Introduction
The COVID-19 pandemic has changed the dynamics of buying products and services and how people perceive e-commerce worldwide. Due to the nationwide standardized lockdown for a very long period, the ever-growing fear surrounding the pandemic, and the hesitation to move out of the house, the shift has tilted towards e-commerce.
Consumers have gradually started bidding farewell to supermarkets, shops, and shopping malls. This shift towards online portals to purchase required products ranges from essential regular commodities to luxurious & branded goods. The norm for social distancing is in full force in practice, leading to a further surge in online buying and selling of products and services. People have started embracing this concept, and First-time users (FTUs) are visible on the websites of e-commerce companies.
Impact of COVID-19 on Businesses:
The outcome of this pandemic is something that the world has never witnessed, where businesses have been forced to remain shut for months. The e-commerce industry came up with the general idea of helping customers procure every commodity of need, irrespective of where they are stationed.
According to the IBEF report, global market opportunities for India are expected to rise from $30 billion in 2017 to $200 billion by 2026. The report further suggests that the Indian e-commerce industry may surpass its US competitors and become the world’s second-largest e-commerce marketplace by 2034. China is the business leader, with a value as high as $672 billion.
Due to decreasing productivity during the nationwide lockdown, several jobs, pay cuts, and finances have been lost. After businesses shut down, people have swayed online retail to meet their financial requirements.
The New Normal: Optimizing E-commerce Business:
Companies are developing practices to provide quality products to customers by cutting down on unnecessary costs. To create and build a brand name, industries have to target the right set of audiences, find their product niche, and regularly interact with customers. Through this connection, brands will be able to identify the tastes and preferences of customers and foresee a demand accordingly.
Face-to-face competition does not exist in this sector. Online stores compete regarding their offers, prices, and product availability. The brand that is most relevant is successful. Due to this pandemic, businesses’ financial pockets have been cut deep.
Businesses have to apply for business loans to survive. Restarting a business is a task. Companies need to check for business loan eligibility based on their current standing in the market. The online business loan EMI calculator is a valuable facility wherein one can check monthly EMI payments.
Businesses can compare business loan interest rates offered by various financial institutions. Offering a moderate business loan at a decent business loan interest rate is the most suitable option for any business.
Birth of Trends in E-commerce:
1. Mobile Shopping will flourish:
A mobile app for e-commerce houses is a hot selling point in the business. The conversion rates on mobile apps have outperformed traditional selling and sales made even by web browsers by almost 57%. Apart from speed and reliability, attractiveness and convenience have been the backbone of this success. Entrepreneurs should realize the potential of adapting to this technology to taste desirable success in the market.
2. Remote Working:
Companies have adopted the remote working model to mitigate risk and build on cost savings. Media and technology have become a crucial part of our lives. People have become more active on social media. Numerous needs must be fulfilled, and quality of life will be increased. Due to busy schedules, home delivery of various products is at the forefront while working from home. Social media campaigns have led to creating awareness in this regard.
Category- Demand has arisen out of this shift as consumers’ buying patterns have become more cautious. Below are some examples:
- Buying wellness & healthcare products
- Buying preventive health products such as masks and sanitizers
- Piling on pantry items
- Buying in bulk quantities
Thus, we can observe that the rise of e-commerce is only going to go upwards from here. Consumers have become comfortable understanding how this industry functions, and it has only proved to be beneficial in fulfilling their needs anytime and anywhere.
