- Competitive products
- Pressure on operating margins
- Rapidly evolving consumer buying behaviour & demand patterns for personalised products
- Faster Time to Market
- Regulatory compliance
The global retail e-commerce market is expected to witness high growth during the forecast period, favored by growing digital dependency and convenient online shopping channels. E-commerce evolved amid a busy lifestyle and a plethora of options available to shop from the comfort of home. Convenience is the major factor driving the overall online shopping market growth. Moreover, lower prices compared to brick-and-mortar retail stores further attracted price-conscious customers to browse online. Customers can find their interested products by visiting the website and gain additional insights on various products.
Shopping over the eCommerce website has multiple benefits, including multiple payments and goods options, home delivery, and easy return, among others. The simplified and user-friendly website allows easier navigation of various product categories with the help of the search system, thereby increasing the indulgence of the consumer. Moreover, eCommerce websites aided in reducing rush at stores, increasing the reach of retailers, and allowing "shop from anywhere" to the consumer with a hectic work schedule. Additionally, the door-step delivery further eradicated transportation or traveling trouble while websites remain active 24*7 for shopping.
Online retail has made products more accessible to the consumer across the countries, which is proving vital in the 2020 global crisis due to Coronavirus pandemic. The severity of pandemic has affected the daily life of people across North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa (MEA). Social distancing has been used as the most effective tool to across the country to stop the third stage of infection called "community spread'. Hence, governments have been imposing lockdown or curfew to restrict the movement of people on the street. However, the curfew situation has created panic among people regarding the fulfillment of their basic necessities, which led to overstocking of food and grocery items. Although the government has been allowing grocery and medical stores to operate for a stipulated time, the pandemic is restricting people from visiting crowded supermarkets.
During the lockdown and self-quarantine period, the internet has played a crucial role in keeping people connected. The internet is being leveraged not only by the company to allow "Work From Home' (WFH) but also gives freedom to order online without venturing out of their home. The shopping on an eCommerce website is allowed by the government provided workers in warehouse's and delivery workers are taking care of the hygiene factor in the process of shopping.