CoronaVirus is drowning small e-commerce business
Online shopping has become the most popular thing in world, As per new article on Researchgate.net Online shopping has obtained very important positioning in the 21st century. Today Everyone is busy and loaded with hectic schedule, hence online shopping has became the easiest and most suitable mode. Online vendors have changed the way of Physical stores use to perform. Market is struggling for those who are not digitizing in their business and for those Who still not able to take their brand online.
In this online space, many countries like USA, China & Europe were racing against each other, but now a new country has started it's participation and it is moving so faster that even getting closer to win the race as well. As per the news and latest surveys, India is holding many solutions on Internet power, it is described that their leader's vision is to Digitize the India and make use of Internet for all the necessary services. It is enhancing many start-ups and products online and major stack in all of them is, now every small entrepreneur is holding e-commerce stores.
India’s 21-day lock-down might be not impacting on online groceries stores, but the rest of the e-commerce industry is drowning in the Covid-19 epidemic.
The Indian government have restricted online sales of all goods except few necessary items like “food, pharmaceuticals, and medical equipment” until April 14. However, these three categories are only a sliver of India’s $60 billion online retail industry, which is dominated by mobile phones, electronics, and fashion.
The shutdown, therefore, could turn out be a body blow for most Indian online retailers who are already sitting on massive losses. “The lock-down is already impacting economic activity and will make it worse,” said Yugal Joshi, vice-president of Texas-based consultancy Everest Group. And it is considered that the lock down may continue with restrictions further after April 14 as well specially in the most effected cities.
On March 24, the country’s largest online retailers, Amazon & Flipkart, restricted customers from placing orders.
Amazon said it would prioritize delivery of “critical” items such as household staples, packaged food, healthcare, hygiene, and personal safety products. “This also means that we have to temporarily stop taking orders, and disable shipments, for lower-priority products,” the company wrote in a blog post.
Flipkart also flagged off the lock-down by ceasing all operations, and a few hours later, resumed grocery and essentials deliveries.
India’s online retail industry includes many players that are focused on niche verticals such as the eyewear seller Lenskart, fashion portal Myntra, beauty products seller Nykaa, furniture major Pepperfry, and lingerie e-tailer Zivame. Now in this situation, all the niche e-commerce platforms are finding it very difficult to keep running their business, if this epidemic continues like this it may result in failure of many online business, and big drowning in IT employment and start-up engagements. It is already believe that this unfortunate virus has send many countries 20 years back in their development and they may need to start fresh again. Indian is still struggling to get this situation under control but as per the reports coming out for small and niche businesses, it is for sure in India, we can expect the tsunami of recession.
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