Growth of E-Commerce Platform After Pandemic

Nowadays, making an online purchase has become routine, and people are likely more interested in online shopping instead of going to offline stores. As the COVID-19 pandemic hit the world, consumers began to shop online frequently due to many restrictions. As you read further, you will get to know how e-commerce is transforming and growing compared to retail stores.

Thus, the many stores like departmental, medical, and food stores see a massive decline in revenues. Moreover, retail E-Commerce has grown to $211.5 billion, which is $31.8 up from the first quarter.

Future of E-Commerce in 2023

To give you more ideas about E-Commerce growth, here are some trends.

  • E-Commerce Trends After COVID-19

After the pandemic, E-Commerce firms saw a significant boom as people embraced social distancing. People mostly preferred to order online rather than going to a store. In addition, most retailers and businessmen stepped up towards transforming their businesses online. They are using the benefits of technology that helps to connect with their customers and expand their business globally with the help of digital technology. Let’s take a look at the top trends of E-Commerce:

(i) New Product Categories

The grocery E-Commerce sector is growing at a fast pace. Around 20-30% of businesses now have moved online as of the pandemic’s peak. The online penetration of groceries has shifted from 9% to 12% by the end of 2020. So, E-Commerce is growing and people are grabbing new opportunities to increase their sales.

In just a matter of months, the landscape of North American grocery E-Commerce has accelerated from the last three to five years. Goods spending is increasing year by year on home gym equipment. People are more interested to buy frozen goods as well. Thus, the household equipment and furnishing sector grew by 5.7%.

(ii) Fresh and Frozen Categories Gained More Traction

All the grocery categories experienced a massive increase in the E-Commerce platform over the last twelve months. Such as household care, snacks, personal and packaged food are leading the market. On the other hand, categories that have less presentation online, such as frozen food, fresh meat, and including daily products, also saw a massive willingness to buy online.

(iii) Contactless Payments

Practically, we can say that online transactions can’t replace them compared to single in-purchase transactions. However, people around the world make online payments of around 22.2% every year.

(iv) Consumer Convenience is Now More Important Than Before

Consumers are willing to pay the premium prices or fees on groceries purchases. But, the number of people interested in it is fewer who actually want to spend on premium services. Due to pandemic crises, grocers offer lower service fees for E-Commerce that are “same as in-store pricing.” On the other side, grocers face higher costs to serve e-commerce. Thus, to sustain the business, grocers will need to make value propositions profitable with various levers. 

  • Conclusion

Post pandemic, E-commerce is omnichannel for the consumers. So, at the end of this article. Will E-commerce platforms grow continuously? What is the future prediction of the E-commerce business? Retail E-Commerce sales will increase by double digits by 2023 worldwide. So, in the future, choosing between online sales and stores is not the answer. Instead, making a compelling experience for consumers will be more beneficial for survival in this industry.

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