You pick up your phone, open the app, select your products, click checkout, and that’s that. No hassle, no traffic, no waste of time. It’s as straightforward as that; it’s eCommerce. And as convenient as it is for consumers, businesses have seen a paradigm shift in their conventional sale methods.
Covid-19 forced businesses from across the world to shut down physically and adapt to the online shopping model. With outlets and malls all closed down and stricter COVID-restrictions, it became tiresome – and even impossible in some places – to shop in person. Thus, digital transaction mediums have significantly boosted since 2020; these include PayTM, Google Pay, and more. As such, countless apps (like WhatsApp) have now enabled directly making payments through the app.
As such, businesses that adapted to the online model of the market could successfully build their brands and boost sales. With digital commerce building a global presence, companies could access a more extensive customer base and cater to a broader range of demands.
While the traditional shopping experience was lost over the pandemic, the 24/7 availability of online shopping has eliminated barriers of time. In fact, the ongoing sales and promotions available while shopping online have benefited both customers and businesses.
With the pandemic, essential commodities like groceries also faced a significant boom. Analysts from McKinsey stated, “In a matter of months, the grocery eCommerce landscape in North America accelerated by three to five years.”
Spending on home goods, fitness equipment, and recreational items also spiked during the pandemic. But, we all know that all that glitters isn’t gold. eCommerce comes with its own set of challenges, like pharming, phishing, hacking, fraud, and more.
Online businesses receive much lower customer loyalty. While businesses can access wider markets on global forums, it also means that they experience competition from not just local brands but also international ones. This increase in consumer choice extends their comparison of different goods among businesses to source the best price and quality products.
Due to the lockdown, people also turned to social media as their primary source of entertainment. But content wasn’t the only thing that increased on these apps – shopping did too! Social media platforms saw a remarkable rise in demand and incorporated shopping features on their apps, like Instagram shopping, which allowed customers to browse products without leaving the app! eCommerce certainly has its advantages; as long as both consumers and businesses are aware and responsible of the platforms they use, online business presences will only spur future growth.
