The world’s rebound from Covid will be an interesting thing to witness. With extended lockdown periods, people really have adopted online shopping and the growth is unlikely to slow down in the coming years. Recent research shows that the global Retail Ecommerce to grow at 3.53tr USD by 2023.

This is two times the growth predicted before the pandemic. The covid-19 situation has flipped the world upside down. And the assumptions made earlier are up for a toss. The widespread adoption of eCommerce throughout 2020 has lead many companies to scale their revenues and even deploy new strategies to compete in this growing market.

The marketing budget has been increased two-fold into eCommerce businesses. With an increased budget, the eCommerce infrastructure is likely to improve in the coming years. Giving consumers the best of what they have is the only way to compete in this market.  

22% of all sales worldwide is going to be online by 2023. This unprecedented adoption is making brick and mortar businesses adopt both online and offline sales model. With sudden consumer change, we may even witness new business models being invented to serve the growing consumer needs. 

Some retail stores that were once the biggest contributor in the industry are now seeing a decline in sales. And the underachievers are now performing well. All this upheaval only points out one thing – those who fail to adopt online will see their sales revenue declining in the coming years. With local e-commerce becoming a thing, big brands need to invest more in building their local network.  

Those who have pivoted their strategies to the changing market and consumer needs are already witnessing traction. Areas they have addressed include distribution, marketing, planning, building local network and infrastructure pricing and delivery.