Impact of Coronavirus on E-Commerce
Who would have figured, at the start of 2020, that people all over the globe would be sequestered to their homes? This is a time that affects things that we once thought were simple and easy are taken away from us. Even access to everyday necessities, such as toilet paper and bottled water, were stripped from the shelves in the blink of an eye. This did not only disturb our day to day lives but the economy as a whole. “Due to recent events, e-commerce has become almost a necessity. People are quarantined at home and spending more time shopping online. To maintain a competitive advantage this year and beyond, you may need to create and grow your digital presence.”
How has this affected the world of B2B and B2C e-commerce?
The World of E-Commerce Post Coronavirus
This year, e-commerce is expected to be a vital part of the economy at approximately 12% of all retail sales. Although this is good to hear from a business standpoint, this demand can be difficult for supply chains to keep up. For example, countries, like China, which were affected by COVID-19 earlier than most states, may need time to ramp up production, causing delays and shortages. This may be an opportunity to diversify traditional supply chain flows.
According to Digital Commerce 360, “The coronavirus resulted in a surge in web sales for such merchandise categories as groceries, while at the same time bringing online orders to a trickle in segments that depend on discretionary consumer spendings, such as for luxury goods and jewelry.” With pandemic fever making millions run into the store and gobble up all the toilet paper in a twenty-mile vicinity. The shift moved away from typical markets both out of necessity and safety. Resulting in, once-solid markets, such as the cruise and airline industry, near collapse.
How E-Commerce is Going to be the Solution
It has never been more vital to the world of e-commerce to provide a hands-free approach. With customer fears of entering public places such as stores, an omnichannel option has been even more appealing to customers. The industry has, temporarily, transformed because of the demand of people shifting from sales at traditional brick-and-mortar to online shopping. Does this shift have staying power and permanence – we’ll see.
COVID-19 has resulted in significant strain on some industries, but they are “Bending not Breaking.” This resulted in smart businesses to get innovative. Only around, “7.7% of the 208 store-based retailers in the Top 1000 had that capability as of the end of 2019.” Still, many stores such as Best Buy and Micheals have added curbside pick-up (6 ways the coronavirus pandemic will impact eCommerce). Curbside pick-up has been paired with the convenience of mobile apps. According to Walmart, its app that allows for mobile ordering and curbside pick-ups has had a download growth of 460% by the end of March 2020.
How Crimson Agility can Help
Crimson Agility provides a range of services for your e-commerce needs. We know these times can be tough on your business, but let us help you try to get ahead in this post Coronavirus world. Magento allows for a wide range of potential, company enhancing, opportunities to upgrade your site or break into the e-commerce market. Please contact us to find out more details about how we can help at Crimson Agility Contact Us.
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