplace sales with new inventory and enhanced services. We believe that eCommerce will continue to grow exponentially. In this blog post, we offer tips on how to meet your audiences’ shifting needs when emerging from the financial effects of the virus.
What products should your marketplace offer for the summer?
Toys, games, arts & crafts, and inexpensive online activities
Summer is approaching, which means consumers will need to keep the kids busy (again!!). Whether summer camps will open or not is yet to be determined, but due to the financial blow many families have suffered, the fees for camp may be unaffordable. Add more inexpensive games, toys, arts & crafts kits, and online offerings to your stock so that harried parents can keep their children entertained over the summer months.
Open a category for camping goods
Costly family vacations are pretty much out of the picture for most people. Bring in online vendors who sell camping goods, tents, portable barbecues, coolers and hiking aids for families whose only vacation may be a camping trip this year. Attract customers by making special offers on a package that includes the basic items required for a camping trip.
Bring on DIY offerings
Cash may be tight, but there is always something that needs fixing or painting at home. Open a category offering a variety of do-it-yourself kits, from paints and brushes to a build-it-yourself doghouse. Also offer online support from an expert for anyone who needs assistance. Customers will remember the personal touch and return to your marketplace in the future.
Open a gardening department
Summer is prime time for gardening. Offer a wide range of lawnmowers, gardening equipment, seeds, fertilizer and plant beds for people who have time on their hands and want to save on gardening costs. Here again, make sure to have gardening experts available to provide professional advice when needed.
Expand your scope of exercise equipment
The gym may have become unaffordable for many sports enthusiasts. Carry a wide range of inexpensive exercise paraphernalia – from weights to stationary bikes – so that people can continue to work out without breaking the bank. Also offer an inexpensive range of treadmills and other exercise machines for those who wish to invest a bit more in a permanent home replacement for the gym.
Use the Algopix algorithm to anticipate changes
COVID-19 has proven to be unpredictable with the volume of contagion ebbing and surging over time. This trend may continue into the foreseeable future. The automated Algopix platform provides operators with valuable online marketplace intelligence, category data and category insights in order to anticipate ongoing shifts in consumer demand.
The system enables you to observe growing categories in eCommerce and observe product prices across the board. Using the AI-based categorization algorithm, you can open new sections in record time by rapidly updating eCommerce product categorization, product specifications and item prices.
Want to keep ahead of the game and prevent financial uncertainty for your marketplace? Learn more about the Algopix AI-based platform.