COVID-19 has turned the world on its head. The business world, in particular, has felt the impact of the virus in a big way. While traditional brick-and-mortar industries which rely on face to face interaction and physical footfall have taken a severe hit, the e-commerce industry has positively flourished under the ‘new normal.’
Entrepreneur Victor Madu is the CEO of ‘For the Leaux Clothing’ and believes COVID-19 will be remembered, amongst other things, as an agent of monumental change in the retail industry. Here are excerpts of an interview with Madu:
IM: Victor, how has COVID-19 impacted e-Commerce?
Victor: The e-commerce revolution is just beginning, but I believe historians will look back and highlight the significant role COVID-19 played. The statistics speak for themselves. E-commerce giant Amazon nearly doubled its sales in May of this year, and every click to purchase is another step on their journey to complete market domination.
IM: Do you think e-Commerce has survived the pandemic as compared to other sectors?
Victor: Unfortunately, many companies won’t survive this terrible pandemic, and that needs addressing, but the profits and power of the e-commerce sector are constantly growing. I’ve seen the upsurge in demand within my own company, and it’s been quite unexpected and phenomenal.
IM: Although there has doubtless been a dramatic rise in online shopping habits worldwide during the pandemic, with more and more people opting to shop from the comfort of their own homes, do you think this trend will continue when COVID-19 has finally been beaten, or will consumers be eager to rush back to the mall for a physical shopping experience?
Victor: There’s no doubt that there will always be a place for physical stores that offer both quality and choice. People love to do things in the flesh, and shopping is no different. But, and it’s a big but, shoppers have found the habit of buying mostly online a hard habit to break. It’s convenient, time-saving, extremely accessible, safe, and the choice online is limitless. I don’t think there’s any going back. My advice to more traditional businesses during this difficult time is to build and enhance your online presence if you’re serious about investing in the future. You cannot rewind the clock, but you can certainly adapt and thrive in the post-COVID-19 landscape.