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What 2020 brought to the business landscape.

Since the beginning of the COVID-19 outbreak in 2020, there was no doubt that the events were to have their implications for the eCommerce development industry. The outbreak took an unexpected turn and shifted the economic balance of power in favor of eCommerce. 

According to the latest statistics, the outbreak had massive effects on eCommerce; where total revenues -generated from online shops- have increased by over 50%, along with spendings which have increased by almost 20%.
The exponential growth of the virus, although tragic, helped us see that, in the next few years, no business would survive without its eCommerce platform. Mass isolation and quarantine made people discover the importance of eCommerce, resulting in a remarkable acceleration in the use of different eCommerce websites and platforms. 

So, what the fuss is all about when it comes to eCommerce?

In the recent years, eCommerce has been playing a huge role in our daily lives. And without realizing it, its role grows and escalates year by year, or even month by month. Most of us have asked ourselves at one point or another, why eCommerce? What makes it so special, and so important to business?
After conducting a thorough research, I have come to believe that its importance comes from exactly two words: Cost reduction and Market reach.

1- Cost reduction:

Imagine as a business person, you have the ability during an economic recession, to downsize your costs, without downsizing your business.

  • eCommerce reduces the process costs: in distribution, logistics and retrieval.
  • eCommerce reduces or eliminates the costs of managing the warehouses, and their utilities.
  • eCommerce reduces the immense advertising and marketing budget.
  • eCommerce reduces the vast amount of boring paperwork. 
  • On a larger scale, and considering the customer base and society, eCommerce also reduces the overall costs of the sold product.
  • eCommerce reduces travel costs for customers and buyers, as they do not have to travel long distances to get what they are wishing for. Instead, eCommerce websites offer cheaper and more practical alternatives.
  • Most importantly, eCommerce saves so much time for all the people involved.

2- Market reach

  • eCommerce allows businesses to sell whatever is requested, countries apart, to your customer’s doorstep.
  • Markets penetration: imagine you can operate & sell your products or services in the other side of the globe in matter weeks, once you develop an eCommerce.
  • You can give your customers an even more insightful experience by allowing them to view other buyers opinions.

Businesses are actually thriving during crisis!

Many businesses have benefited from the recent events, and obviously enough, logistics is on top of the list. Based on the latest statistics, the following sectors are the ones you must watch closely (or invest in), for the upcoming time:

  • Logistics.
  • Telecommunication.
  • Pharmaceuticals.
  • Chemicals Manufacturing.
  • Education.
  • Healthcare.
  • Agriculture.
  • Computer Hardware.
  • Software.
  • Media Production.
  • Wholesales and Retail.
  • Banking and Insurance.
  • Manufacturing: Home Appliances.

The bottom line is, eCommerce is not optional anymore, it is highly unlikely for a business to survive without its own eCommerce website ever again, the recent events made (and is making) that very clear.
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