How The Covid-19 Pandemic Has Transformed the Landscape Of eCommerce And The Future Of Its Expansion In The Current Climate
The Covid-19 pandemic for many has been a period of chaos, uncertainty and confusion. This has led us to cease much physical contact between each other in our everyday lives. Whether it be the quick journey down to the local supermarket or a visit to a department store, the forced social distancing due to the pandemic has greatly hit the confidence of people wishing to make these trips in fear of contracting the virus.
Consequently, the shopping landscape has seen drastic changes. With the irregularity of access restrictions to brick-and-mortar shops and places of leisure, the increase of online shopping habits and the rise of eCommerce platforms providing businesses with tools to create online shops has occurred. The pandemic has created a surge in the ever-expanding eCommerce arena, with rapid growth in demand for online services.
This blog post will highlight a few key changes that the Covid-19 pandemic has generated in the eCommerce market.
The Sudden Expansion of ECommerce Platforms and Services
With many forgoing physical contact and in-store purchasing for online commerce, Covid-19 has facilitated the sharp expansion of eCommerce. The decline of traditional shopping has enabled eCommerce brands and platforms to seize the opportunity to diversify their services to respond to the behavioural changes of current consumers. As a result, firms have been able to operate effectively despite the current climate. Brands have widened their array of product types and services, granting a variety of options for consumers. There are many eCommerce platforms available for businesses to build online shops, and one such platform is GetsthopToday and they have many Themes available (https://getshop.today/home/themes/)
The Shift in Product Specialisation by eCommerce Brands
With the shift in consumer shopping habits due to the pandemic, many individuals are embracing the future of online commerce and eCommerce platforms. The convenience of these platforms due to the current climate of the world allows consumers to fulfil their purchases from the safety of their homes without risk of infection. In turn, firms understand the necessity to adapt to these changes. Now more than ever firms are not only increasing the stock of products made available online, but also transitioning their focus to household products and everyday essentials. Because of this, in conjunction with consumer desire for everyday products, many growing transactions across eCommerce platforms focus on everyday necessities.
The Long Term Effects of Covid-19 to eCommerce
With the uncertainty of whether the world will recover from the pandemic and return to normal, it is highly likely that the effects of the virus on eCommerce platforms will be long term. The numerous advantages of online shopping make reverting back to traditional shopping practices a distant reality. According to data from an article posted via Digital Commerce 360, within the year 2020, online revenue soared by 44%. With the U.S. Department of Commerce reporting revenue figures of at least $790bn, digital retailers and the like have been able to capitalise off of this. As expected, it is reasonable to suggest that these trends are not set to decline in the near future.
Additionally, eCommerce platforms will greatly benefit in the long run due to these circumstances.
Quarantine has greatly influenced spending habits, digital and online retailer revenue booms are projected to continue, especially given the possibility of periodic restrictions still occurring. Many people are still concerned for their safety given the widespread reach of the virus, potentially forgoing in-store shopping. This will only further improve online commerce due to its convenience and isolation from risk.
Scarcity for certain physical items failed to hinder eCommerce sales. Toilet paper during the height of the pandemic was scarce and seldom on shelves in many supermarkets and ‘brick and mortar’ stores. Some stores as a result had to temporarily shut down, however for eCommerce brands this was not the case.
The advent of Covid-19 has been a turning point for the eCommerce landscape as well as the current and foreseeable spending habits of the average consumer. The social distancing rules and other restrictions may have hurt “brick-and-mortar” businesses, but eCommerce platforms are set to boom in the long run. The combination of consumer fears regarding the virus, convenience of online shopping and the growing variety of online essentials available supports the rise of popularity of eCommerce platforms.