The pandemic has reshaped just how businesses function and for the country’s e-commerce industry, the crisis has presented various opportunities to evolve and thrive.
As economies around the world gradually reopen, life is slowly inching back again to normal after some lockdowns and over half a year of pandemic-induced mayhem. However, the impact that the COVID-19 pandemic has provoked on both businesses and humanity is large-scale within an unprecedented way. India has been among the worst-hit countries with the amount of cases soaring every day. While businesses have borne the brunt of the crisis, they also have evolved to an excellent extent. The pandemic has reshaped just how businesses function and for the country’s e-commerce industry, the crisis has presented various opportunities to evolve and thrive.
Among the important elements powering this evolution of the highly lucrative e-commerce industry is changing consumer behavior. Online shopping has gained immense traction and transformed drastically recently. A written report by Bain and Flipkart estimates that by 2025, you will have over 350 million online shoppers in the united states, and consumer behavior in this segment has been evolving continuously. Here are several areas where consumer behavior in online shopping has evolved as a result of pandemic.
Locally sourced products top the charts
Until recently, a the greater part of people chosen imported goods from various countries. However, the pandemic hasn’t only disrupted supply chains, rendering it extremely difficult for goods to be transported long distances because of movement restrictions but in addition has reveal the staggering amount of dependence that India is wearing China and other countries. The ‘Vocal for Local’ movement has steadily been gathering popularity as people gravitate more towards home-grown brands and support smaller businesses and locally sourced products. This not merely hands over the reins to local e-commerce sellers and third-party aggregators who can capitalize on the demand but can be a major part of creating a self-reliant India. Deciding on locally made products is probably the biggest shifts in consumer behavior.
Health insurance and hygiene take precedence
After half a year of complete lockdown, this is a no-brainer that safety, health, and hygiene have hopped to the most notable of the priority list for both businesses and people. In the web shopping segment, too, there exists a notable shift in consumer behavior as consumers have moved from aggressively searching for fashion apparel to products for better health insurance and hygiene. Post the Unlock Phase-I, the demand for medical and beauty segment surged to 32 %, underscoring the changing consumer behavior where products in medical well-being department receive priority when compared with other products.
Online shopping and hyperlocal deliveries will be the way forward
In today’s fast-changing world, where Internet and technology are omnipresent, people prefer quick doorstep services-and this pertains to shopping too. Although the pandemic has given a boost to online shopping, the transition hasn’t been out of nowhere. Online shopping is becoming ever more popular and players in the e-commerce industry such as for example aggregators and sellers are actually seeking to create a seamless post-order experience for customers. That’s where hyperlocal deliveries enter into the scene. Since hyperlocal deliveries focus on a smaller geographical area, brands can fulfill same-day and then day deliveries, thus ensuring immaculate customer experience and boosting client satisfaction, retention and acquisition.
Social media: The shopper’s stop
The advent of social media has truly been a revolution of sorts in a global driven by technology where everything is obtainable at the click of a button. The pandemic has led to people spending additional time indoors looking at their social media newsfeeds, purchasing, and reviewing products. To keep customers engaged, brands have finally shifted to social media platforms such as for example Facebook, Instagram, and Twitter by integrating their websites with these social media networks to connect to customers and build their brands. Social media and online shopping through social media are trending which trend will probably remain the same even in the distant future.
Consumer behavior in online shopping is evolving rapidly and companies are discovering innovative solutions to focus on consumers’ demands. Digitizing the business enterprise is among the first steps that companies may take to produce a wider reach, and aggregators are doing that to enable small-time sellers to take their businesses online. Although it is not easy to state if the existing trends will remain, a very important factor is for several – the pandemic has transformed the web shopping segment and consumer behavior will continue steadily to evolve later on.