The sudden surge of COVID-19 had various adverse effects. It resulted in trading losses which led to near closure of global economies. Online shopping websites were one of the very few sectors of the economy that received a positive boost due to COVID-19.
It is imperative to analyze the trends of online shopping before coronavirus hit. To fully understand the trends that followed in online shopping websites. The pandemic’s effect on e-commerce can be further sub-categorized for deeper analysis. While some segments like medical equipment and medicines saw an unprecedented increase in sales. But others like automation parts saw a record low.
Shopping: Then and Now
The trends of online shopping websites can also be subdivided based on generations. For instance, the millennials changed their purchasing behavior from spending on experiences to stocking and hoarding. Whereas, the older generation did not feel the need to make any significant change in its purchasing behavior. Further analysis of online shopping websites pre and post the pandemic hit shows grocery shopping saw an exponential increase in mid-March. Consumers now find it safer and easier to resort to online shopping for essential grocery products rather than visiting nearby grocery stores. There is an upward trend as more and more people are buying via online shopping websites.
By looking closely at the revenue generation of online shopping stores in the past and more importantly in the present day, the future of online shopping looks bright. COVID-19 has allowed the world to shift towards a more digitized international economy faster than it would have shifted otherwise. The skyrocketing of the shares of Amazon during the pandemic is a prime example of the customers becoming increasingly comfortable with e-commerce and buying a diverse range of products online.
Future Of Online Shopping
The future is digital. The current buying patterns of the customers during the pandemic have made this a stark reality. More and more people are becoming comfortable with placing orders of their favorite items online. The pandemic not only made online shopping sites a household name but it also made shopping from online sites a necessity. More people are making themselves acquainted with the process of shopping online. This has increased traffic and subsequently the revenue of the online shopping websites. The increased flow of cash has allowed online shopping stores to make their websites bigger and better. This has increased the number of products offered and the online shopping store creating more accessible websites.
Why Online Shopping is getting popular
With every successful order that is currently being placed, consumers are becoming increasingly aware of the pros of shopping via online shopping stores. The customers are realizing that online shopping is cheaper, more accessible, and more convenient than shopping in person. Most products that are not available locally are easily accessible through online stores worldwide. This has helped to expose the customer to products that were never available before, in the local market. This is also resulting in online retail sites to become more attractive for the consumer. Thus, online shopping websites will see increased traffic in the future.
The fact that online shopping websites display the same product available from multiple vendors, is a great selling point for online shopping stores. A customer feels more at ease while comparing the price and availability of the same product from different vendors. This makes the consumer weigh the advantages of online shopping in comparison to conventional shopping. This advantage of online shopping has allowed online shopping stores to attract an audience that never shopped online. Needless to say that in the post-COVID-19 world online shopping sites will do excellent business.
It is also essential for online shopping stores to make their websites available in languages other than English to engage a wider audience. More audience will in almost all cases lead to more revenue. With a few indispensable changes, online shopping stores will become the most successful business models in the post C0VID-19 world. The pandemic has brought a wide range of audiences to online shopping stores. Now, online shopping stores have to learn to sustain that audience for a better and brighter future.