In addition to the health havoc all over the world, every brand across the globe is tensed about the effects of the Novel Corona Virus on the E-commerce industry. Whether it’s a B2B, B2C brand, each of the industries is witnessing the impact of COVID-19 on their business in some way or the other.
Realising this, in this article, we will be talking more about the things that every brand needs to know about this pandemic situation and what all could be done from their end to lessen the blow. These are some of the updates that will help you know the impact of CoronaVirus on E-commerce.
April 13 update
Digital real-time payment option
Before the lockdown conditions, the mobile payments used by people worldwide accounted for just below 20%. With the COVID-19 stepping into the scene, this figure has accelerated and reached 46% which is near about $102.7 billion. It has been estimated that this would surpass all the predicted records and surpass $2.5 trillion till we reach 2025.
Real-time payment includes all the contact-less transactions using an application like Google Pay, Paytm, and more. The pandemic conditions have favoured these real-time digital payment options over cash payments. And, this trend is likely to go on for quite some time in the future as well. With people turning cashless to avoid physical contact, digital real-time payment options have boomed in the present situation.
April 8 update
Impact of COVID-19 on the apparel industry
By confining ourselves at home during this pandemic, the casual apparel industry has thrived. The same is predicted to continue even in the coming few years. Before the pandemic had taken its course in the world, different types of clothing were popular, however, now only athleisure clothes make up most of the apparel sales in the world. It has been predicted that this will reach up to $81 billion by the year 2024.
As the apparel industry forms a major section of the E-commerce industry, it is evident how the pandemic has affected this industry, isn’t it?
March 31 update
As per the assignment writers all over the world, the total revenue of the paid search during the pandemic rose up to 101.3%. From people shifting from offline to online, people started to rely upon online shopping for everything. Several digital marketing organizations all over the world made the most out of it and used paid search to bring more traffic to their website during the lockdown.
Gone are the days when there was lesser competition on different keywords due to which businesses would get organic traffic on their websites. Today, companies are spending a lot on paid search to boost their sales by enhancing their reach to potential customers.
March 25 update
With the social distancing protocols in the world nowadays, people have stopped themselves from stepping out of their homes, even to go to their favourite restaurants. On the contrary, the sales of online food delivery have shot up to 25% more during the pandemic. Interestingly, there have been over 8.5 billion orders for food delivery during the lockdown. Similarly, people now purchase the grocery online as well, as a result of which the local grocery stores are facing huge losses. This has created turmoil in the world today, however, steps are being taken to fill the gap between the two.
March 23 update
Shoppers shift online
With the spread of the CoronaVirus, many shopkeepers have decided to move online. Since digital marketing has evolved, this is the first time that there has been such an upsurge in online shopping among consumers. A survey had been conducted in which for 75% of the consumers, convenience is all that mattered.
For impulse purchases within the E-commerce industry, social media has played an indispensable role. It has been noted that a lot of consumers have bought new items on Instagram due to the ease of access that various companies have bestowed them with.
Now, let us look at some of the trends in the E-commerce industry that has taken place due to the COVID-19 coming to the surface. While some of them might be known, you might be oblivious to the others.
Did You Know These E-commerce Trends?
1. The revenue of the e-commerce industry decreased by 6% during the lockdown period
However, a majority of the E-commerce brands saw an overwhelming response from people during the lockdown period, among them, 6% of the organisations also had to face huge losses.
2. Shifted strategies
With the regular strategies going on within the E-Commerce industry, it was not possible to adjust to the new changes that were taking place. In the present scenario and also the future, the organisations are focussing more on strengthening the digital section of their brand, spending more time on promoting their marketing channels online, adjusting the assortments, thinking to bring new e-commerce software and more.
3. Sustainable practices
In the present situation, the need of the hour is to not only stay safe in the present but also keep doing it for ourselves and our families. This is the reason the E-commerce industries have come up with a number of sustainable practices such as bringing products that are eco-friendly, reducing the consumption of carbon in the manufacturing process and more.
The world has turned topsy-turvy for the last few years when the COVID-19 came into the scene. Before that, everything had been quite different. Also, there is no certainty of how things will be in the coming few years. These are just some of the ways that we have put forth in relation to the CoronaVirus and the E-commerce industry. Other than this, there are several other factors that have yet to be discovered. Thus, it is important to understand the seriousness of the matter and do every bit that could be done to mitigate the damage that has been done so far.