- Let's take a look at how the COVID-19 pandemic has forever changed the eCommerce industry.
The eCommerce industry has long been thriving since the emergence of the Internet. This is because digital platforms have allowed both sellers and buyers to meet online. Many entrepreneurs have jumped onto the eCommerce bandwagon to sell their goods in recent years. On the other hand, a lot of consumers have seen the benefits of buying products online.
The COVID-19 pandemic, however, has further justified the need for eCommerce. As both entrepreneurs and consumers have gone digital, they’ve realized the perks and benefits of the eCommerce industry. Many brick-and-mortar businesses have shifted to click-and-mortar stores (having both physical and online). On the contrary, consumers who were once reluctant to use eCommerce have begun making transactions online.
Let’s take a look at how the COVID-19 pandemic has forever changed the eCommerce industry.
The Surge of eCommerce Sales
Despite the slow economic activity, the COVID-19 pandemic has led to an increase in eCommerce sales. The industry’s global retail share went up by three percent, from 14 percent in 2019 to 17 percent in 2020. It’s expected as the stay-at-home orders and restricted movements have compelled consumers to do business digitally.
That said, most individuals and families have heavily relied on online businesses to purchase goods, whether food supplies, medications, home decors, or even clothes. As such, they’ve seen the benefits of buying items from eCommerce businesses, and they’ll continue to do so in the years to come.
The Rise of Online Shopping
The COVID-19 pandemic has drastically changed how we shop for products. Gone are the days when we’d have to visit a physical store to look for goods or items. In recent years, many individuals have begun shopping online, but the pandemic has all the more compelled people to rely on this.
Online shopping increased by about 44 percent in 2020. As such, eCommerce businesses are looking to enhance the consumers’ virtual shopping experience by using extended realities (ER). Expect more and more digital technologies to augment the online shopping experience in the years to come.
The Dependence on Mobile Devices
It’s no secret that the mobile phone is the most popular device for online business transactions. The personal computer and laptop only come in next when it comes to online shopping. In fact, almost three-fourth of consumers use mobile devices to shop for goods or products online.
For this reason, many eCommerce businesses are looking to improve their supply chain, order fulfillment, and delivery services. They want to ensure that their digital platforms are optimized for mobile devices for seamless, convenient, and successful digital experiences. Expect complete mobile device dependence in the years to come.
Convenient, Time-saving, and Efficient
There’s no denying the change in consumer behaviors and purchase habits due to the COVID-19 pandemic. Due to the threat of the novel coronavirus, people can’t just visit malls and stores to purchase their needs and wants. They have no choice but to depend on eCommerce businesses. Surprisingly, they’ve seen the benefits of online purchases.
One, there’s convenience in making transactions in the comfort of their homes. Two, they can save time and effort to visit a store and bring home the items. Lastly, most eCommerce businesses have become more efficient in processing and fulfilling orders and getting items delivered right at the customers’ doorsteps.
The Line Drawn among Industries
The COVID-19 pandemic has reared its ugly head showing which industries have thrived and which have not. The eCommerce sales report can attest to how the global crisis has drawn the line among various industries.
A survey initiated by UN Conference on Trade and Development (UNCTAD) revealed that the top eCommerce sales come from the IT, pharmaceutical, gardening, education, and home service sectors. Industries that aren’t faring well include the travel, fashion, and agro-food and beverage industries. Ultimately, the eCommerce sector can be crucial in determining the direction of many of these industries.
The Turnabout of a Global Village
The eCommerce industry has all the more shown how the world is getting smaller and smaller. Sure, individuals and families have got stuck at home during the pandemic. However, the web has allowed eCommerce businesses and consumers to meet online.
For instance, an online store can send a package from the Philippines to the U.S.A. or the other way around. Despite the geographical distance, this kind of transaction is made possible through digital platforms. Hence, the eCommerce industry is turning the world into a global village.
Transforming the eCommerce industry
There’s no sign and stopping for the eCommerce industry. The COVID-19 pandemic has further shown how relevant the sector is in this modern world. It has evidently transformed this industry, from increasing eCommerce sales and showing convenience and efficiency to turning the world into a global village. It is safe to say that the pandemic has forever changed the eCommerce industry.