Ecommerce in the COVID-19 Era
The Year ‘Viral’ Gained New Meaning
Rounding the corner into the second year of a near-complete disruption in every facet of life, the COVID-19 virus is still on pace to wreak havoc. Nary an element of public and private interests has been shaken to the core, with forced quarantines and stay-at-home orders, business closures, pared down access to essential services, and education interruptions.
The good news is a recent release of long-awaited vaccines that experts say will begin to slow the spread in a significant way. The not-so-good news seems to reflect resistance among a substantive number of skeptics who, for one reason or another, may not partake.
Overall, we are heading in a good direction. And if you are engaged in online commerce, you should feel relieved to discover that the uptick in ecommerce business that began last year is likely to continue. Some smaller entities experienced a noticeable increase in sales, while major retailers and top brands grew exponentially. Market analysts believe the ecommerce industry is the most prolific beneficiary of the COVID-19 debacle, with penetration rates exploding from their current level of 15 percent to 25 percent by 2025.
This did not happen in a vacuum. As consumer habits and preferences have evolved over time, many have enjoyed the convenience of digital shopping. Not only has online commerce become more and more popular, but using a device to find and purchase goods has become one of the most popular activities conducted online. Ecommerce sales are projected to grow from $1.3 trillion in 2014 to $4.5 trillion in 2021. This increase can only be considered revolutionary.