How Covid-19 impacted the E-commerce Industry
E-commerce Industry: Change is inevitable. Hasn't it been already proven time and again in this ever-changing world of technology?
I think it wouldn't be wrong to say that the implications of COVID-19 will last for a few years from now. As we're still trying to come to the terms with the pandemic, there has been a revolutionary change in the world of e-commerce.
Previously, buying online was one of the many options people had, but today it became the primary method of purchasing.
With physical shops being shut down and an increasing number of us concerned about our health, shopping online became the norm. And lately, we've been seeing an exponential increase in e-commerce sales growth.
Some businesses are welcoming the change with open arms and are prepared to extend their digital offering, while some are still struggling to get in terms with it.
The pandemic has accelerated an expansion of e-commerce towards new platforms, consumers, and different types of products. People get to access a variety of products from the safety of their homes.
Meanwhile, e-commerce transactions in many countries have slightly switched from luxury goods and services to daily essentials.
According to statistics, e-commerce sales amounted to nearly 3.5 trillion dollars worldwide in 2019. A boost of 174.8 billion dollars was seen during the pandemic in 2020.
If it weren't for the spike in online sales due to the pandemic, the rise of 860 billion dollars in eCommerce revenue wouldn't have been reached until 2022. This was the highest growth the platform has ever seen since 1999.
From the way retailers promote their products to the methods involved in making them, e-commerce holds the reins in the whole process. For a business to run successfully these days, it must have effective marketing in this digital world.
Amazon- a primary example - E-commerce Industry
Let's find out how Amazon has responded to the pandemic and how various brands are trying to improve their strategies to meet the increase in demand on Amazon.
Amazon is a multinational e-commerce platform offering online retail, computing services, consumer electronics, digital content as well as other local services such as daily deals and groceries.
It has been playing an outstanding role in providing access to the supplies and essentials during the pandemic. It has helped us in the hour of need.
Being one of the humongous platforms, it wasn't easy to make decisions overnight. But, they had to react faster to battle against the rising issues. Hence they decided to temporarily prioritize certain category orders only.
Like household staples, packaged food, health care, hygiene, personal safety, and other higher priority products. This saw a sudden surge in orders during the outbreak of the virus.
According to the sources, Amazon's net revenue was $280 dollars in 2019 and saw an increase to $386 dollars in 2020. This growth isn’t expected to slow down any time soon.
Due to Amazon’s global spread and range, it is also considered one of the most valuable brands worldwide.
The covid-19 pandemic is likely to be one of the defining events of 2020. But are we ready to embrace the new normal?
This pandemic has hit everyone in a different way, from our health to our business, there has been a drastic change.
Being stuck indoors due to the pandemic further increased the desire to make life and work at home more convenient.
Typically people used to step out to buy fresh groceries from the vendors directly, but now they have turned to e-commerce platforms to get essentials delivered at their doorsteps. Like we have Amazon, Flipkart, BigBasket, Grofers, etc.
E-commerce Industry, E-commerce is a global giant, no doubt people are always anxious about its future. In the commencing months of the lockdown, businesses witnessed a major shift to the digital platform.
It’s undeniable that the growth of online shopping is surpassing the sales from brick-and-mortar stores.
Virtual businesses can favor both consumers and dealers and with the evolving technology, owners are trying to enhance the user experience and attract more traffic to their esteemed website.
No wonder, the unparalleled growth of e-commerce will consistently increase post covid also.
Conclusion
This article was all about the emerging marketing trends and how people are dealing with the repercussions of the global pandemic.
No matter the situation, humans will always find one way or the other in combating issues. Pandemic or no, there’s no stop in the increasing technology.
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