E-COMMERCE: AN INCREDIBLE RISE DURING THE COVID-19 PANDEMIC
HAVE YOU KNOWN THAT E-COMMERCE IS THE MOST RESILIENT BUSINESS SECTOR DURING THE PANDEMIC IN THE US? The global e-commerce industry is not only the most resilient during the pandemic but growing tremendously with the rise up to 33.6% with nearly $800 billion, higher than the expectation of $675 billion in 2020. The power of […]
HAVE YOU KNOWN THAT E-COMMERCE IS THE MOST RESILIENT BUSINESS SECTOR DURING THE PANDEMIC IN THE US?
The global e-commerce industry is not only the most resilient during the pandemic but growing tremendously with the rise up to 33.6% with nearly $800 billion, higher than the expectation of $675 billion in 2020.
The power of e-commerce is endless. The successes of businesses associated with e-commerce platforms over the years is the solid proof of its potential. Kylie Jenner, an influencer, became a billionaire with her revenue coming from her ONLINE cosmetics brand. Jeffree Star, a beauty guru, who owns a cosmetic business, gained US$106.5m net sales in 2020, mostly from ONLINE retailing. They did neither employ hundreds of workers nor invest an insane amount in brick-and-mortar stores. Instead, they mostly use an e-commerce platform and run it online to manage their businesses.
Most brick-and-mortar stores have struggled against the pandemic and the rise of e-commerce platforms such as Amazon, Shopify, and Etsy. Many e-commerce businesses are still on the rise, putting them into a must-digitized situation. They must change the way they operate their business during the pandemic. It is enough to say that covid-19 is a lever to put e-commerce at the forefront of retail.
Let’s jump in with Gearment to explore this incredible rise!
1. E-commerce: a boom in shopping online in 2020
The ongoing COVID-19 pandemic has promoted the change towards a more digital world. Consumers now use digital solutions more frequently. Specifically, there are over 2.05 billion global digital buyers in 2020 and it is expected to continuously increase, leading to a boom in the e-commerce industry.
With that being said, the pandemic has accelerated the industry and had a lasting impact on these changes with many people accessing online shopping for the first time. Many countries experienced a greater spike in online transactions over the period, showing that global consumers are starting to get used to processes to shop online.
More surprisingly, countries experiencing the greatest spike in e-commerce are ones of the worst hits suffered from the epidemic due to prevention and lockdowns policies from the governments.
To adapt to stressors within the society during the pandemic, businesses have transformed their model more. By digitizing the operations, they have moved from traditional retail stores to online stores to maintain their businesses. 79% of business owners made changes to adapt in response to the crisis, with 33% adding work-from-home policies for employees. Number of executives stated that their companies have accelerated the digitization of their customer and supply-chain interactions and of their internal operations, meaning that COVID-19 has not just shaped consumers’ shopping habits but also changed the way people operate their businesses.
2. E-commerce: our present, our future.
So another question has arisen: Are there any chances that the industry will stop growing in the post-COVID world? The answer is no! While the rise in e-commerce won’t surge in 2021 as it did last year, globally the sector will keep up its momentum to reach $1.045 trillion in 2022.
The growth rate of retail online sales after the pandemic continuously rises but lower than its peak in 2020. Also, the value of the industry keeps rising each year. This is because the epidemic has made those who previously preferred to buy in-store start shopping online, shaping and pushing them into a shopping online habit.
Reasonably, e-commerce’s increasing popularity will continue long after memories of the pandemic have faded since its potential is still maintain.
Pandemic has obviously encouraged the massive rise of online stores built on many e-commerce platforms, maintaining the popularity in the post-COVID world. The pandemic not only promotes e-commerce growth in terms of demand but also leads many businesses to step into the industry, bringing a boom in the online market in the US.
Recognizing the potential of the industry, businesses start to boost the digital transformation of the way they operate. Moreover, market researchers suggested that the global e-commerce industry will still maintain this growth in the future. It is enough to say that E-commerce is not only our present trend but it is also our future.
Gearment believes that the transformations will not only thrive in a short time. They will continue to reach far more in the future due to its popularity with customers. With the absolute help from Gearment, there is always a precious opportunity for you to join in this race. Do not hesitate to become a part of this trillion industry with Gearment! Difficulties of starting a business? It doesn’t matter as Gearment is here.
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