It is happening. H&M, Zara, Victoria’s Secret are closing stores since the pandemic. They have suffered billions of losses and now pivoting their focus on online stores.
Some think it is too soon to say that the global pandemic will have lasting changes into the decade. It is definitely not – the world is already rapidly changing. Temporary lockdowns have changed our buying habits; from bulk-buying at physical stores to online shopping. So it’s no surprise that the retail industry is hugely affected too.
Even if WHO releases a statement that vaccine is available within months, we would have already adapted to doing everything online. And since more people are motivated to stay home, by then we’d be comfortable with what online shopping can offer us: saving time and money.
So what does this pandemic mean for physical stores?
This means e-commerce is in for the long run. And for entrepreneurs like you, you must always be creative to:
- Cut your business costs
- Future-proof your business
- Continue serving your customers (not stop!)
- Keep supply chains unimpaired
Generally, it’s about being adaptable to change. Provided that going online is a global trend, securing your business for the future means building your e-commerce website and mobile apps to conveniently sell your products online. This also means great news for website design services!
But why start e-commerce now?
The Covid-19 World Commerce Impact records that online retail activity is up 200%* in Malaysia. The Malaysian government has even released multiple incentives for SMe’s and startups to digitalise their services. This is to encourage growth of e-commerce industry on the road to economic recovery as it plays a huge role during the pandemic. Hence, there’s no better time than now to grab this opportunity and start your e-commerce business!
Plus, e-commerce is the cheaper alternative to physical stores. The automation of checkout, billing, payments reduces the need of of employees required. This is why customers can enjoy discounts. And as an entrepreneur facing a tight budget, you will cut huge fixed costs while generating profits from home.
Unlike physical stores and their fixed opening hours, e-commerce websites can run all the time. What is more convenient than an “always open” store? Sellers and buyers both benefit from this: sellers can get more orders hence more sales, and buyers can buy anytime they want.
So it’s not all doom and gloom for your business right now. It’s just about time to embrace the online world. And thanks to technology, at lease our world now does a better job in coping with pandemics compared to earlier days.
If you are looking to build an e-commerce website for your business, we are here for you. At NOVUX, we not only provide virtual and serviced offices, we build responsive websites for new businesses too!
You can also check out all incentives provided by the Malaysian Government here!