Alon Ghelber is CMO at Revuze; an AI StartUp analyzing customer reviews & delivering product insights to optimize decision-making.
While most businesses suffer hardships from time to time, the pandemic has only increased the frightening dominance of giants like Alibaba and Amazon. Many people are relying on online services right now, and e-commerce businesses have seen strong competition in both the East and the West markets.
When analyzing e-commerce opinions around the world, my team at Revuze witnessed some differences in how retail and e-commerce have adjusted across Europe and North America vs. Asia-Pacific.
In this article, I will cover the similarities and differences of e-commerce strategies for the East and the West amid the pandemic, and what marketers can take away.
The Impact Of Covid-19 On Businesses Around The World
The pandemic is shaking up businesses and consumer behavior (subscription required) on a massive scale. Around 20% of small and medium-sized companies may have to close their businesses for good, according to Marion Jansen, chief economist of the United Nation’s International Trade Centre.
Meanwhile, the pandemic is pushing industries to e-commerce. Businesses that can embrace digital transformation on time can actually benefit from the pandemic. For example, traditional businesses and plenty of stores are moving online (subscription required), and more can learn from the retail giants and start to use digital platforms to serve their customers.
The impact of the post-pandemic economy on businesses worldwide is inevitable. In both the East and the West, the pandemic has taken a toll on the fashion industry, with an expected 27% to 30% (subscription required) decrease in global revenue in 2020. But there are also some differences between e-commerce in the East and the West.
E-Commerce In The East
Overall, Asia has seen significant growth in e-commerce since the pandemic