Around the world, we’ve been having similar discussions for more than over a year now and it’s all we read or hear about in the news. The Covid pandemic has consumed the world and it’s interesting to see how different nations are dealing with it.
Everyone’s experience of this pandemic has been different but there is one thing we all have in common; the desire for things to go back to normal, to go out and do everything like we always had, at least up until March 2020. Outside of this narrative, research implies that the economies should improve if the COVID epidemic is handled properly.
Goldman Sachs’ economists predict that by the end of 2021, the economy will grow by 6.8%, and by December, unemployment would drop by 4.1%. As a merchant, you have to be ready for this and meet up with the surging demand of post-pandemic shopping trends.
But doing things the old way does not work anymore. You need to understand that technology is rapidly changing shopping habits as we know it, one of them is definitely the integration of cryptocurrency payments into brick-and-mortar stores and their online business.
Shopping trends before the pandemic
Before the pandemic, merchants and e-commerce websites have noticed an increase in mobile shopping, but proper conversion rates were still not quite there. According to a 2018 Q2 publication of e-commerce quarterly, about 52 percent of traffic was generated using mobile devices but when it comes to conversion rates, only about 1.6% of consumers successfully finished the order, while the rate for laptop and desktop shoppers was about 3.9% on average.
Merchants should consider capturing a larger percentage of mobile users and one of the prominent ways to do it is by optimizing the mobile experience. Giving mobile users the option of scrolling through your website without any problems and offering them a quick and easy check-out process can affect and boost your online sales. The use of SEO and social media marketing tactics go hand in hand with a crypto-based payment strategy, which results in what more and more merchants are aiming for in the e-commerce space.
How did Covid effect our spending habits?
COVID has forever changed both our spending habits and online shopping behavior according to a survey of 3,700 online shoppers in both developed and 3rd world countries. Titled “COVID-19 and E-commerce”, a survey studied how the post-pandemic shopping trends change the way customers use digital solutions in the e-commerce space. The research covered Italy, Brazil, China, Germany, Russia, South Africa, Turkey, Switzerland, and North Korea. After COVID, more than half of the people who participated in the survey, now rely on online shopping more frequently. Shoppers in 3rd world countries have made a significant shift to shop more online as well.
The post-pandemic shopping trends have increased the emergence and adoption of the digital world. The changes we have witnessed would have a more lasting effect even as the pandemic subsides, and the economy recovers. The immediate adoption of online shopping all around the world underlines the importance of making sure all countries can take this opportunity made available by digitalization as the world recovers. The biggest industries that can gain are DIY/gardening, electronics/ICT, education, personal care, household products, and lastly the pharmaceutical space. Although the average monthly expenditure for each shopper has also dropped significantly, customers in both 3rd world and developed countries have put off larger expenses, especially those in less developed regions of the world. Money is spent on more or less just the essential products. The travel and tourism industry has suffered the most, as they have the largest drop of revenue, as their average spending customer ratio has declined about 75% in total.
Different types of payment options
As customers refrain from using cash to transact according to the post-pandemic shopping trends, ever since new and more efficient ways of paying for goods and services have emerged. Digital wallets and crypto payments are gaining traction as they are becoming one of the best ways to pay for goods in physical stores as well as online. The basic purpose of these services is to store the customer’s payment data and crypto wallet information which can be used to finalize their transactions. The biggest advantage of using a digital wallet is that users are not asked to input their personal and sensitive data at any stage of the time of the purchase.
Most countries are now using decentralized digital crypto payment wallets while countries like China have developed their own. When integrating a digital crypto payment system into your business, you do need to do your research in order to choose the best type of crypto payment system that suits your business the most. With the laser fast check-out processes, your customers will find it easier and quicker to purchase products using their mobile phones.
Visit Elly to see how you can implement crypto into your business?
It’s very possible that we will look back and we will remember 2020 is the year that was the end of the old and the beginning of a new digital era. No other industry has grown at the rate that the e-commerce space has, new post-pandemic shopping trends show. Understanding the way your customers behave is important for your marketing strategy. When correctly interpreted the post-pandemic shopping trends will tell you everything you need to know about your potential clients, then you can focus on selling them all the solutions for their specific wants and needs.
We would strongly advise that as a merchant, you learn about the latest e-commerce trends and the digitalization of crypto payments if you haven’t yet. If you are interested in implementing crypto payment options into your e-commerce store or website, consider using Elly products to boost your productivity, sales, and customer engagements. To find out more, visit Elly.com today.