The lockdown restrictions as a result of Covid-19 have been tough for many people, especially for business owners. Because of physical distancing practices, shopping malls and retail stores can not accommodate large numbers of people as a safety measure against the spread of the virus. In effect, many businesses had to close down because of a huge decrease in sales. Fortunately, there is a solution for these business owners to keep selling their products. This is made possible by pivoting to online selling platforms. In this article, we will talk about the ecommerce industry and its vital importance to our economy.
Why the Ecommerce industry is necessary
The ecommerce market was already popular in the Philippines during the years before Covid-19. Because it offers such a convenient way of shopping for items, it has attracted numerous consumers across all age groups. From everyday supermarket essentials to fresh gadgets, it has changed the consumer behaviour of several Filipinos. With just a smartphone or even a desktop, you can purchase your toiletries, appliances for the home and even new novels and expect it to be brought to your door step promptly. A document from iPrice Group, an online shopping aggregator, says there is a rise of more than 2 million visits per month on mobile programs and sites of ecommerce platforms in the Philippines since the start of the lockdown.
In the Philippines, MSMEs provide about 63% of the country’s employment which makes them very essential. These companies were severely hit by the pandemic since people were restricted from going out of their homes and visiting their stores. Transitioning to online marketplaces became the next big move they made. By doing so, these companies were able to maintain their revenue streams, keep employees and support the overall economy of the country.
For example, a company selling apparel in a shopping mall before the pandemic can now use various online selling platforms to showcase their products and get customers. Obviously, a consequence of the growth of online shopping is the growth of ecommerce logistics companies. These logistics companies support the entire ecommerce industry structure by moving goods from the seller to the doorstep of the buyer.
Ecommerce Industry in the coming years
The long run of this ecommerce industry looks bright in the Philippines since many consumers welcome the shopping convenience it provides. A study from an industry research firm claims that nearly 50% of Filipinos will keep on shopping on the net after the pandemic is over. This goes to show that more and more Filipinos welcome the thought of utilizing their tablets or desktops to purchase items as opposed to going to shopping malls themselves.
