The outbreak of Covid-19 had a great impact on every sphere of life. The Coronavirus is indeed a health concern that is and will continue to impact buying patterns and business execution in the coming weeks and months. Since Covid-19 has been hitting the country with its global impacts, it’s for sure the most difficult and the trickiest time for the retail sector as the footfall at stores has dropped in leaps and bounds because people are staying indoors. They are advised for avoiding public places and encouraging social distancing. The government is also coming up with orders of nationwide lockdown. Retailers are also shutting their stores in order to prevent the further outbreak. Therefore, the e-commerce has become the solutions to the problems of so many out there and is seeing an upsurge in traffic. People from affected areas have been talking about the changes in the lifestyle, the opinions and reactions brought about by the Covid-19. It has resulted into many traditional offline stores to launch their collection online-to-offline.
Growth Of ecommerce sector
The footfall at the physical retail stores is unendingly decreasing due to Covid-19, following the instructions and guidelines from the government, the stores are shut due to the lockdown and customers are heading towards online purchase more. So certainly, this is an interesting time for ecommerce to boom. Other countries such as Vietnam and Russia have also seen their populations turning to ecommerce more often to shop – with increase of use measured at 57%, and 27% respectively. Walmart saw a 160% growth because of it’ standalone grocery app called ‘Walmart Grocery’. This could be good news for the Internet usage is up 50% in some parts of the world as more aspects of our daily lives have moved online. Gaming industry in a time when other market sectors are struggling as the general public make significant changes to their lifestyles in order to help slow its spread. Internet usage has also gone up to 50% in some parts of the world as more aspects of our daily lives have moved online.
Risks and challenges involved
If the situation continues to be like this in coming days, it might not be the case that all e-commerce sectors will get benefit and it will have an enduring impact on the overall economic growth in the country. The e-commerce sector is divided into two categories. First, the categories which are more likely to increase during the current scenario and the other which might see decrease in it’s demand altogether. People might take a step back from spending on fashion apparels leading to a downfall of the Luxury market by shutting themselves , as they are making sure to well stock the needed goods, first.Merchants should keep a check that the systems that they have are fully prepared to deal with increased fraud attempts and various methods of attack.
Online businesses will also be greatly impacted as both rational and irrational fears take hold.
Avoiding brick-and-mortar stores. The term "brick-and-mortar" refers to a traditional street-side business that offers products and services to its customers face-to-face in an office or store. With such uncertainty, many people are understandably hesitant about gathering in crowded public spaces, and that is hurting traffic to physical retailers.Within the travel industry, there has been a 9.8% decrease in flight reservations worldwide.
Business for sure will take more than a year to come back , and as world Is effected , so good solutions for everyone will come out . As the situation unfolds over the next few weeks, we hope that the situation finds a balance for running the operations efficiently and productively.
Stopping this pandemic may require few steps that repeated shutdowns of the retail outlets which would save lives but would also hit the social well being in terms of lost jobs and livelihoods. Therefore, it’s the high time for the retailers to adopt the Adaptive business practices at this crucial stage.
As per the latest trends the companies exploring the E–Commerce space are experiencing more growth and opportunities. Even at Liberty shoes we have been able to cater to a youthful and fashion conscious customer base online. We track our repeat purchases, which leads to encouraging results. Our marketing team is running online marketing strategies that have yielded good results and have led to the better connectivity with the customers.
The article has been authored by Anupam Bansal, Director Retail, Liberty Shoes