10th, Apr 2020
With COVID-19, at the pandemic peak, the early signs of consumer behavior shifting can be palpable.
This pandemic has major potential to change how consumers shop, consume information and even their view towards how businesses work.
The most important point right now is how COVID-19 is impacting the eCommerce business. And, what will happen once all of this gets over?
eCommerce Shift and Significant Challenges:
With national and state lockdowns, brick-and-mortar retailers are facing a harsh reality. The governments of most states of the world have enforced quarantine. With eCommerce, shipping and supply challenges are persisting.
All the statistics and forecasts regarding eCommerce sales hike across the world in 2020 and upcoming years are likely to alter substantially.
The world is facing a severe lockdown currently. As a result, consumers across the globe are turning towards online groceries for their essential supply.
As per a French retailer, Carrefour, the home delivery of vegetables has increased by 600%. Also, a Chinese retailer has reported a 251% increase in the online grocery sale during the initial 10-days between late January and early February.
The situation is simultaneously compelling innovators to come up with revolutionary ideas. Now is the time when a lot of enterprises are experimenting with robots, drones, and automation for delivering products.
It is a tough time for certain businesses, like those of tour operators, but some creativity and innovative ideas will certainly help them to survive.
Since both medical and governmental authorities have been urging people to maintain extreme hygiene and cleanliness, people are listening. The people are running behind protective products like gloves, sanitizers, masks, and much more.
Where the offline businesses are having a hard time fulfilling this mass demand, consumers are choosing to order these products online and helping eCommerce portals in acquiring a surge in revenue.
Researchers, all over the globe, are asking people to self-quarantine themselves the moment they feel minor symptoms of COVID-19. With this in mind, a majority of the consumers are stocking up their medicines for taking precautions in case they catch the symptoms.
According to eCommerce transactions, it has been found out by Adobe that the medicines sale for flu, cough, and cold have gone up way too high.
The global supply chains are preparing to keep their expected quality the same. With this, they are also lowering down the costs. For most firms, it has resulted in a risk situation, as far as geographical locations are concerned.
For instance, China shutting down its productions and operations because of COVID-19 has made the business scenario even tougher. An amalgamation of coordinated, distributed and traceable supply of products across the world while maintaining the demand at the same time, is exactly the need of the hour.
The expectations, right now, are from Alibaba and Amazon who may volunteer to take ownership of an urbane supply chain in the decade.
There is no ignoring of the fact that the outbreak of the virus is going to leave a big void for business entrepreneurs. So, when all of this is over, are eCommerce development services providers still going to experiment at a consistent level?
The chances for this seem quite big. Consumers can expect a steep in relevant content, virtual reality (VR) and augmented reality (AR). Apart from that, they might also come across to see more creative channels and digital innovations for keeping the online shopping streams alive.
If looked at, from a long-term perspective, the pandemic outbreak has changed the method of business for the next decade.
To put it simply, eCommerce firms who have chosen to capitalize based on these fundamental changes will see a surge; but the ones that won’t adopt the new ways will be hit.
If we see from a general viewpoint, the advent of e-commerce brought a new era of the most effective way of delivering the benefits of supply chain technologies. The most interesting and efficient way to showcase products is by an e-commerce website. A major section of the population is practicing self-isolation at their homes today. In this scenario of the pandemic, it must be said that e-commerce has filled the gap successfully.
Some e-commerce website development companies in Kolkata, India and other website development companies in India, have been taken into consideration while carving out few statistics on how the COVID-19 situation is affecting the state of e-commerce. Well, the main point that has been delivered from such stats is that many people are surviving the pandemic in lieu of many essential e-commerce services.
Likewise, in light of these troubled times, it is best to look for things that are working well and are helping us wade through the current crisis.
Some segments across e-commerce are helping ease peoples’ anxieties by helping bring solutions both virtually as well as to doorsteps of consumers.
Edtech – With educational institutions shut, many education technology companies have started offering free teaching classes and resources.
Healthtech – The most important segment witnessing increased adoption – from medicines delivery, consultations, health/wellness/fitness, the solutions available online are to help ease the consumers from sickness and a panic situation.
Fintech – Online transactions are certainly more beneficial when more customers and users are starting to prefer this model.
Gaming and OTT– This sector is witnessing a surge, considering that most individuals are restricted to their homes. OTT platforms are helping people pass their time with engaging content and allowing them to binge shows.