Is Ecommerce the new trend of shopping
E-commerce refers to the phenomenon of taking commerce to a digital platform. This phenomenon is quite common in the 21st-century era. The phenomenon started taking place in the early 90s and thus has turned into a global phenomenon now. It started with the beginning and entering of Amazon in the commercial market in the United States. Amazon changed the way commerce took place and changed the outlook of the people towards it. A similar thing happened in China with the entry of Alibaba. Flipkart took India and embarked on the journey of E-commerce. But, is Ecommerce the new trend of shopping. We shall find out.
History of Commerce
Commerce has been taking place from ancient times. It started with trading between Mesopotamians and people from India. Coins were the mode of currency used back then. Now people have switched onto the digital mode of currency. The currency has taken a digital shape after the world-wide-web and the internet. This has happened after the frauds owing to a lack of transparency and authenticity in the fiat mode of transaction exchange. The financial market is now filled up with digital payments made through the mode of e-wallets. E-wallet is a safer and secure way of doing transactions and storing money in digital form. This adds more transparency and authenticity to the transactions leaving the hectic of any paper trail. It also adds immutability towards the platform. Thus the currency took shape and transformed digitally.
A bank is the most secure way of storing money. It provides some of the most secure ways of handling monetary currency and storing and using it for further use. This is the most trusted and secure way of holding and securing transactions. This money is held in monetary terms as well as in other forms also. Banks provide lockers in order to equip its customers with the facility of storing their most valuable and antique items. This facility is provided with the fact in order to keep the items safe with a trusted entity. The bank acts as a trusted and safe entity securing the most valuable belongings of its customers to keep it safe and secure. Now, these banks are going on digitally just like Paytm Payments Bank.
Service sector industry remains the most massive industry in the world contributing a hefty chunk to the world economy and providing the chief employment throughout the world. This has improved considerably in eradicating poverty by helping the poorest of the poor by performing them a chance to work in the service sector industry and to earn significantly. The service sector industry remains the most significant contributor of economy worldwide employing one of the most global workforces in the industry. A well-connected network is required, therefore.
To maintain the service industry running certain rules and regulations are required. These regulations are needed to be fulfilled by businesses and are decided by the regulator. The maintenance and to providing services are if utmost importance in a right and a sound environment to grow, nurture and to develop themselves in every way possible.
The impact of coronavirus has hollowed many of the major economies throughout the globe. The impact stands on impacting and have already impacted a major chunk of G20 countries. This has impacted the Information Technology and the unorganized sector the most. The major companies around the world have now adapted work from home. This impacts the psychology of work in a big way. It gives its employees the comfort of work from home without any further much ado. It also gives an alternate viable option to an in-office job.
Work from home
Work from home also known as telecommuting is one of the pleasantest phenomena to keep both the employees and the work produced. It is one of the few phenomena exploited by Information Technology giants and the results are mildly positive and enriching. This ensures productivity by the employees by providing them with the most stable and healthy environment and providing them a flexible deadline according to both the employee and the organization’s needs. This prevents burnout at work and supports the employee with a stable work-life balance.
This included a series of extracurricular initiatives. Many initiatives established by the human resource department are of the utmost importance used and brought for the well-being of the employee. This is performed to remain and promote the employees more familiar with each other. This is performed through social events like a corporate party or a hangout among the colleagues to develop closeness among the peers and to develop a sense of chivalry among them. This also promotes the employee more familiar to the organization and develops a sense of equality among the chains of the corporate hierarchy. This stopped after the impact of coronavirus throughout the economy.
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E-commerce: The Lifesaver
The coronavirus has impacted the economy of major countries in a massive way. Countries are majorly impacted because of this. The focus of boosting the economy has now shifted towards saving it from any further damage. Social Distancing is the only solution to this problem now. It has impacted the unorganized sector in a major way. Many people are out of jobs now and daily workers have already lost it. This has already brought an economic hazard towards the economy. The shift is now towards more than ever to the digital era. The era which is compatible and which is embraced by people digitally.
The need for people to come to a digital age brings E-commerce into the picture. It is a need for daily household, food and water supplies and with the impact of social distancing the need has become more important than ever. The food delivery and many groceries delivery applications and websites are now fulfilling the needs and the cause. Door-to-Door contactless delivery has now started in almost every part of the country. Commerce has gone electronic with a major portion of household budget now being spent on E-commerce. E-commerce is the need of the hour and is perhaps the best way to drive the economy out of the economic impact of Coronavirus.