The Future Of E-Commerce Blooms Amidst The Pandemic
With the ongoing pandemic, many businesses have declared bankruptcy except for a select few banks on a digital platform, like e-commerce. Let us look at how the world of online shopping continues to evolve during and even after the pandemic.
Technology has been a prominent driving force in the ongoing pandemic. With everyone stuck inside their houses, technology has provided a relief from the monotony of being inside the house with various entertainment channels like social media and Netflix. More than that, technology has made it possible to do activities that would require people to go outside of their homes. Individuals can order food, groceries, and other shopping items with their fingertips’ touch, and it can be delivered in minutes! Indeed, the pre-pandemic, the world of e-commerce, has been taking strides with rising percentages of revenue and growth. With the pandemic, this has further boomed the e-commerce industry with substantial growth that can continue post-pandemic.
The Future of E-commerce
The wormhole is a technology platform currently in Beta version that offers individuals the opportunity to shop and an opportunity for them to interact and, better yet – a bargain for the best prices! Think Simcity goes online shopping with real items that can be delivered to your doorstep. Each person has an avatar that they can maneuver to different shopping avenues. Wormhole also provides notifications when their ‘friend’ in the wormhole app appears and starts shopping. This means that groups of friends can finally shop together – virtually! Wormhole partnered with MagicLinks, a social commerce company that works with influencers and brands.
The Future of Shopping
In April, a survey research data shows that less than half of US consumers felt safe shopping physically in various stores and shopping malls. Consumers also expressed interest in knowing the social distancing safety protocols of stores for their safety and store workers’ safety before considering shopping in a particular store. Also, 59% of consumers state that knowing the store is not crowded is an important factor in shopping in a particular store. With all these stringent protocols, in-person shopping becomes more difficult, hence people have shifted to a more accessible version of shopping – online shopping! More than that, financial experts foresee that with consumers’ new shopping habits, the shift to e-commerce will not end after the pandemic. Since online shopping is easier and more accessible, people will naturally prefer something safe, easy, and accessible. With technology continuing to evolve, there are many creative ways that establishments can market their products. For example, live streaming or live selling has been a relative success in Asia sites such as China, and the trend to broadcast your products to potentially millions of clients in just a single click. This marketing trend is slowly being brought into the western world, with the US forecast of revenue for about $25 by 2023. Indeed, with technology, marketing evolves with it, together with consumer behavior. The future of commerce is becoming brighter with the digital platform.