E-commerce after Pandemic

It’s been five years since the COVID-19 Pandemic, but its effect on humans is still fresh in their minds. This Pandemic not only made us aware of the joy of small things but also managed to change the economic and financial conditions of the world. E-commerce, online purchasing, and cashless transactions took over traditional market methods, and phones became the new window for shopping. All this, along with layovers, isolations, lockdowns, and monthly rations, pushed civilians to accept E-commerce as the primary source of purchasing.

What Changed?

Any crisis or pandemic can result in three possible outcomes for the society. It can lead to innovations and inventions to tackle the chaos. Otherwise, it can push societies to accept ideas that existed but were not accepted before. The third possibility is that it can act as a catalyst for the changes that were unfolding before the chaos took over.

COVID-19 acted as the spark to the fire of E-commerce which spread its flame across the globe. The third possibility came true in front of our eyes as we saw a sudden and steep increase in the usage of cashless transaction applications, online shopping and OTT platforms. An increase in such online applications was also seen as an aftermath of the pandemic. Small businesses were forced to reassess the decades-old traditional business models or face the prospect of closing permanently.

Statistical Prospect of E-commerce

As various pandemic-related business restrictions that prevented in-person activities grew, businesses turned to E-commerce channels for basic survival. Consumers started purchasing through their favourite websites (44% of global digital purchases) and online marketplaces (47% of global digital purchases). As a result, Brazil, Spain, and Japan saw the largest increase in the number of businesses selling online.

According to Fidelity Information Services (FIS), the global demand for digital commerce increased during the coronavirus period, especially as consumers opted for new policies. The ‘Buy Now, Pay Later’ approach gained popularity in online payment methods. On the other hand, a survey of 3,700 consumers on ‘COVID-19 and E-commerce’ reported that consumers in emerging economies made great strides in online shopping during the pandemic. Many such reports underscored that the global e-commerce market grew the fastest during the COVID-19 pandemic. Online sales shares are projected to increase globally from 16% in 2021 to 22% in 2025. 

Other Aftermaths

Convenience was a major appeal of E-commerce during the pandemic. However, E-commerce was not the only aspect that underwent changes during COVID-19.

• The Rise of AI: AI took over the world during COVID-19, and people began to associate ChatGPT with Google search. AI found its way into blog pages, video channels, picture editing, and nearly every domain of the internet.
• Work from Home Culture: Even five years after COVID, working from home remains one of the most popular mediums for office work, chosen for its ease, efficiency, and time-saving features.
• Online Education Trends: Platforms like Google Meet, Zoom, and Teams experienced a significant increase in usage as education shifted from traditional classrooms to online learning. Startups like Internshala and Unacademy also gained popularity among students.

The pandemic was a difficult time for the world with many casualties and losses. Known for their survival nature, though, humans managed to adapt to the changes it brought and rise above the chaos. Through this adversity came a new wave of innovation that took over the globe.

Image Credits: FREEPIK, PEXEL