The outburst of the global coronavirus pandemic has abruptly altered industry dynamics. This has created a shift in the consumer behavior patterns and directly affecting the e-commerce industry . Consumers now more than ever prefer shopping in a convenient, safe and hygienic manner and the e- commerce space meets all these requirements. Top India ecom Leaders foresee a high growth.
A market research before the Covid outbreak predicted the growth in the e-commerce market in India would reach 200 billion US dollars by the year 2026,s outbreak, surprisingly current trends suggest that the milestone of 200 billion US dollars may be accomplished a lot sooner than originally predicted due to an exponential rise in consumers opting for online deliveries amid fears of contracting the virus. This unprecedented scenario poses both challenges and opportunities for E-com companies. A massive decline in sales of fast-moving consumer goods due to restrained movements accompanied by a shortage in staff makes it arduous for companies to ensure timely deliveries. For instance, Grofers lost their 50% of workers due to the corona chaos and Amazon restricted deliveries to necessary goods.
Conversely, Swiggy and Zomato have adopted a contactless delivery approach to guarantee hygiene and attain customer satisfaction. With a rapid rise in screen time, online streaming platforms have sky rocketing transactions. Reliance has announced plans of connecting kirana stores with consumers by transforming their services with the help of digital logistics platforms.
The scope of e-commerce is flourishing as rapidly paced economies like India has the potential to optimally capitalize digital growth due to higher internet penetration and data speeds. MSMEs might expand by overcoming geographical barriers and competing with larger players in the same market. This upsurge might escalate employment opportunities. A drastic paradigm shift in logistics and supply chain is anticipated to produce advanced and efficient technologies.
The behavioral changes and development of Internet infrastructure during uncertain times have strengthened the roots of E- Commerce by completely changing the retailing landscape in a long run.
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