Whether we talk about changes in the buying pattern or huge spikes in demand, COVID 19 has impacted the retail industry to the utmost. Due to the strict lockdown imposition and social distancing practices, the boom in the digital and e-commerce industry is not only heard but being felt and applied too. Fortunately, on the other hand, it's good news for people who are thinking to start a business online. Surprisingly, it’s the right time! Below are the few factors that validate our stance on moving to an online business. Following are the reasons which validate that is the time for business to have an online presence:
Since the initial outbreak of COVID 19, we had had notice the consumer bulk-buying patterns, stocking-up essentials, and buying safety products like hand sanitizers, masks, disinfectant soaps, and toilet papers, and what not! But over time these unusual situations have become a new normal. From minimal footfall to a working from home lifestyle, people started to adapt this outburst and changed their way of living. Staying at home has boosted boredom too, affecting mental health and stability. To overcome these mental stresses, people need “relief”. They have started spending on buying new things, trying to feel “all is under control and stable”. As a result, such consumer spending has boomed the e-commerce sector, giving an upward trend to subscription services to retails e-commerce and more, in terms of growth as well as revenue.
With rapidly evolving changes, the number of people to gather in a single place has reduced from thousands to hundreds, to tens, to four. With the surge of social distancing practices, it is the only internet that is uniting people partially. According to Vodafone, there’s a 50% rise in internet use as more people work from home. Not only work from home, but the increase also caters to a wide range of activities from turning to services like Netflix, watching movies, accessing educational material, playing digital games, as well as online shopping.
We have no clue until when these unprecedented times will continue. But if you are thinking to invest in one of the above-mentioned ideas, it is never too late. Turn your idea into e-commerce and build an online marketplace, today!
Also, if we look at the long-term perspective, COVID 19 has irreversibly changed the pattern of doing business. If not today, eventually people will pay more attention to the digital presence of their brand with the passage of people, as they had had truly understood its importance.
While the above services are increasing in sales due to the novel coronavirus, other industries are not doing as well. With more cities are going under lockdown, nonessentials, for instance, luxury goods, fashion, and apparel retail stores, restaurants, and recreational places are ordered to close which are projected to significant losses. And it’s an alarming condition for all retail businesses possessing a non-essential product category but with that, there is tremendous opportunity to float in this unprecedented wave as they must adapt digitalization for the sake of survival.
If you are looking for an online consultancy service or a team of experts give your product line an online presence, head to www.aciano.net, and build your e-commerce store or marketplace, today! Stay healthy and continue to serve your customers digitally as best as you can.