In the shock of the pandemic’s early days, simply getting goods out of the door was a challenge in its own right. But with more consumers set to shop online, and brick-and-mortar footfall down in many locations, a new com- petitive frontier will arrive in retail. With more activity online, the compe- tition will be just a click away. It will be harder for brands to stand out, and to guide their customers to the products they want.
Ecommerce boomed as stay-at-home orders were issued, and the increased activity will stick. 49% of consumers expect to shop online more frequently, even after the pandemic. But given the context of a virus, aspects of the expe- rience could become stale. Product delivery has to be socially distanced, there is little interaction with staff or fellow shoppers and, most of all, fewer ways to distinguish a brand. Online purchases are still largely driven by the “seamless” qualities of free delivery (60%) and an easy check- out (43%).
Small businesses have been at the vanguard, showing off their personalities and catalogs via livestreams.
Small businesses, forced to innovate with fewer resources to manage store closures, have been at the vanguard, showing off their personalities and catalogs via livestreams. Larger retailers looking to get on board should think about how their setup can reflect their values and identity as well. While using influencers as sellers or brand storytellers requires relaxing control, it may well be worth the risk to avoid getting lost in a sea of competitors.
It’s been stated that 2020 jumped ecommerce forward by “about 5 years”. 2021 may be the year infra- structure catches up to deal with the extra demand. Consumers thrive on experiences, and the pandemic has forced retailers to ensure this is pos- sible online. Livestreams aren’t just a way to offload stock in a pinch, they’re a way to stay relevant and discoverable in a retail world increasingly online-first. Livestream commerce will be one key way to making this possible.
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