Popular e-commerce expert, Samuel Onuha, reveals some of the developments in the e-commerce space worldwide with the emergence of the coronavirus pandemic.
Samuel Onuha has grown to become a respected name in the online retailing industry, not many in this world are called the winner in his or her professional life at such a young age. These examples are rare but with the evolution of the Internet in the market, we now have started hearing such stories. In a recent interview, the successful e-commerce entrepreneur reveals some of the effects of the coronavirus pandemic on the e-commerce industry in different parts of the globe.
COVID-19 has obviously wreaked a lot of havoc across different industries worldwide. Besides the lockdown and other measures put in place by health experts and governments to curtail the spread of the virus leading to a drastic reduction in physical interaction, businesses have also felt the heat of the pandemic. The e-commerce industry has not been spared in the COVID-19 effect and an industry expert in the person of Dutch entrepreneur, Samuel Onuha, gives his perception of the pandemic not only on the e-commerce industry but the world economies.
According to Samuel, COVID-19 has affected the world economies negatively, with most industries seeing a massive drop in their revenues, particularly with restaurants, airlines, and other businesses feeling most of the heat due to the restriction in movement. The pandemic has also led to low liquidity but fixed expenses, making it difficult for people to meet their financial obligations.
Other impacts of the COVID-19 pandemic on individuals and businesses as identified by Samuel Onuha include banks’ reluctance to lend money due to the risk of bankruptcy, which has led to states coming up with extraordinary stimulus packages to help boost the economy. Consequently, the situation remains uncertain for most industries, particularly as the virus does not appear to be slowing down.
Like every phenomenon, there are always two sides to a coin and the case is not any different with the pandemic as “it’s during crisis that appear the biggest opportunities,” as stated by Samuel Onuha. Online businesses such as Netflix and Zoom have witnessed an outstanding increase in their revenues in recent times due to the pandemic. The need for people to stay at home and reduce physical interaction has led to an increase in the demand for virtual solutions and activities that will keep them functional and entertained as they stay at home.
The e-commerce industry seems to have benefitted from the pandemic due to the closure of physical stores, with people resorting to online shopping. “We personally saw an increase of 30% traffic on our E-commerce brands,” said Samuel Onuha. “Shipping has been declared as an essential business during for most states so it is still possible to ship,” he continued. Samuel also predicts the online buying culture to continue to expand even after the pandemic.
More people are also on social network, consequently increasing the number of people reached by E-commerce ads.
Samuel also expressed a bit of optimism if the pandemic lingers for a longer period. “E-commerce helped keep consumption, manufacturing, and distribution alive by preventing the economy from shutting down completely and all of this was possible only through technology & online business” said Samuel Onuha.