The COVID-19 pandemic has shocked the world, affecting almost every business life. As markets struggle to remain afloat, governments strive to keep their people secure. Small businesses all over the world have faced financial difficulties and have been forced to adapt to new ways of marketing.
In the past few months, the coronavirus pandemic has toppled the plans of people all over the world with vast changes in how events, vacations, and sales happen. But one positive aspect is that the pandemic has pushed up the demand for online retailing.
Retailers always have their hands tied up with tasks to keep them busy throughout the day. When it comes to digital marketing, navigating through this online world will be an intimidating task to add on to their plate.
Often, it is seen that companies run after acquisition of new customers and every sales strategy revolve around that. Perhaps, marketers have acknowledged that acquisition is a synonym for marketing. But this isn’t true! Experts have discovered that a company has to spend seven times more money to draw new customers than retaining the existing ones.
With the growing influence of SMEs in the online retail business, this industry has undergone massive transformations. Millions of e-commerce websites are competing for the dominance in this space.