Covid-19 worldwide pandemic was one of the 2020’s defining events and it still is. It has changed everything even the e-commerce world. The internet and e-commerce industries have grown amid the COVID-19 issue and experienced extraordinary and unexpected development.
Many restaurants, pubs, movie theatres, and gyms are closing in major cities. Meanwhile, many office workers are encountering new problems as they transition to full-time remote employment. However, People are adjusting to the reality of our interconnected society and the difficulty of briefly separating oneself from others. It would be an understatement to suggest that we are living in extraordinary times. In these times, lockdowns became the latest trend therefore, companies and customers progressively “went digital,” and started delivering and purchasing more products and services over the internet which in turn boosted e-share commerce’s of global retail trade from 14% in 2019 to almost 17% in 2020 as per the statistics. The epidemic has sped up the transition from physical to digital purchasing by around five years.
Customers are avoiding public locations, and non-essential enterprises are being forced to close in these trying times due to covid-19 situation where cities are going under lockdowns. Shopping for only the bare necessities is becoming the new normal. So, To satisfy shifting requirements, brands are adapting and becoming adaptable by consumers.
Millions of individuals turned to e-commerce platforms this year, not only in metropolitan area but also in tier III and beyond, due to the need for social distance and prioritizing safety during the epidemic, according to companies like Amazon and Flipkart as well as industry analysts. It is expected that the coronavirus pandemic influence will increase e-commerce business by 84% to $111 billion by 2024. Mobile shopping will fuel India’s e-commerce sector, which is expected to increase at a rate of 21% annually over the next four years. The most common payment methods online in 2020 were digital wallets, credit cards, and debit cards. As well all know that Physical retail has merged with the digital world and e commerce capacity is no longer restricted to traditional websites. Consumers are becoming habitual with this e-commerce world and want the same hassle-free and convenient shopping experience whether they purchase via an app, through their social feeds, or in person in near future.
However, despite several governments’ attempts during the COVID-19 crisis to promote e-commerce, persisting digital inequalities mean that not everyone has been able to participate. Furthermore, in the event of growing universal sales models or novel modes of delivery, rules that are not suited to e-commerce might create hurdles for businesses. While many of these issues existed before to COVID-19, the present crisis, as well as the growing role of e-commerce for consumers and businesses, has increased the need for governmental intervention.
Systemic issues in connection, financial inclusion, skills, and trust (for instance- digital security, privacy, and consumer protection) have been brought to the forefront for consumers. To solve this issue, governments may provide rural and underdeveloped areas with inexpensive and high-quality internet, improve financial inclusion, and encourage trust and the development of skills needed to participate in e-commerce.
Governments must also maintain fair system in the context of online platforms. It’s also critical to provide enough competition in the retail sector and a well-functioning enabling environment for e-commerce, which includes communication services, logistics, and trade.
0 Comments