There is no doubt what a pandemic has done to the world’s economy. No country has been left unaffected due to the covid-19 pandemic. Moreover, every adversity has a hidden opportunity inside it. As people were locked inside their houses, many businesses were shut down due to lockdowns. Above all, the pandemic has accelerated and shifted the economy to the digital world. As a result, the eCommerce industry boosted up due to the pandemic.
The survey was conducted by one of the eCommerce associations, they have concluded that on an average basis the online purchases have increased by 5-10 percent. Moreover, the categories that attract the most numbers of sales are electronics, gardening, DIY, Pharmaceuticals, cosmetics, furniture and household products.
On the other hand, average monthly spending on eCommerce purchases has dropped in both developed and developing countries. Consumers are likely to postpone the larger expenditure due to covid-19. Moreover, consumers have more focus on just spending on essential products or services.
Today, many countries are in the race of developing the most effective vaccines. Moreover, government officials are gearing up to increase the speed of vaccination. But, covid is affecting every country in waves. A single wave has the potential to affect an economy. Above all, it is clear now that covid is not going to disappear soon, we have to fight covid in the long term. Therefore it will continue to affect economies, this is one of the reasons for the long term growth of the eCommerce industry.
So people will continue to follow this trend and the average online purchase will increase over time also, average spending will continue to fall as people are aware of the financial crisis due to the covid-19 pandemic.