Tips for ecommerce & thriving during COVID-19
As the world faces a global pandemic, many businesses new and old have found themselves sinking as the global community moves into a dramatic state of lockdown. While this has resulted in a steady decline in brick and mortar retail store sales, ecommerce spending has been on an upward trend in key countries and regions since late March.
In fact during this past July, Australian ecommerce spending is trending better than the UK, the US and China, reaching up to a 126% increase in online sales compared to the same time last year, so now is a surprisingly prosperous time for an Australian ecommerce business to enter the market.
If you own or a planning to start an ecommerce business during this uncertain time, entrepreneur and founder of the highly successful online skincare store, Boracay Skin Emille Mendoza has three key tips for entrepreneurs and business leaders looking to take advantage of this new ecommerce opportunity in Australia, and how to stay afloat during the COVID-19 pandemic around the world.
1. Just start
It may seem like an obvious first step, but potential new business owners can be held back by their own desire for perfection, and as Mendoza says, this is an unnecessary hurdle in getting your business off the ground.
“Stop waiting for the perfect moment to launch! You can always fix what isn’t perfect later so work it out as you go”.
The key to starting a successful business is to actually get started, knowing that you can revise and evolve as the concept comes together.
2. Be adaptable
In a climate such as this, you need to be able to adapt and respond to changes as they happen. Even outside of a global pandemic, you need to be able to be responsive to market trends, consumer demands, and the constant evolution of social media.
“When I started the business, I felt like Instagram wasn’t big at the time, but now it is. You have to keep up with trends and pivot to make sure you’re staying relevant to your consumers”.
Being able to react at a moment’s notice will keep you ahead of the curve and ensure the longevity of your business.
3. Have a good support network
All business owners face a time of uncertainty and a global pandemic is a pretty apt time to reach out for support. Whether it be from a personal perspective or that of your business, having a network of people who are able to help can make all the difference, and as Mendoza notes, you should also offer support to them in return.
“Even if you know no one in the business world, just reach out to people who can support your journey, as well as you supporting them”.
So get out there and network!
So why is it that some countries and industries are thriving while others are falling behind? According to research by McKinsey & Company it all comes down to product demand and cultural attitudes towards a global crisis.
At an individual level, personal care supplies, groceries and medicines or wellness products are all performing far better than other industries, unsurprisingly, likely due to the physical lockdown of non-essential goods and services. However, and also unsurprisingly, the research found a large increase in spending on these non-essential goods and services when they were sold from a distance, such as online or with the option of contactless delivery.
This is especially impactful on Australian ecommerce as another study by McKinsey & Company found that 68% of Australian consumers cited digital channels as a “key trigger for finding new places to shop”, so it’s important to ensure your future or existing business is responding to these changes in consumer behaviour.
While COVID-19 will have a long-lasting impact on our retail sector, there is never the perfect time to start a new business, so get started, be adaptable and find yourself a network of support. If you are able to create a business that provides something the market needs and you are able to supply it via a channel that appeals to consumer behavior trends, you will be giving your ecommerce business the tools it needs to truly succeed.
Boracay Skin
Launching in 2015, Boracay Skin comes from humble beginnings, growing into a globally successful skincare brand by 2020.
Entrepreneur and founder of Boracay Skin Emille Mendoza was first inspired to create gorgeous coconut oil based skincare products during a 2009 trip to Boracay in her native Philippines, where she discovered the effect of coconut oil on the skin.
After completing a bachelor of business majoring in entrepreneurship in 2013 and with no idea of which career path to follow, Mendoza was motivated by her love for travel and went on to work as a flight attendant. Working in the air led to her having issues with dry skin and thus began her exploration to find oils that could keep her skin healthy and hydrated, encouraging her to relook at coconut oil as she had discovered for herself in 2009.
After the sudden and heartbreaking loss of her brother in 2014, Mendoza decided to not waste another day and took the plunge into following her dream of starting her own business - Boracay Skin was born!
Since its launch the business has had ongoing success, with its very first product picked up by Urban Outfitters, followed by a feature on Studio 10, and even being included in the Myra Swim gift bags at Miami Swim Week. Boracay Skin continues to create products that are vegan friendly and loved by the community of sun-chasers who swear by it, with its range now expanding to include natural and shimmering body oils that all have the benefits of coconut oil!