Without wasting any of your time, let us straightaway look at some reports, first.
- The Coronavirus Pandemic could be likely to continue till 2022.
- Experts have used the 1918 Spanish Flu Pandemic – that had infected 500 million people all over the world -- as a model to opine that the COVID-19 may continue to plague the world for months to come, now.
- The earliest a Coronavirus Vaccine can come into being and circulation could well be 2021.
- Some experts fear that the worst-case scenario may be another severe outbreak of the Pandemic this fall, and also in winter. It has also been suggested that it would be a wise move for states to prepare for such a situation beforehand.
A fresh set of reports, now, related to how much this Coronavirus Pandemic might cost the World Economy.
As per matter highlighted from the UNCTAD report
- The current Coronavirus-ridden situation is being compared to the ‘Doomsday Scenario’ of 2008-2009, during which the growth of the World Economy could be by only 0.5%.
- The trade and development agency of the UN is of the opinion that the Economic Slowdown worldwide can cost $1 trillion, at the very least.
- The escalating sense of panic has also been triggered by the fall in the prices of oil.
As per reported matter from what McKinsey predicts in relation to the Global Economy
The Coronavirus Threat has brought about a marked change in the public behavior, all over the world. Badly affected are
- The Manufacturing Sector
- The Consumer Goods Sector
- The Supply Chain
- The Service Sector.
Many companies can go bankrupt. The entire situation is moving towards a Global Slowdown.
Global Growth, in 2020, is expected to fall to 1.5%, or lower.
The Industries Hardest Hit by the COVID-19 Crisis are
Economic policymakers are coming together to seek solutions for the damage that the Coronavirus Lockdowns, and the entire Economic Slowdown can bring about.
One solution in sight is E-commerce.
Let us see how E-commerce can be The Solution – the Vaccine – for the Economic Slowdown.
Social Distancing can be Maintained through E-commerce
Social Distancing is one of the major ends that all these Lockdowns are being instituted in aid of – and the same Social Distancing can be maintained through E-commerce.
In the case of E-commerce, the customer does not need to visit a store, mall, or market – in fact, s/he does not even need to step out of the house at all. Everything – from selection of the things to buy, to purchase, to payment – can be carried out over the Internet. The entire process does not expose the buyer, or the seller, to the air outside the safety zones of their rooms, thus keeping them as protected from the Coronavirus in the outside air, as possible.
People, therefore, can make all their necessary purchases through E-commerce, secure in the knowledge that they can remain within the safety of indoors as they do so.
Since most of us are refraining from stepping out of our houses now, all commerce can be carried out via the Internet – augmenting the scope of E-commerce.
E-commerce can Carry On 24/7
E-commerce can carry on 24/7, without constraints such as shop / mall / store timings. As business hours increase in this manner, so can sales, and thereby, revenue.
E-commerce can Spread beyond Geographical Boundaries
E-commerce needs to care less for geographical boundaries than other ways of buying and selling, where traveling is involved. Now, with Lockdowns implemented at most of the places, E-commerce seems the only way certain trade and transactions can be carried out. The more the spread of trade, the greater can the revenue, incoming, be.
Physical as well as Digital Products can be Sold through E-commerce
With E-commerce, you can sell Physical, as well as Digital Products. The scope for sale, therefore, widens, through the feature of Product Management. You can, with ease and surety, take care of
- Product Details
- Product Specifications
- Photo Gallery
Sale from Website as well as Mobile Devices can be made Possible
At a time when it is life-threatening to step out of the safety of the four walls around, and the ceiling over us, it is only E-commerce that can make buying and selling possible from indoors and that too, almost anywhere, and anytime, provided you have access to the Internet, and certain devices, like a desktop, laptop, or even a smartphone.
Customers and companies can interact via websites, or mobile applications, through smartphones, or PCs. In effect, a customer can browse the merchandise of a store on the Net anytime, and make n number of purchases. This facility can also give rise to impulsive buying – and thus, augment sales.
Pricing and Inventory Management made Easy through E-commerce
Now that most of us are staying indoors most of the time, a sound Pricing and Inventory Management can only help us to progress safer and surer. This can be made possible by E-commerce Solutions. Product Prices, Inventory Levels, and a lot more can be handled with the utmost of ease, even without stepping out of the house. When safety is guaranteed, work can progress with greater speed, ease, and enthusiasm. Exactly what the present times need.
Artificial Intelligence can be Harnessed to Promote Sales
The most relevant products can be presented dynamically to your customers with the help of Artificial Intelligence, or AI driven Recommendation Engines. This can give customers a pleasant User Experience, encouraging them to
- Stay longer on your site or app
- Purchase more
- Return often
- Spread Word Of Mouth Publicity
Better Business Decisions can be taken with the Help of Predictive Sales Analysis
You can take better business decisions by
- Analyzing Sales Data
- Analyzing Customer Behavior
so that you can get an idea of
- The Popularity of Your Product
- The Public Acceptance of Your Product
- Market Trends
and act accordingly.
All these, and more, can be achieved through E-commerce.
As per a report that had arrived in January 2020, E-commerce Sales, worldwide, had topped $ 3.5 trillion USD. It had been about an 18% increase from the previous year. In the year 2019, the E-commerce share of retail sales worldwide was 14.1%. It was expected that in 2020, 16.1% of all retail sales would be taking place online. It was observed, at that point of time, that traditional brands, and manufacturers were intent on, and increasingly skirting retail partners to sell DTC.
Selling Direct to Customer has the following key benefits –
Brand Protection and Promotion are no longer dependent on your Retail Partners. You can establish a direct relationship with the consumer. This makes it possible and easy for you to not only nurture a mutually beneficial relationship, but also to give support post the sale.
Collection and Wise Utilization of First Party Customer Data is Possible. When you sell something directly to the customer, you can collect precious First Party Data. You can utilize this information wisely to personalize the Customer Experience, and, ultimately, monetize the relationship as much as possible.
Offering Experiences that are impossible for traditional Retail Stores, made Possible. When you are a Direct To Customer brand, you can enable shoppers to do a lot of things, like
- Mix and match custom assortments
- Design custom packaging
- Take part in contests
etcetera, that are mostly not possible for traditional retail stores to bring about.
Analysts, reportedly, have estimated that nearly 55% of all E-commerce sales shall be taking place on mobile devices, by the year 2021. With the Lockdown situation prevalent right now, this figure might become a bigger one. Progressive Web Application, and Accelerated Mobile Page can make things better for Mobile Commerce, with
- Greater Search Results
- Increased Top-of-Funnel Traffic
- Augmented Onsite Conversion Rate.
Reports had stated, about a few months ago, that worldwide E-commerce sales could top $4.2 trillion USD this year. By 2021, more than 2 billion customers were expected to buy products, as well as services, online.
It is also being expected that in the near future, more and more businesses shall be putting their operations on autopilot; thereby increasing productivity, and also protecting brands from the threat of fraud.
Warehouse Robotics are expected to cut costs, and increase efficiency.
E-commerce is expected to enable the Economy to strengthen itself as much, and as far as possible, under the current far-from-ideal circumstances. In fact, E-commerce is being looked upon by many as the ONLY way Economy can survive in times when the entire world seems to be on house arrest, and at a standstill.
- Social Distancing maintaining
- Indoors oriented
and more, seems to be the only lifesaver now – and literally, at that.
Thinking of contributing to the mission of improving the Economy? E-commerce Solutions are there for you. Feel most welcome to get in touch with us for a friendly consultation, in case you wish to know more about E-commerce Solutions, clear any doubts related to the same, or share any idea that you think could be helpful in bringing about an improvement in the current Economic situation.
We can also provide you with customized solutions related to E-commerce.