The global economy is suffering from one of the deepest recessions in decades and many e-commerce businesses are severely affected. Let’s LandOfCoder accompany you through this COVID-19 pandemic.
1. Covid-19 is a threat to the global economy
It comes with no surprises that the Covid-19 pandemic is one of the defining events that create long-term impacts on a global level. While all life aspects are under the coronavirus pandemic effects, the global economy seems to be the sector that is severely suffered from Covid-19.
In 2020, global gross domestic product declined by 6.7 percent due to the effects of the Covid-19 pandemic, as stated by Statista. This can be considered the deepest global recession in decades, although the government had made enormous efforts to alleviate the situation with fiscal and monetary policy support. In a foreseen future, the deep recession is forecasted to leave a deeper scar on the global economy as a result of lower investment, human capital, and global trade.
GDP loss due to COVID-19 by economy 2020 (Statista, 2021)
In the face of this global outbreak, low-income economies with limited health care capacity might face even a deeper and longer recession, especially when the world still yet to effectively contain the coronavirus. Many emerging and low-income economies which might be facing tough challenges before the pandemic, now experience even slower potential growth and productivity growth.
Although Covid-19 has paved the way to the booming of E-commerce, online businesses also faced a number of significant challenges over the course of the pandemic that need to overcome in order to thrive in the future after the pandemic.
2. The Covid-19 pandemic poses challenges for E-commerce
It is believed that businesses with strong online presence and facilities will easier in recovering amid the Covid-19 pandemic. However, the effect of the COVID-19 crisis on e-commerce is not the same for all business markets. For instance, in the United States, the increasing demand for personal protection (e.g. disposable gloves), home activities, groceries, etc. have surpassed the demand for items related to travel, sports or formal clothing (e.g. suitcases).
Data from OECD suggested that despite the global crisis has shifted most brick-and-mortar businesses to online stores, a significant number of e-commerce sellers are facing the same economic pressures as traditional stores. Online businesses that relate to products considered non-essential have to suffer from such unpredictable situation without financial capacity and good preparation. Lack of support from loyal customers also places online stores in a difficult situation while all the maintenance and running costs make it hard for them to survive, let alone grow after this novel Covid-19 outbreak.
However, this tense situation can be well tackled even with young and small e-commerce if they understand the situation thoroughly and know how to make the best use of their resources. This might be a golden chance for them to survive and even stand out in the market in the long term.
3. LandOfCoder supports e-commerce business through this global outbreak
LandOfCoder deeply acknowledges that, this can be considered the worst-ever challenges, especially in the deadly second wave of Covid-19 for any business, especially E-commerce retailers around the world. We believe it’s our duty to support vulnerable online businesses worldwide to overcome this serious situation.
We offer a massive sale on all our Magento 2 extensions. For any order with bills from $99.00, please enter the code ANTICOVID19 for 25% OFF on the total bill with $100.00 maximum discount.
We hope LandOfCoder can support Magento stores and developers across the world to overcome the current chaotic situation.
4. About LandOfCoder – The leading Magento solution for E-commerce business
LandOfCoder is a team full of young, dynamic, and professional members. Having remarkable creative and technical skills, we always strive to offer the most effective and up-to-date E-commerce solutions for Magento businesses.
After a 10-year journey, LandOfCoder has become one of the most trusted and helpful Magento extension providers in the E-business market. Gaining a passionate interest in web design, web application, and custom work, Landofcoder is devoted to providing people from all over the world with the most cutting-edge & high-quality Magento extensions, plugins, and apps.
Outstanding Magento 2 extensions:
We have been providing hundreds of extensions and services solving endless Magento problems in a practical and cost-effective way. To achieve that, we grow and improve every day with the aim of gaining a comprehensive understanding of customers’ needs and always strive to satisfy customers further.
Customer satisfaction is our success
No matter where you are from, who you are, and what product you will purchase from us, it’s our job to deliver the best service to fulfil your expectations. Let’s LandOfCoder be with you on the road to success!