While Covid-19 has been around for such a short period, its impact on the world of business has been unbelievable. With people embracing social distancing rules, brick-and-mortar shopping has taken the biggest hit. As a result, buyers are turning to online shopping to get the items they’d otherwise purchase in person.
In this post, we’ll discuss five e-commerce sectors that have been most transformed by Covid-19 and any emerging opportunities.
Grocery markets
Grocery e-commerce was the quickest to soar shortly after WHO proposed lockdown to contain the virus spread. Local grocery stores closed alongside other businesses as governments imposed the lockdown. Notably, a spike in demand for foods that could be stocked was high, owing to the uncertainty of the duration of this unprecedented situation.
During this time, thousands of grocery businesses have established online stores, most of which are powered by either Shopify or WooCommerce. These two giant e-commerce platforms are known to offer simple solutions for building professional shopfronts, and the reason a lot of small businesses prefer them today.
Surprisingly, some foods and fruits that were previously in low demand before the lockdown are now being sought after more. A good example is lemons, which are an active ingredient in concoctions that alleviate the symptoms and effects of common colds. Grocery stores operating online report that its demand is a lot higher now compared to pre-Covid 19 days.
Product markets
People are quickly changing buying preferences in product markets owing to the shift in the global and local circumstances. Border restrictions, for example, have forced countries that hitherto relied on another to make adjustments. This has seen small and medium enterprises do more online transactions to pay and receive stock supplies.
On the consumer side, market research conducted by Nielsen shows that there’s an increase in health-minded buying. Put otherwise, people are spending more on items that offer or promise protective, wellness, and health benefits. For example, products like masks and hand sanitizers are in more demand than ever.
What’s more, the product market is in a dilemma between making contingency plans or providing the sought-after supplies. The disruption caused by the pandemic on the demand and supply systems has created an unforeseen gap in the market. Today, a significant number of key players are still stuck unsure of whether to go online fully or stick to traditional platforms.
Health markets
There is a surge in e-commerce of health products and services. Currently, the online stores selling quarantine drugs and protective equipment are emptying their shelves faster than before. Surveys on health markets report that hygienic and medical mask sales have risen by at least 300% since the pandemic started.
The service industry is also booming with people seeking online medical care more than before. For example, the demand for travel nurses is on the rise as well as medical experts who diagnose patients over the internet. As a result, websites offering medical supplies and information about Covid-19 are receiving more traffic than was the case previously.
Social media markets
Ecommerce has always had a special place on social media markets even before Covid-19 became a worldwide pandemic. However, businesses that previously depended on location are now turning to social media to reach bigger markets.
Today, more businesses are now viewing platforms such as Twitter and Facebook differently, and it’s a little wonder that the number of sponsored ads has increased exponentially over the past few months.
Digital streaming markets
Social distancing measures have seen more and more people opt to seek indoor entertainment. As a result, digital streaming services such as Netflix and Hulu are reporting an increase in subscriptions. Further, movie studios are releasing titles sometimes earlier than the scheduled release dates to take advantage of the increased viewer numbers and consumption.
Conclusion
Covid-19 is quickly revolutionizing how business is conducted over the internet. Sure, it’s tough to predict what the future holds, but chances are high that most of these changes may just become the new normal!