May 6, 2020 - 5:55 pm
Coronavirus Impact on eCommerce Industry!
The ongoing Coronavirus pandemic is impacting every part of our lives. Besides, it has wide-ranging ramifications for marketing, advertising and eCommerce as well as several other sectors like travel, entertainment and FMCG.
As opposed to, the pandemic has defined a new category of goods called “new essentials.” New essentials are products that help consumers feel more comfortable under stay-at-home orders. This includes office supplies, fitness equipment, cosmetics, housewares, home improvement, toys, and hobby-related products as well as medicine and medical equipment. These goods account for almost 40% of all consumer spending right now around the world. 30% of the total 40% is beauty and cosmetics. Both fitness equipment and toys/hobbies account for 29% of the new essentials spending.
As the world begins to revert to the old habits in the upcoming few months, spending in this category is likely to decrease, but not completely disappear.
Anyways, one important thing is how a customer can buy a product. Right now, of course, it can be from any eCommerce store with home delivery and from the previous statistics, we can say this habit will continue in large part of the customers in future.
Although the increase in shipping delays, eCommerce order volume has increased by 50% compared to 2019. During this Coronavirus pandemic, the eCommerce landscape is changing rapidly. Consumer priorities and behavior have shifted in recent weeks in response to COVID-19, and it means that eCommerce brands need to react quickly and swiftly to maximize organic traffic and revenue.
But those small businessmen who don’t have an eCommerce website, they should at least develop an eCommerce site for online shopping when Coronavirus has a great impact on eCommerce industry. Now this is the demand of the situation and age. Before developing their eCommerce site, they can follow my previous blog on (Top 5 eCommerce Trends For 2020), where I described the latest eCommerce trends for 2020.
Hopefully, we recover faster in the upcoming months from this situation.