Many fintech sectors have been boosted by the pandemic and e-commerce is no exception. Due to extended periods of self-isolation, online shopping became more popular than ever before. Customers can order anything and everything online including food/beverages, cosmetics, toiletries, medicines, etc. Online shopping allowed customers to receive all of the products they needed while also remaining healthy by self-isolating.
Consumers are able to order these products in multiple ways including through mobile apps and simply on the Internet. These methods have proven to be much more convenient because customers can complete transactions quickly from the comfort of their home.
Many stores with online services will offer promotions and discounts in response to high demands. Though this was occurring before the pandemic, even more stores than ever before are offering free shipping for orders over a certain price point.
There was significantly increased demand for stores’ online shopping capabilities due to lockdown restrictions from the pandemic, leading to an incentive for stores to develop their e-commerce departments even further.
Food delivery services also peaked during the pandemic. Out of all European countries, the UK proved to have the largest food delivery market estimated at about $3.3 billion. The largest food delivery providers throughout Europe include Just Eat, Delivery Hero, foodpanda, Takeaway.com, and UberEats.
Looking forward, the frequency of purchases is already on the decline. Many customers are calculated and try to limit their number of visits to stores. Customers will also be trying to spend as little time in stores as well.
As the pandemic is still winding down, some customers will want to continue to limit their time spent in public spaces. In terms of sale strategy, stores will want to increase the visibility of brands and categories on sales floor to stay competitive. This will allow customers to quickly see where their products can be found to make for a speedy in-store experience.
Despite a dip in online shopping as pre-pandemic behaviors return, many experts in the industry expect an increased popularity of e-commerce compared to before the pandemic. A report from UBS, an investment banking company, has forecasted that the international food and personal care delivery markets will develop by 20 to 30 percent annually and reach $365 billion by 2030.
Online shopping has proven its convenience to consumers over the span of the pandemic. Any product one can think of is at the touch of their fingertips. Though figures may decrease a bit following the end of social distancing regulations, the industry will continue to grow and remain successful due to the convenience it offers consumers.
“How COVID-19 Influenced e-Commerce and What to Expect.” The Fintech Times, 28 July 2021, https://thefintechtimes.com/how-covid-19-influenced-e-commerce-and-what-to-expect/.