The world today is a different place from the one we knew before the COVID-19 pandemic. The pandemic has changed the way we live, work, socialise and transact.
In years to come, we will look back at 2020 as the moment that changed everything. One thing is for certain: there is zero probability that we are returning to the ‘old normal’.
Amid slowing economic activity, COVID-19 has led to a surge in e-commerce and accelerated digital transformation.
As lockdowns became the new normal, businesses and consumers increasingly “went digital”, providing and purchasing more goods and services online.
Nigeria consumers are embracing digital to cater to their daily needs now more than ever before. This includes ordering food, buying stationery and other consumables and also for entertainment. Early indicators also tell us that digital is expected to continue to be a way of life even post the pandemic on account of convenience, safety and to save time.
For entrepreneurs, adjust to the change that has come upon us or be a victim of the system.
Ramping up digital customer experience
For companies of all sizes, in order to survive, they needed to focus their efforts and budgets on enabling digital transformation. The ‘new normal’ has dispelled the idea that e-commerce would disrupt the physical retail business by bringing greater competitiveness and pressure on the sector.
The digitisation of retail enables better customer experiences and also business continuity. In order for merchants to convert “visitors” into customers, the end-to-end experience has to be seamless and convenient in order to avoid cart abandonment.
Also Read: Why Now Is The Time To Adopt ISO 20022 For Payments Transformation
Small and medium enterprises have also accelerated their transition to the digital world. This is not only on account of the closure of physical stores but also to cater to the need and demands of consumers.
The growth of online
Digital transformation has seen early signs of success in the South African market. According to an industry report, in the last 12 months, internet penetration has accelerated to 64%; and of those, an overwhelming majority (95%+) use mobile internet to buy or order goods or services for personal use, such as clothes, home products, cosmetics or food deliveries, in addition to accessing social media websites.
The best strategies are rather the simplest ones: be nimble and transform the crisis into opportunities.
