Coronavirus disease 2019 (COVID-19) is a contagious disease first identified in Wuhan, China in December 2019. Later, it spread throughout the world including India. The first case in India was reported on January 27, 2020, in Kerala. This global burden redefined our everyday lifestyle, education, employment, environment and almost everything around us.
In India, almost 53% of businesses have shut down due to the impact of Coronavirus and unemployment at a rate of 26%. The economic stress will grow rapidly, and while lockdown and social distancing result in a decrease of positive cases, but on the other hand, productivity loss leads to a collapse of economic activity.
Micro, small and medium enterprises (MSMEs) can be a history, they have the potential to create jobs in coming years. The MSME sector in India is the second-largest employment generator after the agriculture sector and acts as a growing ground for entrepreneurs and innovators with support in strengthening the business and economic ecosystem. In the second wave of covid the productivity rate has increased and had a hike in unemployment raised to 10%. Not only the enterprises but also the consumers too faced lower disposable income. By making it more conductive and transparent for all stakeholders, the Ministry of MSME is taking steps towards making these enterprises global and improving the overall business environment.
Digital Marketing during Covid-19 shouldn’t be ignored. One will gain more in better times if they cut less during downtime. Business online is the best way to make a profit at this time. Covid-19 has accelerated the influence of e-commerce across the world in a short period. This creates wide opportunities in the tech world, as everything is virtual in this generation.
Apart from the economic slowdown and uncertainty created due to the COVID-19, e-commerce players are expecting strong sales growth in 2021. The online grocery, e-pharmacy, social commerce and online shopping are expected to see an increased action in the year 2021. The Foreign Direct Investment (FDI) supports B2B (Business to business e-commerce firms, which helps the new players to set up their base. The flourishing of start-ups at this time will be a breakthrough for newcomers to the world of business. Social commerce is another platform from which many jobless graduates and non-graduates can make an entry into the market. Now, close to 100 per cent of pin codes in India are open to e-commerce. The Indian e-commerce economy is in a positively growing state. So, the future of e-commerce is safe in India.
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