EDUindex News

EDUindex News

E-COMMERCE

It is no denying now that the world is shifting towards digital platform. All the businesses, companies and oraganisations have their own consumer friendly websites so that their audience’s experience can be better. This digital transformation has encouraged every businessman to rapidly change their ways of trade and cope up with the dynamic environment. It is very well said that “to improve is to change, to be perfect is to change often.”

Although this digital transformation came in the picture a few years ago, the global pandemic has given it an accelerating push and every digitalization is the most common option people choose to promote out themselves. One thing to learn from this is that nothing is constant or predictable.

According to EY Future Consumer Index, 43% of the consumers, post pandemic, prefer to shop online rather than buying using their previous method of going to the store themselves. This only represents that geographical location is not as important as it used to be in an era.

COVID-19 has had a tremendously negative impact on almost all businesses especially the retail business since the production of consumer goods was stopped to the extent where the shops were seen completely empty a lot of times. In such a situation, many retailers questioned their ability to create a new customer base according to the new consumption habit. They wondered if their selling method is still efficient enough to keep their customer’s trust in their brand.

Two of the great examples of this would be Lululemon and Nike. With the world being put to lockdown, the demand for athleisure increased remarkably mainly because athleisure was a great choice for majority of the people to wear during lockdown. They handled their business during such a crisis because of their digital expertise and resources. Also, Lululemon diversified its products to meet people’s changing demands.

A brand that faced extreme loss due to COVID was Under Armour and Uniqlo. Its majority of the sales was based on distributing their products amongst other retailers which faced a drastic drop in its sales due to physical shops being shut. Uniqlo is basically focused on football which also had to face a sharp downfall because it couldn’t keep the interest of its consumers online as much as it could in their physical stores.

The world’s leading digital platforms have gained the most benefit due to the global pandemic and majority of these large companies are based in USA and China. It makes it difficult for some smaller companies or organizations to compete against them and a make a known place of their own.

In order to work swiftly with e-commerce, better understanding, skills and collaboration is required. Post pandemic, more than 30 e-trade companies have partnered together to acquire more opportunities and gain awareness regarding the risks that raises due to COVID. Also, to identify the ways in which businesses in less developed and developing countries can work their way out through these risks. This step must be taken into consideration by all business men in order to flaunt their business.