The world is in the midst of a Global Pandemic which has now turned out to keep affecting the world for more than a year now. This Global pandemic has affected all kinds of businesses at all levels. Some business suffered huge loss, some earned huge profits and the others initially suffered losses but are presently earning maximum profits. Online business initially suffered huge losses as people feared to buy things from online markets but with time, the fear reduced and once people started using the online marketing techniques, they could not resist themselves and online business started earning super profits which made up for their losses. Another reason maybe that as the corona cases increased, people started believing in online marketing and considered traditional marketing as a risk factor to avoid crowding.
After the pandemic comes to an end, there maybe a huge fall in the demand for online marketing as traditional marketing will start gaining its pace. Online marketing websites, need to start preparing themselves for the post pandemic situation as soon as possible to avoid making losses which may turn out to make a long term impact on the business. Some ways of dealing with the post pandemic situation for the online businesses are as follows:-
- STRATEGY MAKING
To make the best strategic decisions, the business is required to know its position in the market, its role in the ecosystem, strategies adopted by the competitors and to understand the main objective of the business. Firms in this situation are accelerating their growth as their value propositions are in high demand but when it comes to the post pandemic situation, they have no clue about the strategies which could help them. The management of the online firms are required to study the major factors and need a future forecast to get going with the strategies which could help them deal with the post pandemic situation.
2. CUSTOMER SATISFACTION
Customer satisfaction is the main reason for which a business exists whether online or traditional. Online marketing can continue to their best after the pandemic by providing extra and better facilities which makes their shopping flexible, easier and comfortable. Providing an efficient internet based communication, collaboration tools, better description of the products along with honest opinions by the previous customers and faster home delivery system may turn out to be important factors which help in boosting online marketing. Customers can be given a special membership facility through which the customers will be served with extra benefits for an optimum period which may even continue after the pandemic ends and it ensures that the customers would stay with the firm to use their membership benefits to the fullest.
A plan would be a basic course of action which would be taken up by the online businesses to reach the position they tend to after the pandemic ends. For online markets, it has a basic meaning which says “what should be done today to gain what you want tomorrow?” Which in simpler words would mean what the online businesses should do during the pandemic to keep the business on track after the pandemic ends. A lack of plan would only give rise to disorientation in an already discomforting situation. The basic requirements while making a proper plan would be to keep in mind all the possibilities and outcomes which are expected by the execution of the plan.
4. REACTION TOWARDS THE CRISIS
The method used by the online businesses during the pandemic is going to leave a major impact on the customers. It depends on business to make the customers leave a positive impact or a negative impact. If an online marketing company raises the price of the products and become unsupportive with the customer, it is undoubtedly going to leave a long lasting negative impact on the customers and may affect the goodwill of the firm as well. Whereas another online marketing company, decides to keep the prices same for the customers and provide maximum support to the customers, the customers are going to trust the company even after the pandemic ends which would automatically add to the goodwill of the company as well.
The Corona virus pandemic has impacted the world at an unprecedented level and maybe the worst is yet to hit. Along with health issues, it has also bought an economic drought which is a challenge faced by all online businesses. Online marketing companies maybe in losses or earning super profits but in order to keep the momentum going on even after the end of the pandemic, online companies should start acting now or it will turn out to be too late and by the time they realize its late maybe they find everything is over. Acting efficiently today would not only help the online business but also help the world as a whole to recover.