Strategies to drive business growth and increase revenue 

The COVID-19 outbreak has led to a disruptive and monumental change in the retail and e-commerce industry. The lockdowns, social distancing measures, travel bans and retail closures caused by the pandemic has propelled the growth of e-commerce. The global daily e-commerce sales skyrocketed by 66% at the peak of the COVID-19 lockdown. One of the biggest behavioural shifts is the acceleration of digital online shopping, which turned online consumption into a new normal, regardless of the age group.

E-commerce is experiencing an increasing demand and also encountering tough competition. While the situation of COVID-19 is still uncertain, SMEs in e-commerce  must take the fast- changing situation into consideration and think of various strategies that lead to a win-win situation. The strategies are not only about how to attract new customers,  but also increase revenue through repeat purchases, improve customer retention and enhance business efficiency.