Covid-19 impact on E-CommerceBy MorningBag.com

Covid-19 impact on Indian economy

India's economy to shrink by 3.2% in FY21, says World Bank India to lose tag of fastest growing large economy to China for

another two years The country's economy grew 4.2 per cent in 2019-20, the slowest

in 11 years. It, however, stressed India’s economy should bounce back in

2021-22 and pegged growth at 3.1 per cent. Still, it is lower than 4-5 per cent growth 

Covid-19 impact on E-commerce in India

e-commerce sector in India is estimated to have lost $400 million worth of sales during the last week starting with the 'junta curfew' on March 22.

But now e-commerce market in India is set to grow at a compound annual growth rate (CAGR) of 19.6% between 2019 and 2023.

online contribution to India's FMCG sales rose nearly 50% year-on-year in the March quarter as consumers.

 e-commerce contribution to overall sales doubled to 8-10% from pre-Covid average . 

Covid-19 impact on Global market

Impact on online consumer behavior

Consumers now want on-demand products and services – whether it’s food delivery, groceries, fitness courses, telemedicine, conferencing, learning or entertainment.

 A large majority in India (77%) believe the shift to contactless payments is here to stay.

hopping in India has also shifted online as 86% of people feel that hygiene concerns are here to stay.

How Brick and mortar business recover this

CLOSURE OF BRICK MORTAR RETAIL SHOPS HAS SIGNIFICANTLY AFFECTED THE REVENUE OF THEIR BUSINESS NEGATIVELY. BUT THEY CAN REVIVE THEIR BUSINESS BY:1. GOING DIGITAL.2. USE STRONG PUBLIC RELATIONS3. ENGAGE CUSTOMERS THROUGH SOCIAL MEDIA MARKETING & E-MAIL

MARKETING.4. SELL ESSENTIAL PRODUCTS AT LOW PROFIT MARGIN.