COVID-19 has cruelly impacted the world. Most of the sectors have experienced a massive downfall due to the shutdown situations in the past few months. The companies and businesses are now starting fresh from picking up the pace.
In the middle of all, the eCommerce industry has started to boom during COVID-19. It is evident news that the rate of online shoppers has increased to whooping figures in the past few months. COVID-19 will leave an irreversible impact on the retailing sector.
Progressive Response For The eCommerce Sector
As the pandemic caused chaos around the world, the eCommerce industry silently believed and worked on using this time to promote safety measures and also meet the needs of consumers. To promote the guidelines of COVID, people were encouraged to buy things online and avoid physical contact.
Every unusual thing that the eCommerce sector never believed to have added onto their business have helped them earn a great revenue this year. The eCommerce businesses have found a productive cash generation amidst the pandemic and are booming with this ideology.
Since the rise of COVID-19, 35 % of global consumers have started to shop online every week. It is a massive figure and explains the marketing efforts that the industry has implemented. The best part is people responded well to it all across the globe.
COVID-19 For eCommerce Industry-2020
The targeted audience for the eCommerce companies is now even broader.
The US Department of Commerce stated that the consumers spent around $212 billion on eCommerce sites between April & June 2020. It is roughly a 32% hike as compared to 2019’s records.
The eCommerce companies were performing pretty well even before this pandemic happened. But after COVID-19, they pressed the accelerator pedal, and now the industry is ahead of other sectors by five years.
Source: BazaarvoicePeople being conservative about buying things from in-stores is increasing the demand for online shopping. Every company is embarking on this opportunity to give consumers a sense of safety and provide affordable pricing.
Is it A Downfall For In-Stores?
For the present scenario, the in-stores or retail stores are down as people are not liking the idea of crowding the stores for buying their necessary goods and items. They are finding it convenient to sit at home and order their essential goods and items.
But, things might change after the pandemic is over from its roots. Many people prefer to shop online as well as offline. Therefore, the offline stores might gain their momentum once again after the pandemic is gone. But for now, eCommerce industries have surpassed the growth levels.
Verdict
These are some of the factual details that explain the potential growth of the eCommerce industry amidst the COVID-19 Pandemic. With the progressive growth, the industry is expected to generate high revenue by the fall of 2020.
Not just that, but this acceleration amidst pandemic has also helped entrepreneurs to grow with their eCommerce businesses to grow as individuals and also serve the economy in the long run.
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