E-Commerce Seller Financing • March 9, 2020
Coronavirus is taking over the world and it’s not just affecting the health of thousands of people around the world. Its effects are also felt in other areas. Classes are being suspended, events canceled, workers are encouraged to work remotely, and people are discouraged from traveling.
The novel disease has managed to paralyze the Chinese economy, and other countries are also starting to experience its ramifications.
Sadly, the e-commerce industry is suffering too.
Marketplaces like Amazon heavily depend on goods from China. Due to the outbreak, sales have plunged, resulting in a $7 billion loss for Jeff Bezos in a single day.
Dropshipping businesses already experience the delays in their products being delivered to their customers. However, other e-commerce businesses may also start experiencing difficulties due to the outbreak.
If your e-commerce business is also experiencing a slow period due to coronavirus, here are a few things that you can focus on to keep growing your business while you weather the outbreak.
10 Things Your E-commerce Business Can Do During the Coronavirus Outbreak
1. Set Up Your Own Website
If you are selling goods on e-commerce marketplaces, this is a good time to set up your own website. While e-commerce platforms are convenient and sure methods of bringing in sales, having your own website has numerous benefits.
So, if you’ve noticed that your sales have slowed down, look up platforms such as Shopify and WordPress that enable you to sell goods. Choose your hosting platform and develop your website. Make sure you do not forget an About page that helps to distinguish your brand as well as Terms and Services and Return Policy pages that protect you from legal issues.
2. Start a Blog
If you already have a website, this time is great to start blogging about topics that are relevant to your industry. Having an active blog can help your website rank as well as attract new buyers.
If you are struggling with writing or do not have enough time to develop quality blog posts, consider hiring a freelance writer from freelancing websites such as Upwork.
3. Start Posting on Your Media Channels
The role of social media in e-commerce is growing, and you can shop directly from social media platforms like Instagram. Therefore, having an active social media presence can help your brand gain more exposure and more customers.
Consider using this time to find and establish a relationship with brand ambassadors or social media influencers who can help you promote your brand.
4. Develop a Freebie
Even if you display your products on your website, a number of visitors will not be ready to buy from you yet. So, you can warm up these potential buyers by offering them a free bonus that answers a problem that they may have. This is called a lead magnet.
For instance, if you sell kitchenware, you can offer an e-book with unique healthy recipes that can be prepared using your products. Or, if you sell clothing, offer downloadable styling tips.
BuzzFeed-style quizzes work well too, and various online tools offer you an option to prepare online quizzes that prompt visitors to enter their e-mail address to see their results and get more information.
5. Start Building an E-Mail List
The lead magnet that you have developed above can be used to collect potential buyers’ e-mail addresses. You can then send them regular newsletters, discount offers, and information on your products.
There are many tools that can facilitate that such as ConvertKit, Invisionsoft, and more. Tools like MailChimp also offer a free plan that offers you an option to get started with if you have a tight budget.
Using an e-mail marketing platform can also help you send e-mails to customers that have abandoned their carts and recover sales.
6. Add a New Products or a New Product Line
If your existing products aren’t selling as well as they used to, consider new products. Look into various options such as dropshipping from Europe and the USA. While most dropshipping stores ship from Asia, there are other options available.
You can even design your own line and use a print on demand service that will create and dispatch your products to your customers.
7. Sell Downloadable Goods
If you create your own products and sell them on your website or marketplaces like Etsy, you can also sell tutorials that help buyers create their own goods. These can be anything such as knitting and sewing patterns, jewelry making tutorials, and a lot more.
8. Improve Your Assets
This coronavirus outbreak period can be a great time to take a step back and improve what you already have. These can be higher quality product images, better product descriptions, product optimization, and more.
9. Run a Promotion
Since various industries are being affected by the coronavirus, chances are that your potential customers simply have fewer means to spend on your products. To encourage them to buy from you, you can offer a limited-time discount. As a result, you’ll be able to sell more products and your customers will be able to save in an already challenging time of their lives.
Is your e-commerce business affected by the coronavirus? What problems are you experiencing and how are you resolving them?