The pandemic-driven economic downturn is already showing a devastating impact, with experts claiming the real storm is just beginning. Add to it a widely accepted notion that the world economy will not start recovering before 2023, at best, and at a slow rate. Everyday we see many (previously healthy) businesses going bankrupt, everywhere. The forecasts are not shinny. Such a turmoil is forcing companies of all sizes and industries to adapt faster and harder to the digital revolution, in order to stay afloat and survive. It’s the old “Adapt or die!” paradigm on steroids.
eCommerce, however, is moving on a complete opposite direction. Due to the pandemic and its consequent lockdown measures all across the world, consumers’ mindset has been shifting towards online shopping at even faster pace than before.
Online commerce has been steadily growing year-over-year throughout this last decade (2010 – 2019). But the growth rate has clearly more than doubled in the first half of 2020, in comparison to the average numbers on previous years. Some analysts at McKinsey & Co. are claiming that ecommerce grew in three months what was expected to grow in the next ten years. Also, Microsoft CEO Satya Nadella claimed recently that “We’ve seen two years’ worth of digital transformation in two months”.
It is now clearer than water that all businesses, of any size, all across industries and geographies, need to fully embrace somehow this ongoing digital revolution. eCommerce is just one component of it. Many companies are compensating their shrinking in traditional retail sales with increasing amounts of online sales. If your company is still locked out of the digital realm, what are you waiting for?
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