COVID-19 episode started in China and ultimately impacted the whole world. Not only people’s health is affected but our complete daily routine is under transition. In a situation where people are only advised to leave homes when necessary, the previous retail system is totally transformed today. Big retail stores such as Walmart and Target had to close their stores in the aftermath of COVID-19. Moreover, people are spending less on entertainment and related activities overall due to sudden economic recession. In such circumstances, people started practicing social distancing and kept on performing vital errands online. In such a way, they were able to avoid unnecessary interactions with the outside world and people.
This led to a boost in the e-commerce industry, enabling people to operate from home and receiving their parcels at the doorsteps while letting local digital businesses recover from the economic shock. Since there is no certain time for when the world can be COVID free completely, or for when we discover a vaccine, hence, those retail businesses that were resistant to following pre-COVID strategies have experienced a massive downturn overall. On the other hand, businesses that already had some or all part of their services functioning through e-commerce platforms have been maximizing their profits. We have such great examples of big e-commerce businesses that have expanded massively during coronavirus lockdown. Amazon Business model has been recalled by the world that has successfully capitalized on a global pandemic and will continue to grow even more in the coming times due to its amazing services accessible through digital technology. Amazon started the year with $1847 and is now at #3347 which is a massive growth. Also, another main reason accounts for simply a sudden competition deficit in this industry worldwide. Another successful example of a digital business where sales growth surged high during COVID-19 includes Alibaba, which was being traded at $207 at year start and is now being traded at $269.
These digital businesses have paved a leading path for others to follow and shift towards e-commerce because the future encourages a digital industry where buyers and sellers can interact virtually worry-free. The world has now transitioned towards digital operations that can save businesses from the COVID crisis. These operations include digital marketing as well as retail and delivery services. In the aftermath of the global coronavirus pandemic, the future of local as well as international businesses is secured only through e-commerce. What the smaller pre-COVID businesses can do is to shift to e-commerce and provide services online to their local costumers. The same goes for international businesses. The coming era will be dominated by the e-commerce industry and it is high time now that we adopt these new trends and recover from the COVID-19 economic recession.