5 Key Ways the Coronavirus Pandemic is Affecting the World of Ecommerce
Originally published: May 28, 2020 11:30:53 AM, updated: May 28, 2020 12:06:25 PM
The global COVID-19 pandemic is effectively changing almost every industry in the world, and it is definitely reshaping the modern way of life. Now that people across the world are forced to spend their time indoors and given the fact that offline commerce has virtually stopped in parts of the world, it should come as no surprise that online commerce is starting to pick up. So much so, in fact, that the Coronavirus pandemic might very well be the best thing to happen to the E-commerce industry in quite some time.
But is the pandemic influencing Ecommerce only in a positive way, or are there some negative side effects as well that might jeopardize individual brands and the industry as a whole? Let’s explore these questions and delve into the five key ways that the COVID-19 pandemic is reshaping the world of E-commerce.
Online shopping is booming
First and foremost, it’s important to note just how this pandemic has affected online sales on a global scale. According to reports, E-commerce sales have improved almost 50% in March and April of 2020 as opposed to the same timeframe in 2019, making this the best year for the E-commerce industry in terms of sheer sales and order volume. Of course, it’s not just the online stores that are profiting from this sales surge, as complementary service providers such as international shipping companies, transportation, and logistics businesses and curriers are also benefiting from increased shipment volumes and frequencies around the world.
This is partly because more and more companies are integrating E-commerce into their business models in order to capitalize on the rising trends, while some are doing it out of sheer necessity and in order to stay afloat until the lockdowns are lifted and people are once again permit to visit their physical stores. With people buying more online, companies have a higher incentive to grab their slice of the E-commerce market.
Ecommerce sites are spreading COVID-19 information
As with any global crisis or phenomena, there will always be an increase in the spread of fake news, faulty or misleading information, or downright lies across the online world. Luckily, the online community along with private and government bodies are working hard to suppress the dissemination of fake news regarding the Coronavirus pandemic, and interestingly, E-commerce companies are doing their part to aid the spread of science-based facts.
Nowadays, you will see popups on E-commerce websites informing visitors of the latest developments, how the COVID-19 pandemic has affected the brand and its processes, or how the users can stay safe and minimize the risk of infection. This is definitely a step in the right direction, and it’s a move that is helping E-commerce brands stand out from the crowd, and boost brand awareness, trust, and most importantly, authority in the online world.
Big business is migrating to Ecommerce
One of the most interesting effects that this pandemic is having on the world of E-commerce is that it’s boosting the rise of B2B online commerce, but that it’s also incentivizing big businesses in the oil and gas industry to integrate E-commerce into their operations. The online B2B marketplace seems to be expanding during the Coronavirus pandemic, as manufacturers, suppliers, and vendors are looking for ways to procure specialized materials.
This means that companies from around the world can find oilfield equipment online and thus support social distancing rules and honor the lockdown in their local region while maintaining their supply chain and their bottom line, which helps them minimize financial loss. In the long term, B2B Ecommerce will only continue to rise, helping companies thrive in the post-pandemic world.
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Brands are doubling down on marketing
Given the surge in online sales and the rapid rise of the B2B E-commerce market, it should come as no surprise that brands around the world are pouring more resources into their marketing efforts than ever before, including money, human resources, and time. This is partly out of necessity because so many competitors are entering the playing field, making it more difficult for others to stand out or to maintain their online visibility by sticking to the same marketing tactics from before.
Consumers will continue to stock up
For better or worse, it seems that global consumers will continue to stock up on essential supplies as well as some non-essential ones, as shown by the recent investigation conducted by Nielsen. It seems that the fear of a global shortage in various supplies will continue to thrive throughout the pandemic, which will continue to put a strain on the global supply chain. This might be good news for brands looking to sell as much as possible, but it might not be a good thing for those who are less fortunate or global logistics companies that might collapse under immense pressure from rising sales volumes.
The Ecommerce industry is definitely thriving amidst the Coronavirus pandemic, prompting companies to quickly start selling online in order to stay afloat and capitalize on the trend. Be sure to use these insights to fuel your own E-commerce integration and set the stage for long-term success.
Jacob Wilson is a business consultant, and an organizational psychologist, based in Brisbane. Passionate about marketing, social networks, and business in general. In his spare time, he writes a lot about new business strategies and digital marketing for Bizzmark blog.
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