The pandemic has a profound impact on consumer behavior. The new restrictions have rushed the digital transformation, with many companies and smaller retailers seeking to go online to adapt to the new conditions. To put it into context, e-commerce in the US surged 10% (as a % of total retail sales) in the first two months of the lockdown measures introduced in March. It took about 10 years for the e-commerce industry to achieve that rate. Even when the pandemic fades out, the new behaviors are here to stay.
Indeed, the coronavirus crisis has affected the way people work and study as well. Home office work is promoted as the new norm, while e-learning has become prevalent in many regions during the pandemic. Salesforce’s bet on Slack reflects an increased interest in remote work. As for e-learning, even in China, where the restrictions were lifted sooner than elsewhere, tutoring services firm TAL Education Group saw an annual increase of 65% in long-term subscriptions in the second quarter.