Pandemic impacted digital and e-commerce in surprising ways. When the pandemic started where limited physical transactions are limited or even totally restricted, all of us depend on digital technology. That’s why digital business or e-commerce accelerated so fast that benefited both entrepreneurs and consumers.
All of them immediately embraced a digital life as the new normal that increases the consumption of goods and services through electronic shopping. As a matter of fact, the retailing industry’s market share will be 17% from 2020 and it continues to skyrocket even before 2021 ends. UNCTAB also stated that the electronic trade became prominent in global and regional areas throughout the year.
Moreover, the United Nations also emphasizes that even after the pandemic crisis, e-commerce will still become dominant due to its accessibility. This clearly proves that technology absolutely helps the economy to keep going since it mitigates the health risks in various places. Although not everyone is ready for an expedite digital transition, this will impact our environment for a long period of time.
How Traditional Businesses responded
The pandemic impacted e-commerce in numerous ways and also the traditional business model. Companies have witnessed how the economic turndown rate increased thus, putting the state’s economy at risk. They realized how important it is to set long-term and strategic resolutions to quickly recover from recession.
Hence, multiple traditional businesses in different parts of the world initiated corresponding action plans to protect and sustain the business and employment industries.
For instance, numerous cash house buyers in New Jersey decided to implement a digital way of getting clients. It is through online websites, digital marketing and lead generation. These tactics allow home sellers in South Carolina to search for a trusted firm where they can sell their homes.
The same thing is also being implemented by property buyers in Westminster, Maryland. As you can also observe, restaurants boost their 24/7 delivery services using third-party applications like Grab and Foodpanda. This is to get more sales and revenue due to a low demand for dine-in. Therefore, regardless of a business size such as micro, medium and macro firms, the internet has something valuable to contribute to them.
Virtual Shopping Skyrocketed By Demographics
Due to the fact that physical shopping would be risky and can increase the number of infected cases, online shopping has become an option. BigCommerce revealed that various genders with mixed ages adapted an electronic way of buying their necessities.
The surveys from the United States shows that 96% of Generation Z and Millennials are active in virtual shopping. They are so anxious about the ongoing outbreak and the impacts it brought to the economy. The researchers discovered that these generation demeanors and sentiments are very transparent compared to others. This is one of the ways how pandemic impacted e-commerce.
Target actions to improve Electronic Commerce
The government agencies must take feasible strategies to let every business network obtain access to digital technology. The more available digital resources, the more businesses can be created where firms can also become producers of both jobs and digital commerce.
This includes implementing more public and privacy acts for security, digital facilities, digital payment systems, trading infrastructures, and proper regulation in operating online transactions. The central focus would be entrepreneurship, digital trade, building connections between government and private sectors for seamless flow of transactions.
Furthermore, this will bring reliable platforms for distribution of information and support from United Nation’s Institutions, political leaders, technology entrepreneurs, shareholders and even empowering international partnerships to promote economic growth.
The Public Safety
But there’s another question that many people ask. How long will this pandemic last? Will the new digital advancements help us permanently? Or this might become another threat to our lives in the future? No one knows until it occurs. Technology is so powerful and countless frauds and cyber issues may happen when cyber criminals decide to hack things online. This is very dangerous to all of us due to the unsecured sites and apps that we might use without caution.
Aside from the government carrying out cyber regulations, people must be vigilant and careful at all times. It is our accountability to be smart when conducting transactions online especially if we do not know the other party very well. Citizens should always cooperate with accredited companies and even do a background check about them. The internet may be useful to people and also to cyber attackers. Thus, being cautious is necessary.
E-commerce Popularity, How Long Will It Last?
Many traditional enterprises are moving to e-commerce and it seems that it will still become dominant even after the Covid-19. That’s how the pandemic impacted e-commerce as it urge global innovation.
Delloite studies revealed that due to Covid-19, people will tend to be afraid of touching or holding uncertain things when they shop in-store. This behavior changes affect how enterprises will conduct their operations in the future. They have to get along with their target market standards and buying habits. Moreover, those people who used to shop onsite realized the significant benefits of online shopping. It made them more comfortable and safe. Due to its convenience and multiple promotional discounts, it heightens the competition. It means virtual shopping will remain popular even after the pandemic.
For this reason, major organizations are investing in digital resources and infrastructures to improve online shopping systems and processes. There is always a room for improvement but this action must be feasible and relevant to the market. Otherwise, it will become an obsolete business model. Innovation and Technology seems to be a great business opportunity due to its fast paced and easy systems. Every necessary information can be controlled, recorded and monitored. Nevertheless, both things offer advantages and disadvantages so people still have to be cautious and wise at all times.
It has been almost two years since the Covid-19 outbreak started and wiped-out the entire Earth. Still, an immense and powerful emerging tool becomes the major solution to overcome this crisis. It is important that all nations or countries unite for the sole purpose of filling the gaps in digital business, online information and resources to acquire common funds and interests.
The awareness of how to mitigate and reduce the pandemic risks is imperative. Likewise understanding the useful business concepts to leverage the opportunities that people can get from a digitized economy. Of course, authorized agencies must still ensure public safety every single time. Through strengthening relationships among nations, the world could surpass this life-threatening outbreak. Click here for more information.