The pandemic of COVID-19 is leaving some permanent and so many long-term effects on our lives. A year ago, the whole world went into lockdown. Everything educational institutions, markets, and businesses were locked except one, an online business. When everyone was locked in their houses and unable to do any business or shopping at that time, people utilize online shopping. During this pandemic, e-commerce has gained extensive popularity among people and has earned remarkable revenue. COVID-19 has completely changed the environment of the business world and business dynamics. The behavior of the consumer change during COVID-19. They start avoiding interaction and crowded places. In this scenario, online shopping was the best and safe option for them.
E-commerce during COVID-19:
E-commerce gives you convenience in shopping. This convenience factor has changed the whole picture in a very short time span. There was a time when convenience means going to the nearest market and buying whatever you want. But as change is the constant in this existing world, convenience means buying things and stuff, even grocery while lying on your couch with just a click. Online platform for shopping is said to be the most realistic and right picture of convenience. Not only that, these e-commerce platforms provide their services 24/7 to the people. You can get benefit from them whenever you want. All you have to do is order them, and you will receive your order on your doorstep. Also, safety is not hurt in it because there is no need to go out in the market and interact with people to buy anything. These all factors and benefits insisted people buy online, and this benefited e-commerce and is still helping the e-commerce market generate more and more revenue.
Market size increased:
E-commerce increases your market size. How? For example, you are running a stationery store. Your market potential is already small because your customers and consumers are of the same area where your store is. You did not have a large number of the customer. Their number is limited to the people in your area who need stationery items. Also, you have to use so much energy and manual to earn revenue. But if you will utilize e-commerce, your market size will increase, and you do not need to use a lot of potentials to run it. Whenever anyone searches for the available products at your store, your website will automatically come up to their screen. Now your business free from the boundaries of geographical location. You can sell your products to a large audience and in the easiest way than running the whole store. During the lockdown, when all the business were closed, and people were buying things online, a lot of people in business open their e-commerce stores. It increases your market potential from few thousand consumers to a million. One of the reasons for such a big market is COVID-19 which influence people to these online platforms.
Awareness about consumer behaviour:
Pandemic completely changed consumer behaviour as their lifestyles are also affected because of COVID-19. There were no more social gatherings and day outs anymore. Everything was supposed to be done from house and in house. Education institutions are bound to teach through online sources; students become more addicted to cheap assignment writing service UK for their homework assignments. At that time, it was so important to understand the behaviour of your customer. The consumer wishes to buy every small and big thing during this pandemic online. Understanding your consumer behaviour is important for making your marketing strategies and providing them with the best shopping experience. An E-commerce platform helps you to insight your consumer behaviour. Whenever any of your consumers visit your website, they provide you with plenty of information that is so useful for you to understand your consumer and make your marketing strategies.
Low financial cost:
Among so many effects of a pandemic on human life, COVID-19 has also negatively affected the economy of the world. At that time, people have no large amount of investment or money to pay in variable cost of their business or to go with any other option of earning. E-commerce platform also benefited in this regard as you need a very low financial cost for e-commerce. You do not need to pay any charges in the form of rent or utility expenses. The financial cost you need for your e-commerce store is very low, and it varies with your business, branding and marketing. And most of these expenses depends upon you that how much you want to spend.
Wide product variety:
An E-commerce platform gives the benefit of a wide range of different products to its consumer. During the pandemic, when all the markets were closed, and it was not safe to buy anything or do to different shops to buy different products and things, e-commerce facilitates its consumers in the best way. It provides a large variety of different products to its customer. You can find different products at the same place not only that you can find different products from different countries or places on the same website or e-commerce store. This saves the time of the buyers and the inconvenience of going from one store to another. Nothing is more fascinating and comforting than to get all the things you want at your home without utilizing your energy.
More informed decision making:
In the e-commerce store, you have all the details of the products along with its picture on the website. Not only that, but you can also see the reviews of the customer who have already buy that product and used it. These details help you to make the right decision. You can also talk to the seller. But the most important thing is customer’s review because they can save your money. Instead of that, in the physical stores and the market, you do not have that facility. You do not know what is in the package if the quality of the product is good or not. Another benefit is that you can track your order. You can keep your eye on your order and track them while sitting in your living room.