The e-commerce industry continues to evolve and experience high growth in both developed and developing markets. The traditional brick and mortar stores are experiencing slowdown as consumer shift their buying preference online. Further, the COVID-19 outbreak has accelerated ecommerce sales as consumers are forced to stay home.
Several other e-commerce-related challenges have arisen or been further amplified during this pandemic. These include price gouging, product safety concerns, deceptive practices, cybersecurity concerns, the need for increased bandwidth, and development-related concerns.
Governments around the world have encouraged online purchasing as an alternative to physical shopping, and consumers have adapted their shopping patterns and behaviors to minimize risks of getting infected.
The result has been a spike in online purchases of some products, as well as an increased demand for a wide range of digital services, as many consumers resorted to online shopping. Several brick-and-mortar businesses have therefore shifted resources to e-commerce.
Automation and Artificial Intelligence in Ecommerce Platforms : Ecommerce automation eliminates many of the manual, repetitive, and time-consuming tasks that reduce productivity and the ecommerce platforms are now being equipped with embedded AI tools that power merchandising insights, automates tasks and provide personalized recommendations to shoppers. Customer’s historical interactions with brands.
Integrating Blockchain Technology in Ecommerce Platforms: The consumer data of an online platform if stored on cloud or on-premise is always vulnerable to cyberattack. Blockchain, due to its decentralized nature and use of complex encryption technologies, is almost immune to cyberattacks.
The pandemic has highlighted the crucial importance of the digital economy and the urgent need to bridge the digital divide both within and across countries. The implications of the COVID-19 pandemic may last for a long time, and e-commerce in goods and services will need to continue to adapt to the new environment. The COVID-19 pandemic has made it clear that e-commerce can be an important tool for consumers in times of crisis, and that it is also an economic driver.
Here, in this report, we discuss the performance of the Ecommerce and how they have been impacted by the C-19 pandemic :
For details on each of the above company and industry overview, please feel free to refer to the following compendium reports from CrispIdea.