The global pandemic, Covid-19, has changed online buying behaviors forever. Following the global pandemic, more than half of customers now buy online and depend on the internet for digital entertainment, news, and health-related information.
According to a certain survey, customers in the emerging economies have a great shift to online shopping. The survey also shows that the pandemic has accelerated the shifts towards the digital world. All the changes people make now will have a lasting impact as the global economy starts to recover.
Online Buying is not Going Anywhere
As time goes by, it seems there is a continuation of trends you witnessed in the first half of 2020. A certain data shows that there will be a tremendous increase of around 170% in eCommerce purchases from low or new-frequency online buyers post-pandemic.
Plus, most customers have increased their online buying activities, including using retail mobile apps and curbside pick-up, and it is projected to continue doing so even in the future.
Action Points for Ecommerce
A particular report maps out all the actions that three stakeholder groups need to take so as to ascertain inclusive benefits from eCommerce.
According to the report, governments must prioritize national digital readiness for more local businesses to become major producers and contributors in the digital economy.
The approach should be holistic, and policies must not be made in silos. Plus, entrepreneurship needs to be a central focus to get more value from the digital economy.
This needs faster digitalization for every small business and additional attention to entrepreneurship, including reskilling, particularly for women.
Digital entrepreneurship and the economy all boomed during the global crisis. As everyone embraced social distancing and opted to stay at home, they resorted to online buying.
Retailers also stepped to the challenge by not just boosting online sales. They also embraced almost all the emerging technological developments, which established a perfect connection with buyers and customers experience convenience at the same time through:
- Contactless payment
- Lower loyalty
- Social media buying
- New trending categories for products
What Consumers Bought
Grocery products, clothing, accessories, and footwear were the most bought products online, followed by personal care goods and household items.
Except for groceries, female purchasers bought more personal care products, clothing, accessories, footwear, and household items compared to their male counterparts.
Most male buyers purchased more sporting equipment, automotive products, and electronics than female customers.
Coronavirus jolted customer demand, making the crisis different from previous downturns. That is due to the decline’s scale or speed and the changing market behavior.
In countries like the US, online spending has increased to an extraordinary degree. Demand for different products reflected this change.
In a Nutshell!
The global pandemic, Covid-19, has destroyed sources of income for many people and caused the loss of human lives. Similar to other pandemics, there is a silver lining to this crisis.
The ensuing destruction has spurred innovation, making new technological developments to replace old ones. Plus, a lot of resources are properly reallocated in the market, all thanks to the crisis.