Skip to content

Adaptation benefits: how coronavirus pandemic fuelled e-commerce and digital economy

For the millions of businesses worldwide, Corona-Virus has had a significant impact on the business by causing extreme interruptions, setbacks, and pressure. Moreover, this crisis has been so far one of the most difficult ones in recent times. But amid all these threats, some companies are finding ways to forge ahead.

 According to the Statista – german online portal for statistics the global e-commerce market will reach 4.9 trillion USD per year by the end of 2021. As reported by the Global e-commerce expansion report conducted by Bluesnap and Kount Incs, the volume of online sales worldwide in 2016-2019 increased by an average of 20% per year.

At the same time, offline retail sales increased by 3.5% per year. If this trend continues, then the global e-commerce market will exceed traditional retail volumes by 2036. At the same time, there is reason to believe that the coronavirus pandemic gave additional impetus to the development of online trading.

In this situation, more and more people around the world are compelled to shop online contrary to where they used to shop. Being accustomed to online shopping, they are unlikely to continue to spend more time on offline ones.

Another advantage of e-commerce over brick and mortar is that numerous stores are now simply closed. Online businesses are not obligated to have a physical store to run their business.

Having your mind occupied during isolation is a vital step for staying sane. It’s no surprise when people are homebound, they no longer pursuing external entertainment, but instead opt-out for digital streaming services like Netflix, Amazon, and Disney+. These Streaming services saw a sharp increase in subscribers in the First Month of mandatory isolation, as a result, movie studios are issuing media streaming, on-demand, sometimes even earlier than expected release.

Social-distancing measures and government-mandated stay-at-home orders, have forced companies to reconsider how their employees work, and instead opted for moving their workforce to work from home, which lead to skyrocketing demand for video conferencing software such as Zoom. In addition to being used for meetings, trainers in the fitness and health sector have also used the software to stream live workout or yoga classes. Educators have also turned to the platform for remote learning lessons.

Published inUncategorised

Be First to Comment

Leave a Reply

Your email address will not be published. Required fields are marked *