E-Commerce Growth During Pandemic
COVID 19, the pandemic has shifted people's choice of shopping from brick and mortar stores to online shopping. This has caused e-Commerce to boom within a couple of months globally.
There are a lot of industries that have been impacted like tourism, restaurants, and cab services, due to the global coronavirus pandemic outbreak. In another hand, E-commerce has only gained at a rapid rate, even when essentials and especially medical supplies are available more, and also people are not inclined to spend money beyond their necessities. These offer both challenges as well as opportunities to the business like any other business. According to research, due to COVID-19, 52 percent of consumers are trying to be in their house and are avoiding crowded marketplaces. The e-commerce payment platform is expected to grow by up to 25.9 percent in 2020, due to social distancing measures and contactless payment/delivery models.
Since consumers are more concentrated on shopping for essentials like medical supplies, baby products, etc., and not spending money beyond necessities, has made the market challenging. Many businesses had to cut pay, put layoffs or freeze hiring, to bid the cut costs. Another major problem faced by the industry is the shortage of staff which makes it difficult to attend to orders. Some of the well-known online supermarkets like Grofers and BigBasket report that they only have access to 50-60% of their total staff, due to the pandemic and can only meet order deliveries at a reduced frequency. Even though, a recent survey says, 92 percent of e-commerce industry correspondent believes that transaction vertical will go high by mid of 2020. This gives the hope for positive growth that will be brought on in the digital world.
The initiation of lockdown and social distancing in various parts of the world have reportedly risen the Gaming and Over the top (OTT) media boom, exponentially. Famous online streaming service Netflix has added a whopping 15 million paid subscribers in the first three months of 2020.
Amid the employment crisis facing worldwide, growth in eCommerce will help preserve jobs, as it is expected to increase the proliferation up to Rs 7 trillion by 2023, just in India. The IT sector is one of the few, that benefits from the exponential growth of the online market, where they find this as an opportunity to search for talented skilled people for their company. For a great example, the most trending social media Facebook have started online marketing to promote small and large business. Facebook marketing refers to both free and paid promotions. The medium plays a crucial role in promoting a brand and interacting with millions of customers.
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