Coronavirus has shaken the world economy to its roots. The way people used to dine, interact, and exist has seen a radical change in the last few months. So, it’s quite understandable that online shopping is also going through a metamorphosis. With COVID-19 forcing consumers to change their shopping habits, retailers are also trying to adapt quickly to current commerce and market landscape. In short, a lot is happening in the e-commerce industry.
In this blog, Techosquare will discuss how COVID-19 will change the future of online shopping forever. But before jumping to the future, let’s put a spotlight on the current position of global online shopping activity:
A recent report from Bazaarvoice states that March 2020 saw a huge rise in online sales. In addition to the jump in shopping orders, a huge surge in e-store page views, review submission, and question submission was noticed. April was 2.5x faster than March in tracked metrics. In the near e-commerce future, numbers will multiply faster.
With non-essential businesses forced to remain closed during COVID-19 lockdown and growing fear of contracting the virus in crowded areas, e-commerce is being considered the safest option by shoppers. A lot is changing in addition to that. Read on to discover!
There are millions of people across the globe that didn’t prefer online shopping till now but COVID-19 is changing this. From groceries to toys and hardware to pet supplies, such shoppers are buying everything online. This shows an enormous shift in the mindset of shoppers who earlier considered online shopping unsafe, impractical, and complex.
A lot of Gen X and boomers are also moving to online stores for shopping essentials products like groceries and medicines while trying to deal with uncertainty caused by Coronavirus. In short, millions of new people have been added to the already growing base of online shoppers!
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According to a recent report, Vietnam has seen a 57% increase in online shopping, followed by India at 55%, China at 50%, and by 31% in Italy. Businesses, wholesalers, and retailers are noticing this trend and will be thinking of going online to deliver a better experience to their customers. If nothing else, losses caused by the Coronavirus are going to make entrepreneurs understand the importance of tapping e-commerce.
While micro businesses are going to invest in small online stores powered by SaaS solutions, mid & large-sized businesses will invest in power online stores built on modern e-commerce technologies. Since scientists predict that COVID-19 is not going to disappear anytime soon, e-commerce stores will become a necessity for businesses across the globe.
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The local rhetoric has been building strength in the past few months as global supply chains collapsed in the wake of Coronavirus. The talk around local manufacturing and becoming self-sustainable is also growing louder. The USA and India are already thinking about localizing their supply chains to make sure that future threats don’t cripple local economies.
In the wake of such drastic changes in manufacturing and supply chains, new e-commerce leaders are bound to emerge. In short, a major shift will occur in the overall e-commerce scenario as well.
COVID-19 has made online shoppers very concerned about sanitation and hygiene. That’s why manufacturing, packaging, and delivery processes are being analyzed to satiate consumer sentiments. A lot of Chinese companies have started offering packaging that’s designed to guarantee protection from viruses.
In addition to training staff on hygiene and sanitation during customer contact, major e-commerce brands and their supply chain partners will also need to invest in upgrading staff equipment to meet new hygiene standards.
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Billions of people are fighting against the COVID-19 by staying in their homes and practicing social distancing. Even if the virus disappears in some months, the fear of another wave will keep us from running to the nearest Walmart or Target every now and then. This makes launching an online store or at least an online order placement process for your business obligatory.
The future is definitely e-commerce. Sooner you make the switch and take your business online, greater will be the rewards in the long run. Need help with e-commerce transition? Email us at email@example.com to schedule a free consultation with top e-commerce website builders.