Every crisis brings with it challenges and, through innovation, the development of tools to rise above it. Today’s largest challenge is the COVID-19 pandemic, but the policies in place have shown great resilience from those affected most. People today are more equipped with safety protocols than ever before. As the populace awaits an effective treatment for the virus, we may also be approaching herd immunity. Despite widespread economic hardship, there are new business options that have grown. In the past few months, there has been an increase in online shopping and digital entertainment. But is it enough to save the economy?
What does Beth Debouvre have to say?
As COVID-19 can easily be spread from person to person, places with a high concentration of people can be dangerous to visit. Thus, many have turned to online shopping over malls and grocery stores. Additionally, with many recreational facilities closed due to the lockdown, there has been an increase in the consumption of online entertainment. From watching new film releases on streaming services to Broadway shows, more content than ever before is available on the internet. Some may wonder what the longevity of this trend is, as we emerge from the COVID-19 pandemic. Additionally, there are queries of whether the turn to online media consumption can contribute to economic growth. Experts like Beth Debouvre who take an active interest in how the economy would shape amidst a pandemic have interesting views, detailed below.
- Online shopping and online food delivery will increase
Even though the lockdown measures have been removed in many countries and states, the danger of catching COVID-19 is still a reality. There is no end in sight to this pandemic. Hence, many people are choosing alternative methods to obtain their daily groceries and other everyday essentials. Online shopping has risen in popularity as no contact delivery is available through this avenue. People today have been placing orders for not only groceries, but also household goods, stationaries, clothes, sanitizers, household appliances, and even masks online. The eCommerce sector is estimated to continuously grow in the coming months.
- Online discounts and free deliveries will work
Most online shopping portals that have started regular operations have been providing attractive discounts. Prices have been slashed by 40% to 50% less for various products and services. Many stores are offering free delivery, as well. These tactics are excellent incentives for people to continue their preference for online purchases. The sellers and partners associated with eCommerce portals get paid accordingly, as the orders get confirmed and funded by the customers.
- Online entertainment will become a new trend
Before COVID-19 took the world by storm, the entertainment sector hugely contributed to the economy. While movie theaters and other entertainment venues are closed, the advent of online video and movie streaming platforms makes it possible for online events, musical shows and the like to take place. Furthermore, a few films are getting released online as well. In the coming months, this too is expected to contribute to economic growth.
These are some of the ways eCommerce and online entertainment trends can play their part in allowing the economy to stay afloat. If these trends continue, previous losses may recover, and a new, more online-based economy may emerge.