E-commerce (electronic commerce) refers to the buying and selling of goods or services over the internet. This also includes the transfer of money and data to facilitate these business deals. It allows people to do business without the limitation of distance and time.
The pandemic that we are all facing right now somehow affected the e-commerce business. Fortunately, not giving a negative impact but a more productive result. Social distancing and all never affected the transactions done through the internet. In fact, more businesses are adapting to this kind of platform wherein they could still do business normally without the threat of getting infections from the virus. There is a study that shows e-commerce trends amidst the COVID-19 pandemic. Rapid economic growth was recorded for e-commerce during the widespread of pandemic with many consumers setting up home offices.
Here is a survey conducted by Rakuten Insight in the Philippines:
- 63% of the respondents stated they increased their online purchases because of a closure of all non-essential businesses as of May 2020.
- 62%were practicing social distancing and wanted to minimize their time outside of their homes
- 52% were under quarantine and could not leave their homes
- 51% wanted to avoid the queues in the supermarket and other shops
- 18% can purchase more items online than in a physical shop
- 18% of the items they wanted to purchase were only found online or on e-commerce
The E-commerce industry was set to grow at an annual growth rate of 101.4% between 2016 and 2020 and this was predicted before the pandemic. This is not only a local trend, but the Asia-Pacific region has also been booming in E-commerce sales over the last number of years and has surpassed North America and Western Europe in terms of Business to Consumer (B2C) sales.
With a 71% internet penetration rate and its users plugged in ten hours and two minutes a day on average, the Philippines’ e-commerce industry stands out as an exciting market for any international e-commerce merchant. To assess these businesses, e-commerce business solution plays an important role.
Source: Main reasons for increasing online purchases among consumers during the COVID-19 pandemic in the Philippines as of May 2020
An E-commerce business solution is software that helps a company perform business electronically. It gives a quality structure or plans to businesses. This will also help address the needs of every company today. It is a necessity for every business, especially in the crisis that we are encountering. Partnering to a tried and trusted business consultancy is essential for having a booming business. 10.28 Business Consultancy is offering the best e-commerce business solution for small to medium enterprises (SMEs) located at 301A 3F NDI Commercial Complex, A.S. Fortuna St., Bakilid Mandaue City 6014 Cebu. They provide online services that your business needs and have a good reputation and reliability in the business world. They are committed to giving genuine service and have a strong e-commerce strategy.
For more information about 10.28 Business Consultancy, contact us today at 0917-717-7103 or 0922-431-0691.