As currently just in a span of three to four months, panic buttons are on the rise in the global economy, for the pandemic of COVID 19 has forced the entire world to be in a state of complete lockdown. Coronavirus is spreading across at an alarming rate, severely affecting the entire economy and throwing it to a state of recession. Thus, to cope up with the downward trend at this turbulent corona period, most business houses are welcoming the eCommerce way to run their business, instead of following a traditional business approach.
As the coronavirus pandemic is on the rise, it triggered hysteria among most of the consumers, wherein they are anxious to go out for purchasing, on a frequent basis. Again, some other associated issues increasing day by day includes unnecessary stocking up of goods, spreading out incorrect information, and getting psychologically afflicted. Hence, it is causing both the demand and supply market to get impeded, as due to scarcity of labor, operational loopholes are created between the two, affecting the businesses to incur heavy losses. Impact of COVID 19 on diversified sectors boosting eCommerce against traditional businesses
A critical economic consequence is noticed in the hotel industry, as well as in the food and beverage sector. As lockdown continues in most areas of the country, dine-in restaurants are compelled to shut their doors, or altering their way of accepting and delivering orders preferably in the online mode. While some of them are still operating with preventive measures like Zomato and Swiggy, most of them are forced to temporarily close their operations. But in fact, a major portion of the customer base is sceptical about the health regulations taken, so demand is not up to the mark for these businesses. The news, media, and television industry is telecasting their contents through web-based sources. During the lockdown, as per Government orders, essential goods are made available to the public continuously. The print media mostly resorted to update their apps, websites, and associated online channels. Thus eCommerce has secured a giant leap to transform the printing media from traditional printed form into electronic platform.
Now, in case of conventional multiplexes and cinema halls, it is difficult to transform them right away. Nevertheless, quite a number of film houses are taking up the digital mode, wherein new video editions are made available on the popular video streaming channels online. As due to the pandemic, strict rules are applied against social gathering, so even after lockdown is over, movie halls and theatres are less likely to be crowded. Hence, the online mode is safer and most importantly can be reached to a greater number of audiences. As most of the companies have permitted their employees to take the work-from-home option, due to the social distancing factor, companies have resorted to the digital platforms. Interviews and meetings are now conducted through online video conferencing mode under different digital platforms like SparkHire and HireVue for interviews, while TeamViewer and GoToMeeting for team conferences.
This lockdown has forced many retail outlets to adopt the digital mode to sale their products, which mainly includes essential commodities. Precautionary steps are taken to sanitize the products in the entire supply chain from purchasing to delivery procedures. Thus in such chaotic times, most retailers are relying on the digital mode to market the essentials to a majority of customer bases. Again, these retail firms use the latest technology to ensure a same-day with same-slot delivery for utmost essentials. Moreover, increased demands are easily met through flawless route scheduling done effectively. Again, customers can prioritize their orders, specifying their preferred slots and locations. Therefore, in these uncertain periods, eCommerce and logistics businesses have supported each other to gain more importance to keep the customer satisfied. Thus, many sectors have now understood the benefits of eCommerce mode against conventional methods, which were once reluctant to enter into the digital form of business. However, the great advantages of eCommerce business will hold back these industries to return to their traditional operational modes once the lockdown is over. The approach of the customers may or may not change, but it is true that this coronavirus pandemic has extensively metamorphosed the traditional modes of operating a business into more contemporary approaches.