E-Commerce X COVID-19
Updated: Oct 18, 2020
The present COVID-19 pandemic has led to an unprecedented rise in the web traffic associated with E-commerce.
As of 2018, when nobody had an inkling of them COVID-19 pandemic outbreak, E-commerce was projected to grow at a steady rate with increasing sales globally, in not only Western but Eastern countries too.
However, with a drastic change in circumstances, there has been a revolution in the consumption patterns in the economy. As of March 2020, Global retail website traffic is 14.3 billion hits. This is an unprecedented growth in the rate of online shopping since State Lockdowns, social distancing and the constant threat of contracting the virus make people apprehensive about visiting traditional brick-and-mortar retail stores. In the United Kingdom, as many as 43% of surveyed shoppers said that they would continue shopping online even after lockdown was over. A survey by Engine found that people are spending, on average, 10-30% more online.
In response to this pandemic, not only consumption patterns but also business algorithms must go through a revolution. The Retail Apocalypse, a theory which has been explored since 2010, is gaining speed now more than ever. However, it is up to us to decide whether E-commerce is a boon or bane with its many merits and demerits. Our response is what will decide whether this brings downfall in business or an untamed boost.
Written by Urvi Agarwal
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