Ecommerce industry is the chain of buying and selling products, services or any kind of goods and services through an electronic medium. Such as on the Internet through electronic devices by the consumer, retailer and business. The transactions in e-commerce can be of different types such as Business to business or B2B, Business to Consumer or B2C and Consumer to Consumer or C2C. It is an exchange of goods and services between an online retail company and consumers.
The world changes every day, the way business is done keep changing as well. But it does not occur the way it happened during Covid pandemic. We have observed many drastic changes in ecommerce industry. Recent survey says that covid-19 accelerated E-Commerce growth by 4 to 6 years. The report highlights states that it jumped by 52 billion dollars with rise of 75% in sales. Amazon itself is the great example as their earnings in first three months were equivalent to 33 million dollars an hour, announcing that a total of 75.4 billion dollars during Covid.
The reason behind this is the change in our lifestyle post Covid.
1. Buying behaviour
Ecommerce is based on the supply of goods online and offline of human requirements, and it never ends. During the period of lockdown, everyone was advised to stay home. Now when people do not find ways to shop in malls or grocery stores, they check it online. Ecommerce websites are always connected with their consumers through the internet on websites or application on their phones. The requirement of certain goods increased within the home since they cannot step out for things available outside, this changes their buying behaviour. People are habituated to look forward to something new and Ecommerce industries provide them that without any part of them to step out of their homes. Also shopping is observed to be a medium of entertainment which accelerated when other ways are shutdown.
Consumers preferred to buy a few things online and others offline as a habit they had before this pandemic. Most people are driven by their trust to buy something from which they won’t be disappointed. They prefer simple grocery items from a near general store, sometimes they prefer to go shopping in malls to buy branded clothes or appliances to check, experience personally and know more about it. Post-Covid it all changed, since malls, multiplexes and even small general stores were shut down. With no other option, individuals will prefer to look online for what they need. People even prefer to buy items like cheese from the application now.
3. Ways to market product
In this age of the Internet, we have several mediums online to market something. The principle about marketing is to place your commodity where most people gather, where most people see. Social media like Twitter, Instagram, Facebook and more are sites were people connect and communicate the most during the lockdown. People already had the habit of showing their presence online but it accelerated after Covid since it was the only way to socialise now. Now when people scroll their feed on their phone online, one can easily place their product in the ad section. While they might have forgot what they require, this method of marketing reminds them of what’s missing and what can be useful for them. People now even prefer to buy sanitisers and masks online since it is the trending subject during a pandemic.
4. Showcase supply with safety
The E-commerce industry is about a constant chain of supply. Human life is based on requirements which is never-ending. The cycle of buying and selling stays on in this industry during Covid lockdown. It accelerated since everything was available online and it was safer to stay at home than step outside. Since the rising number of cases every day, we can say that Covid is highly infectious and social distancing is our best defence for now with no vaccine on hand. With no contact delivery service, it is easy and safe for people to prefer to buy things online. It is the best phase to showcase their goods and services for E-commerce companies since the lockdown. Companies can actually reach out through their websites on the Internet and also reach offline by delivering with necessary safety precautions.