Growth, growth, growth!
Ecommerce was revolutionizing the world long before coronavirus. Conditions arising because of the pandemic, however, had served to reinforce existing trends and have accelerated the growth of the industry. In just the first half of 2020, ecommerce revenue in the US grew 30.1% when compared to the first half of 2019.
Amazon saw a 28% growth in total visits in July compared to a 9% growth in the same month in 2019.
Consumers and COVID-19
The coronavirus has forced firms to adapt their business practices and has changed consumer patterns across the board. These range from an increase in health-focused buying – including commodities such as masks, sanitizers and vitamin pills.
The fashion and apparel market, for example, has shrunk as people are diverting more of their budgets into household items and needs in the face of a shrinking economy.
Permanent Change
As the pandemic is poised to create permanent changes in supply chains and consumer behaviors, companies would do well to adapt and focus on long-term changes beyond the end of health restrictions.
Beyond the Pandemic
The convenience brought by Ecommerce is immense. Global Ecommerce sales grew to $3.46 trillion in 2019, an increase of more than 500% from $572 billion in 2010.
This is why as much as 95% of shopping is expected to be facilitated by Ecommerce by 2040, marking its indispensability in the long term.