By Angela Gala Gonzalez
The COVID-19 economic shift
I believe the COVID pandemic is already one of those events that marked a before and after universal history. As was the French Revolution in its time, or the fall of the Berlin Wall in the last decade of the 20th century, so is the impact of COVID-19 on current economic trends.
COVID-19 made the difference in a world where commercial relations still had characteristics similar to their beginnings, where the exchange of goods closed with a handshake. We were all forced to learn a new form of relationship, which was possible because communications technology has reached a vertiginous development until today.
The world expected that the balance of trade relations moved to the virtual environment, only much more later. Well, COVID-19 sped up the process, and now people are getting used to the virtual environment. Many detractors became adept, and those who had not explored this world were forced to do so and found it very satisfying.
Some trends are outlined in the world e-commerce report as follows:
- First, the COVID-19 pandemic substantially altered trade patterns, at least in the short term.
- It has reduced the volume and changed the international trade balance, disrupting traditional supply chains and putting additional pressure on transport, logistics, and border controls.
- It has encouraged online shopping and services in domestic markets where motion controls and consumer anxiety have discouraged physical transactions.
An impact seen as a result of the general reduction in the economic activity that is important both during the pandemic and for the subsequent recovery has been the adoption of e-commerce due to the need for a lot of training to move online (COVID-19 eCommerce: A Global Review).
However, there are still many challenges to face.
The increasing prevalence of digitization makes it increasingly difficult to distinguish this digital economy from economic activity in general, and therefore difficult to quantify. Just imagine, the proportion of people worldwide who interact with the Internet is estimated to have increased from 29.3% in 2010 to 53.6% in 2019. Internet Protocol (IP) traffic, a proxy for data flows, grew from about 100 gigabytes per second in 2002 to nearly 88,000 gigabytes per second in early 2020. as the pandemic spread throughout the year, with increased traffic generated by teleworking, videoconferencing and digital services, entertainment, and other applications, this figure is now estimated to exceed 100,000 gigabytes per second.
The COVID-19 pandemic substantially altered trade patterns, at least in the short term.
It has reduced the volume and changed the international trade balance, disrupting traditional supply chains and putting additional pressure on transport, logistics, and border controls.
It has encouraged online shopping and services in domestic markets where motion controls and consumer anxiety have discouraged physical transactions.
The COVID-19 pandemic has reinforced the importance of addressing barriers to e-commerce to reap the benefits that can be derived from it and address the potential downsides of digital transformation.
While there has been a substantial reduction in overall economic activity during the pandemic, the market share of commerce and retail e-commerce has increased, especially in domestic markets. Additionally, movement restrictions and consumer anxiety about social interaction have encouraged the use of online shopping.
In addition to goods, there have been substantial increases in online conferences, games, and entertainment. In short, more people have used e-commerce more often. Businesses with an established online presence are better equipped to take advantage of this, along with traditional businesses that have been agile enough and had enough resources to update their online sales and marketing. Also, communication networks have continued to operate during the pandemic.
Many consumers expect to continue spending more online after the crisis than before.
The experience of online entertainment services (and the fact that more people have crossed the barriers to entry) is likely to sustain higher usage levels as far as they are concerned. Additionally, many employers are considering combining office work and work from home. As a result, e-commerce platforms are expected to retain many, though perhaps not all, of the market share gains they have made during the pandemic compared to offline markets.
The level of participation in digital technology and the Internet is a powerful indicator of the ability of an economy to take advantage of electronic commerce. The power of companies to participate in international markets increasingly depends on the quality of digital connectivity at their disposal. For citizens to buy online or use online business services, this ability depends on:
- the availability of reliable services (and preferably broadband)
- communication networks,
- the affordability of suitable hardware and data packages,
- the existence of relevant online platforms and services,
- the presence of attractive digital payment mechanisms,
- people’s capabilities, and
- digital literacy.
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The level of participation in digital technology and the Internet is a powerful indicator of the ability of an economy to take advantage of electronic commerce.
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Once more, the changes in shopping, entertainment, workplace behavior, and associated adaptations in business practice have accelerated ongoing transitions from physical to online markets that are likely to have a lasting impact, mainly if recovery from the pandemic is spasmodic or prolonged. Thus, it would be best to prepare for the new era; Wealthy Affiliates is the right place to start.