covid-19 impact on grocery shopping
DESCRIPTION
MorningBag takes a look at the impact of the pandemic on its industry.TRANSCRIPT
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Covid-19 impact on Indian economy
India's economy to shrink by 3.2% in FY21, says World Bank India to lose tag of fastest growing large economy to China for
another two years The country's economy grew 4.2 per cent in 2019-20, the slowest
in 11 years. It, however, stressed India’s economy should bounce back in
2021-22 and pegged growth at 3.1 per cent. Still, it is lower than 4-5 per cent growth
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Covid-19 impact on E-commerce in India
e-commerce sector in India is estimated to have lost $400 million worth of sales during the last week starting with the 'junta curfew' on March 22.
But now e-commerce market in India is set to grow at a compound annual growth rate (CAGR) of 19.6% between 2019 and 2023.
online contribution to India's FMCG sales rose nearly 50% year-on-year in the March quarter as consumers.
e-commerce contribution to overall sales doubled to 8-10% from pre-Covid average .
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Covid-19 impact on Global market
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Impact on online consumer behavior
Consumers now want on-demand products and services – whether it’s food delivery, groceries, fitness courses, telemedicine, conferencing, learning or entertainment.
A large majority in India (77%) believe the shift to contactless payments is here to stay.
hopping in India has also shifted online as 86% of people feel that hygiene concerns are here to stay.
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How Brick and mortar business recover this
CLOSURE OF BRICK MORTAR RETAIL SHOPS HAS SIGNIFICANTLY AFFECTED THE REVENUE OF THEIR BUSINESS NEGATIVELY. BUT THEY CAN REVIVE THEIR BUSINESS BY:1. GOING DIGITAL.2. USE STRONG PUBLIC RELATIONS3. ENGAGE CUSTOMERS THROUGH SOCIAL MEDIA MARKETING & E-MAIL
MARKETING.4. SELL ESSENTIAL PRODUCTS AT LOW PROFIT MARGIN.