Impact of COVID-19 on Digital Shelf Industry: Managing risks and Opportunities

MSG explores the top risks and opportunities impacting the digital shelf industry owing to the prevalence of COVID-19.

COVID-19 has changed the face of retail. As more firms and merchants were encouraged to go online or adopt an omnichannel strategy, eCommerce swiftly gained prominence. The number of internet retailers increased quickly, increasing the rivalry for customers' attention. Most governments prioritized immediate pandemic measures, but others have started focusing on longer-term strategic recovery needs.

Further, this pandemic accelerated the global shift toward digital commerce, compelling businesses to review and even reinvent their strategies in order to seize new market opportunities and their fair share of emerging digital client segments. Simply being in business has seemed like an accomplishment in and of itself for many businesses, which have had to modify their business strategies and improvise just to survive. The business was already transitioning to a digital environment before COVID-19, and the pandemic has exacerbated this tendency. Although many consumers are now happier to buy in person again, the pandemic accelerated retail development by up to five years. There is no turning back now. The challenge for businesses in such a setting is not simply to establish and retain an online presence but also to drive profits, get products in front of customers, and claim prime real estate on what has been dubbed the digital shelf.

The governments of developing countries have intervened to protect the income of businesses and individuals. For example, in Latin America and the Caribbean, the Costa Rican government launched a platform, smartphone app, and SMS service for businesses without an online presence to facilitate trade between producers of agricultural, meat, and fish products. In Africa, Senegal conducted information, education, and awareness campaigns on the benefits of e-commerce to all sections of the population. In the Asia Pacific, Indonesia launched a capacity-building program to promote SMEs' digitization. Thus, such initiatives taken by governments across the world has significantly driven the demand for the digital shelf market.

However, there are pockets within the industry that are witnessing a spike in demand, including e-commerce, hygiene & home care products, necessary consumables, and others. As a result, developers are scaling up their solutions to make the most out of this surge in demand exhibited by the aforementioned industries. Top-tier brands and organizations can quickly capitalize on this latent opportunity by strategically allocating their resources and offset the losses incurred due to slow down in other end-use industries which do not fall under the category of essential goods.

For more information on Digital Shelf Market and how the companies have overcome the pandemic period, and how the digital shelf industry can manage the current pandemic scenarios, inquire about our report - https://www.marketstatsville.com/digital-shelf-market

Key Issues Addressed in the “Digital Shelf Industry Market Research Report”-

Considering the COVID-19 impact on the ICT industry is carried out through various lenses, and many critical issues identified in the COVID-19 impact strategic insight report include:

• Specific key trends have begun to accelerate due to the crisis, reshaping both demand and supply across industries
• Other trends that probably decelerate or halt due to the COVID crisis
• Trends that are essential before the pandemic and post-pandemic directions to shape the industry
• Key uncertainties and challenges that should be considered in strategy and business planning
• Detailed consideration of scenarios that compare the reach of the pandemic versus the industry impact arising from changes in end-consumer behavior
• A set of both recovery and thrive-oriented actions for market participants and players

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