COVID-19 pandemic has taken a toll on numerous businesses in the world. While many big corporations have asked their employees to work from home, others have shut down their factories until the lockdown is lifted. Economically, since COVID-19 first appeared in Wuhan in December, the global markets have collapsed, airlines are staggering on the edge of bankruptcy, and consumption has all but ceased in the nations on lockdown.
Governments are scrambling to introduce rescue packages to bolster banks and support their people. All in all, while the Corona Virus outbreak has created pandemonium globally, few business segments from education and entertainment to telemedicine and telecommunications now have a more significant role to play than ever before.
Business Opportunities Arising from COVID Crisis in the UAE
As mentioned before, while some businesses and investors in the UAE and the GCC region are surviving with the gloomy sentiment of a bearish global market weathered down by the COVID-19 outbreak, some other investors and funds are making the most of the opportunities arising from the changing consumer behavior.
One such market segment is the E-Commerce business. The COVID-19 is boosting the eCommerce sector in the UAE as consumers are changing their behavior by avoiding going to the stores. The situation in the outside world is rapidly evolving as we struggle to stay safe in our home. The number of people deemed safe to gather in a single place has dwindled from thousands, hundreds, to ten. Restaurants, shopping malls, bars, and public spaces in general in many key cities, including the UAE, are shut down. In the meantime, many office employees are facing new challenges of working remotely full time.
Under this crisis, it is observed that consumers are now approaching this period of isolation and uncertainty in massive overnight changes to their shopping behavior. From bulk-buying to online shopping, consumers are changing what they’re buying, when, and how. Customers are avoiding to go to malls, and marts to purchase daily essentials and are depending on online delivery. Since more and more cities in the UAE are under lockdowns, nonessential businesses are being ordered to close down, and brands are pushed to adapt and be flexible in meeting the changing needs of people.
Business specialists consider that the market share of E-Commerce sales will continue to increase as a proportion of overall retail spending in the UAE and across the GCC. E-commerce business, mainly in grocery and health areas, has more demand than ever. According to data from eCommerce ad tech provider Pacvue, there have been surges in Amazon searches for products like hand sanitizer and antibacterial soap.
Digital buyers are also ready to convert on products that they need with longer delivery windows to dodge going to stores physically, where inventory may be limited anyway.
With COVID-19, digital has become a new norm. Although one thing is sure, eCommerce in the UAE is booming, and the opportunity for the business owner’s advantage has never been more inviting. And eCommerce is the UAE has always been in lookout but many investors for a while. COVID-19 crisis has given this industry enough opportunity to expand. If you feel you are ready to take this plunge and take your company to the online level, then the E-Commerce business could be an excellent opportunity to consider during these challenging times.
How can Commitbiz help?
We understand that the Corona Virus outbreak has impacted the economy and led to investors and entrepreneurs deferring their business setup plan by a few weeks. We at Commitbiz have decided to tackle to issue and help you out in the current global scenario.
Our initiative, #STARTFROMHOME, will help you incorporate your UAE business remotely from the convenience of your home. You can register your business by sitting at your home and fire up the operations when the lockdown is lifted without wasting time. And the best part is, with the present economic situation, we’re giving away special quarantine discounts on our business setup packages.
So stop stalling the launch of your online business in the UAE and contact our experts at Commitbiz today. We are here to help you fight the business crisis!