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As people shut their doors to contain the spread of the virus, the world is seeing economic disruptions and business shutdowns. The global market is seemingly slowing down, but not quite. As some areas of business struggle, others are dwelling on the opportunity the pandemic has presented to them, helping to keep the economy stable. For instance, the impact of covid 19 on the e-commerce market.
People are considering this idea of turning into an online platform to limit the harmful impact of the virus on the global economy. E-commerce trends during covid-19 pandemic are even causing traditional businesses to shift their operations online.
Want to know more? Read down below to find out more about the impact of covid 19 on the e-commerce.
Some General Ecommerce Stats
Before we move ahead and talk about the pandemics impact on the ecommerce market, let’s have a look at some general ecommerce stats.
- According to Oberlo, ecommerce sales are expected to account for 18.1% of retail sales around the globe this year.
- As per the finding by Oberlo, the number of global digital buyers is expected to hit 2.14 billion 2021.
- According to 99Firms’ Ecommerce Statistics for 2020, ecommerce is going to account for 95% of all purchases by 2040.
- The Global Consumer Survey Report 2019 showed that users are more likely to purchase a product online using their smart phone rather than desktop devices.
Are eCommerce Platforms Solutions For All Industries?
As consumers turn towards eCommerce platforms for shopping, online retailers are seeing a positive impact of covid-19 on online shopping. However, shipping delays have also increased, giving concern towards reducing supply chain issues to gain maximum benefit from the short-term opportunity.
Digital sales are fluctuating between sectors as well. For example, spending on advertising has decreased and more focus is on online marketing now. People are also looking for online entertainment through streaming services such as Disney+, Netflix or Hulu.
Due to the pandemic, we can also see a rise in consumers investing in healthcare, and as a result non-profits and charities are also seeing a rise in interest. For businesses, they look for online experts to fight off the decreasing market and financial matters in these testing times. Hence, this market is growing by 23% as compared to February.
According to another report, office supplies have suddenly become interesting since people are shifting to work from home routine. Here, eCommerce platforms that are giving away video conferencing solutions are on the rise, such as Zoom, Slack and Skype as people look for online conferencing solutions.
You might also be interested in reading: QUICK GUIDE TO ECOMMERCE WEBSITE DEVELOPMENT
Which Industries are getting hit?
When it comes to the impact of the pandemic, each industry has experienced something different. Where some industries have been impacted positively, there are some that have been impacted negatively,
By far, the travel & hospitality sector has been hit the hardest by the pandemic. Experts are predicting a 15% year-on-year decline in travel ad revenue.
The travel business is seeing flight and hotel booking cancellations along with minimal business. With the nation wide lockdowns, and air travels shut down, this impact is much expected.
Other than this, we also have the fashion & apparel business taking a major hit, which has also caused majority of shopping retails to start selling their products online to reach more customers and boost revenues amid the pandemic.
One of the major reasons fashion & apparel business has been affected is because the “Made in China” tag is not a good signal for the masses, as they shift to locally manufactured brands, which is a minor part of this sector.
Opportunities for eCommerce Platforms?
Online services will flourish as the lockdown proceeds because of how covid-19 impacted the e commerce market. People avoiding crowded or public places mean that they will continue their usage of the internet for video streaming and movie watching.
Hence, streaming companies and conferencing applications are a great opportunity. Consumers will again continue their dependency on online markets. Markets providing discount deals and bulk packages, have a good chance of attracting consumers and customers.
Advertisers can also earn only if they look towards online solutions and modern methods of marketing. If they alter campaigns to the current environment then results can turn fruitful.
The impact of covid 19 on the e-commerce has surely been an eye-opener. While we are seeing fluctuating results throughout the global market, one thing which remains true is the friendliness of your business to shift to online platforms.
Also, e-commerce trends during covid-19 pandemic are also expected to last long after the pandemic ends. Perhaps those who fit themselves well inside the world of the Internet will continue to see their profits rise.
With hundreds and millions of businesses going online each passing day, the future is soon going to be dominated with virtual malls and shops. Therefore, if your business does not have an online presence, its about time you start considering this option if you want to reap its benefits in the long run.
The impact of covid-19 on ecommerce business has certainly caused major shifts in the whole market. Also, a lot of experts anticipate that this impact is going to last for the years to come.
Get in touch with InvoZone today to for ecommerce website development. Our highly qualified team of professionals is always available to cater to your software development needs. So, feel free to reach out to us.