A lot of uncertainty was definitely felt all over the world at the early stages of the pandemic. No one knew what it meant for brick and mortar establishments or eCommerce. Now we’re nearing the end of the third quarter, we’ve seen a pattern and great growth for eCommerce. As of now, one thing is for sure, Covid-19 is changing eCommerce worldwide at the fastest pace we’ve seen yet.
Was it boosted by panic buying?
In the early stages, we saw a lot of panic buying as a stay-at-home orders were dished out and the risk of going out became more apparent. Right off the bat, essential products like medical supplies and grocery items were cleaned out from store shelves. Psychology Today mentioned several reasons for panic buying and one of them is a sense of control. As we all take to our homes, what happens outside is not really in our control anymore. Stocking up on what you need is something that makes us feel secure or in control of the situation. However, as the months pass with the pandemic still as alarming as before, consumer behaviors changed.
The convenience of online services
As the months pass with many areas still with stay-at-home orders, learning to live with the new normal has been a change we could all embrace for the better. Even when things go back to the way it is, some changes are arguably worth keeping. The convenience of having your groceries delivered is one of those that just made sense as much as it was safe and practical. New York Times also discusses how the states are reopening and closing again. And until everything becomes stable, going out like we used to wouldn’t be as easy as it once was.
As much as essential items, other parts of the eCommerce industry increased their sales. Subscription services, video games, and leisure services became a secondary necessity as many strived to work from home and stay home. Businesswire demonstrated this on their data and shows resiliency in video streaming products. We believe this proves that non-essential items become a big part of our daily lives as long as they’re readily available online and as businesses are finding more online solutions, the sales will eventually rack up.
What does it mean for eCommerce?
As of June, Forbes’ data shows that eCommerce already grew by 52 Billion. A growth rate that would have taken 4 to 6 years. All data seems to show a big jump in purchases made on mobile phones and in-store pick-ups which shows 10% and 195% respectively. Among purchased items, clothes and gadgets seem to have jumped in sales as well. And by now, it’s noticeable that people have shifted from buying necessities alone to branching out to what we normally buy before.
With a growth rate we’ve seen, it’s not likely that we’ll revert back to conventional methods. In this day where even boomers learn to do their shopping online, it’s likely that we’ll see more of eCommerce businesses and more innovative online services.
Going into online business or eCommerce has never been easier. Nevertheless, there’s likely to be more competition as well. A call for more innovative services and better marketing strategies are needed. Aside from clothes and grocery items, jumping into eCommerce could mean offering services that would otherwise be harder to do without leaving your home. Much like StockUnlocks, online services such as online fitness coaching, home cleaning services, and business solutions are some that makeup eCommerce as well. As much as Covid-19 caused trouble worldwide, this time teaches us that there are still opportunities to make a living today with the right push. Adapting and thriving is something that we can all strive for. And at the end of the day, staying at home could bring us closer to the family if we can just drop our phones for a minute, that is.