In the wake of the coronavirus outbreak across the globe, the continuity of businesses has been immensely impacted. Additionally, strict measures being taken all over the world, regulations imposed to slow down the doubling rate. India announced a nationwide lockdown on the 22nd of March 2020. However, these regulations have been relaxed currently, but during the initial phase, essential services were asked to carry on. This split up the entire balance of the way various sectors of eCommerce functioned. While some businesses temporarily closed down, others boomed. Here are 9 emerging sectors that will boost in the eCommerce market post the coronavirus outbreak.
Impact of COVID-19 On The eCommerce Industry
With social distancing being strongly advised, the temporary restrictions impacted the e-commerce sector as well. In addition to this, due to the fall in the economy in the eCommerce sector, essential goods and services took over the demand for other consumer goods. Uncertainty fuels change. During such challenging times, maintaining business continuity is necessary to keep a smooth and efficient work-flow.
These are uncertain times and businesses are forced to adapt. Consequently, changes are demanded in the working patterns, supply chain, dynamics of a market, consumer demand forces as well. Businesses are expected to adapt, evolve, and plan for the future.
This may be the “new normal” and only changing our ways of living times can help us get through this. Furthermore, technology and infrastructure advancements have been assisting in ensuring that we can have virtual gatherings and meetings, remote education, telehealth, work from home, etc. Here are a few strategies that you can plan and adapt during unforeseen circumstances.
- Supporting subordinate employees
- Communication with employees is key
- Change your perception and understand the need of the hour, how can your business make a difference.
- Identify changes in lifestyle and consumer habits
- Devising a flexible strategy
Emerging Sectors in The eCommerce Market
This year saw many overnight changes in various corners of the world. In fact, the same goes with regards to the eCommerce industry. Whether business, learning, health, or retail, all of these have been hit by the pandemic. Some of these sectors have boomed, some have seen a dip.
Here are 9 emerging sectors in the eCommerce market:
Personal Health and Care
As much as we hate being homebound, we cannot deny the fact that these past months have given us time to think about our health, life choices, etc. We have time to prioritize ourselves, learn new skills now. In our busy lives, we’ve forgotten to treat our minds and body.
in recent times, the eCommerce segment has witnessed a boost in self-care content consumption online. Moreover, the masses have increased the intake of motivational content, healthy diets, exercise videos, etc. Besides, trainers, dieticians, life coaches are witnessing a faster increase in subscriptions of the services. hence, we can state that this may be the best time for them to offer their services and gain more audience.
Reinforcement Of Globalization
Globalizations contours are changing and it’s not a bad thing. While the term is irreversible, it definitely can be reinforced. However, currently, it is in a critical phase and has made emerging economies to reassess its promises. Globalization today, is all about the increasing scale and speed of international trade.
Consequently, major socio-economic trends have triggered reverse globalization. Companies are starting to move to manufacture closer to their supply chains and creating an easier manufacturing and distribution system. The shift will find non-western players taking a back seat while the emerging players will be seen on higher ranks. As estimated, surprisingly non-western countries will soon top the charts in the global market by 2030.
Virtual Learning
Educational institutes have no option but to use technology to ensure a continuity of providing learning. As children and students continue their education from home, E-learning has seen a massive boost. The curriculum has witnessed a change in the structure. E-learning disrupts the rigid educational programs and demands taking classrooms out of the equation. Various educational institutes were able to make a switch from offline to online teaching, and the pace at which this was done is tremendously remarkable. Online teaching also expects teachers to be proactive, more efforts are being taken and it’s safe to say that teaching will not be restricted to the four walls of a classroom anymore.
Online Meetings
The pandemic has boosted downloads of video calling apps and software. As people are working from home and maintaining social distancing norms, the best communication is possible through a video call. Before lockdown, Facetime and Skype was a preferred and known chat tool. Today, Microsoft Teams, Google Meet, Zoom, and much more have an increasingly growing demand by different business sectors.
Retail Via eCommerce Platforms
people are refraining from gathering at public places like markets, grocery stores, etc. Online buying and selling of goods offer a safe and distanced way to procure essential and non-essential commodities. With the advent of the technological revolution and interface management systems, this industry was already on a growth trajectory. People who initially refrained from using online services are now shifting their interest to procure for their daily needs. Using e-commerce may continue to be in practice as consumers may continue to shop online as it is convenient. This sector is definitely going to see a boost in the coming future.
Real Estate
With a boom in E-commerce, the industrial real estate sector has also seen a rise. You may wonder why but a very crucial necessity for e-commerce is a space for the management of packaging, inventory, and distribution facility. Multiple warehouses are under construction, this is mainly because eCommerce businesses need to reach the customers quick and safely. The various impositions have led to many challenges faced while commuting to the customers. Moreover, the increase in outlets will better the consumer reach.
Also, since the spending has decreased due to a temporary standstill on tourism, travel and entertainment sectors, many investments are now under real estates. Land allocation, businesses mergers, business takeovers or investments of start-ups has given rise to the real estate sector. Reason being as clear as it could get – land for operations and function.
Computerized and Artificial Humans
The pandemic has given all of us a great realization that we are all dependent on technology. Technology is just just a part of our life, the lockdown has made our entire lives revolve around laptops, computers, etc. Our dependence on electronic gadgets has never been so evident, but now it is. There has been an increase in unemployment. Businesses have switched to automated technology. Rapidly, as most employers hunt is to look for low cost and flexible solutions. To thus replace humans where it’s necessary as hence increases productivity.
Bandwidth & Faster Internet Connectivity
With the number of people working home, attending lectures from home, having meetings from home, we’re only constantly dependent on the speed of our internet connections. Without a fast internet connection, doing any of the above activities becomes impossible. Homeowners and employers are looking for opportunities to increase their bandwidth as working as schooling is completely dependent on that factor.
Entertainment Switched Online
The restrictions of the lockdown have restricted our options for leisure activities too. Do you miss going to the cinema halls? Staring at a huge screen and eating ridiculously expensive popcorn gives us a certain joy that cannot be replaced by any other activity. We are very unsure of when we can experience it again.
Through partnerships with several media streaming apps, movie releases have switched online. Tv channels have been streaming old hit shows, mythological series, etc all over again. In this digital era, Netflix, amazon prime, Voot have capitalized on the entire market as they have become one of the best sources of entertainment.
Conclusively, the future is bleak for all of us. The growth of the economies is also uncertain. Hence the force to adopt new ways to adjust to the ”new normal. These habits have given opportunities for various sectors to emerge and grow. While tourism, travel, hospitality sectors have been negatively impacted. The potential for the entertainment sector, e-commerce retail, Robotics has great potential to bloom. With changing times, we must be more adaptive as it is the need of the hour. Change is the only constant here, embracing it is in our hands.
Being a part of the eCommerce industry, all you need to do is keep a watch. These 9 Emerging Sectors in The eCommerce Market Post COVID-19 are definitely to boom. While the businesses jump to a profit bearing firms, do not compromise on your shipping needs. Hence, Dash101, your complete eCommerce shipping solution. Whether creating an eCommerce store and need channel integration or just partner with a courier at affordable costs, Dash101 helps to pick the best of the rest. Like we always promise, Dash101 is not just shipping, but your business partner.
