The impact of coronavirus pandemic on world economy has been very disappointing. People are on house lock, work places are shut down because of lockdown and this has a direct effect on country’s economy. The companies which has producing and manufacturing industry states that temporarily shut down of production sites will lead to decline in revenues for the financial year 2020-2021. Now The demand from the wireless medium of communication is expected to increase because of the factors such as increasing need for cloud services, video streaming, and higher broadband usage. In addition, in the medium to long term, COVID-19 is expected to further push up the need for digital transformation, the IoT, AI, technologies such as 5G, and intelligent edge computing for future optimization, which will have a positive impact on the adoption of mobile phones and its accessories, as in quarantine the number of internet and mobile users have increased, as the whole world as shift online people are selling and buying online, education and even health sector has been digitalized.
The development in the online sector is increasing at a great rate and in this Middle East is the most significant one as it one of fastest digitalizing region of the world. According to a research by Dubai Economy and Visa, Currently, the most advanced e-commerce market in the Middle East is UAE, revealing an estimated annual growth of 23% in ecommerce alone. While the public continue to entertain themselves by the shopping from visiting a physical store but numbers has decrease, as COVID-19 has pushed many people to try their luck with e-commerce for the first time. This jump in online users is not expected to reduce. Troniczstore; an online mobile accessories store in UAE, Saudi Arabia, Bahrain, Oman & Qatar is providing consumers with best durable and quality technological device which help people with their online surf.
A recent research of main markets in the region, including the United Arab Emirates and Saudi Arabia, revealed that up to respondents are now shopping online more than they were before the serious coronavirus outbreak. Moreover, the World Economic Forum has estimated the UAE’s 2020 e-commerce market at $27.2bn.
Research commissioned by the global consultancy firm Kearney Middle East asked consumers if they would maintain their online shopping habits even after the pandemic and more than 60% in Saudi Arabia and nearly half in the UAE answered ‘yes’. This directly indicates that people prefer the online or ecommerce store instead going to the physically buying stuff from the physical store.
As we observe consumer expectations during these times of crisis are transferring, we can witness new technologies and online platforms gaining attention from the public. Data from the observation suggests that these trends will become normal thing for consumers, even after the covid-19 will end. These high-tech developments are at the core of the Fourth Industrial Revolution, and no sector will be prepared to bare this type of advancements. In our opinion, The physical sector must be prepare for the heavy effect of technologies such as the internet of things (IoT), artificial intelligence (AI), and robotics, this time will be proved as complete transformation for the whole ecommerce sector.