Entrepreneur | Bootstrapped to €3M ARR in just 1year | Founder of Worlds safest software for LinkedIn Automation Expandi.io | Vegan | Father
Online sales is a relatively young industry and, as such, it's going through constant changes. The sophisticated ways to generate user data and use it for marketing efforts today were almost unimaginable a decade ago.
Artificial intelligence, intelligent automation, inbound sales — all of these and many other methods have been propelling the sales industry forward and help close deals faster and more efficiently than ever before.
On the other hand, the global pandemic has stifled the progress of many industries and hindered economic growth, even for the most significant financial players in the world. However, the online space has often been mentioned as a way to bypass issues like social distancing, the lack of office work and isolation.
So, how has the crisis impacted the online sales industry?
Increased Online Ad Spending And More Online Purchases
The quarantines and curfews all over the world contributed to increased online commercial activity. This was to be expected: With reduced in-store traffic, retailers and salespeople focused on getting people to make online purchases to keep generating revenue. People seem to have responded, as online sales worldwide have been rising steadily since the Covid-19 outbreak.
Just take a look at this dataset from the U.K.'s Office for National Statistics. When it comes to the percentage of online sales to total retail sales, the uptick from February to May 2020 is not only noticeable but staggering.
In less than a year, from February 2020 to January 2021, the percentage of online sales to total retail sales nearly doubled, going from 19.1% to 36.3%. The trend is starting to slow down as things are opening up, but the overall popularity and awareness of online shopping will likely remain a factor.
This seems to be supported by customer sentiment: In this coronavirus wave 4 study, GWI found that 46% of people surveyed in 2020 believe they will be doing more online shopping even after the pandemic ends. The initial shift might have been motivated by circumstances but its effects are here to stay.
The Need For Automation Tools In B2B Sales
The B2B field has always, in some way, been viewed as a personalized space that's all about connections and face-to-face meetings. We always think of B2B salespeople who schedule appointments and hold presentations in rooms filled with people.
The global pandemic is slowly but surely transforming this industry as well. Not only is remote B2B selling already a big thing in the industry but both buyers and sellers seem to prefer it. According to one McKinsey study , focusing on Brazil, up to three-quarters of B2B decision-makers surveyed prefer either a contactless (digital self-serve) or a remote selling experience.
These interactions make it quicker and more convenient for users to place their orders, get information and contact support. A digital approach to selling also allows salespeople to close more deals faster. The only potential issue is keeping that personal touch throughout the entire process.
Modern sales automation tools continue to address these issues and evolve to support the efforts of online sales. With sales automation tools, you can now:
• Get customer data, qualify and warm up leads.
• Send connection requests and automated emails to lots of leads at the same time.
• Leverage personalization in your messages to make it seem like you're sending your messages manually.
• Send personalized videos where you address your prospects directly.
• Set up triggers to automatically send emails when a prospect completes a particular action (creates an account, makes their first purchase, etc.).
Shifting Team Collaboration
Another significant effect of the Covid-19 pandemic is the shift to remote team collaboration.
Sales and marketing teams have been forced to coordinate their efforts remotely, with tools like Zoom experiencing massive growth during the pandemic. This new trend is something that companies still need to deal with. Staying productive and meeting KPIs when working from home is challenging, especially in sales, where meeting targets is critical.
It may seem like remote work is almost old news at this point but, compared to 2010, the number of people who work remotely has grown. One survey of more than 900 people found the number of people working remotely has grown by a staggering 400%.
How we navigate these unique challenges remains to be seen, but isolation, time off and the work/home distinction erosion seem to be critical issues.
The Final Word
The global pandemic has had a profound impact on the global economy — in many ways, we've still to see its full effect in the years to come.
The online sales industry hasn't been immune to these effects. Increased spending with increased customer preference of online channels has contributed to more revenue and a significant shift in consumer habits.
Even the B2B industry, which has typically relied on human contact and face-to-face meetings, has relied on sales automation software and machine learning.
As things slowly open up and people get back to their old habits, it's reasonable to be skeptical about the continued growth of online sales. However, it's also sensible to believe that many users have permanently changed their habits and rediscovered trust in doing business online.
- A Broadway Theater Owner Rethinks Post-Pandemic Ticket Selling
- How tech won the pandemic and now may never lose
- 4 Game-Changing Stocks That Can Turn $200,000 Into $1 Million (or More) in a Decade
- After The Pandemic Comes The New Business As Usual Model
- New players' association aims to represent college football players amid changing NCAA landscape
- Big Tech Under the Microscope, the Streaming Landscape, and More
- COVID has changed the way SMB works: Here are the new tools that get things done
- Best website for free education 2021: Learn online
- 3 Huge Implications of Zoom's $14.7 Billion Bid for Five9
- 5 High-Yield Dividend Stocks to Buy Right Now That'll Help You Crush Inflation
- These are the industries where jobs still haven't returned
- Sea Limited (SE) Q2 2020 Earnings Call Transcript
- Italy’s Biggest Economic Problem? It’s Still Italy
- Got $3000? Buy These 3 Stocks Riding Unstoppable Trends
- The Lovesac Company (LOVE) Q3 2021 Earnings Call Transcript
- How global conferences are using tech to stay in business
- Designers Revolt Against the Shopping Cycle
- VIETNAM BUSINESS NEWS JULY 20
- The 6 Emerging Tech Trends That You Need to Know About Now From Futurist Amy Webb
- Crypto Nomads: Surfing the World for Risk and Profit
How The Pandemic Has Changed The Online Sales Landscape have 1082 words, post on www.forbes.com at August 4, 2021. This is cached page on Business News. If you want remove this page, please contact us.