Commentary: E-commerce is set to boom driven by COVID-19
Closer to home, Singapore’s GDP fell by 41.2 per cent in the second quarter of 2020, while the government projected as much as a 7 per cent decline of annual GDP.CREATIVE DESTRUCTION
Effectively, the existing equilibrium gets disrupted, market dynamic changes, and routine practices get transformed.As innovative technologies replace existing technologies, the resources are more efficiently reallocated by the market, thus allowing economies to grow.Indeed, we witnessed creative destructions in action many times before.When the dotcom bubble burst 20 years ago, the Nasdaq index plummeted by almost 80 per cent.
Finally, crisis revealed true survivors. Indeed, companies that had survived the dotcom bubble and had a spectacular growth include Amazon and Google – some of the largest companies in the world.Similarly, the global COVID–19 pandemic triggered plunges in market indices, widespread bankruptcies, and worldwide recession.Yet, the destruction often creates space for innovative players and thus this COVID–19 crisis may provide the impetus to creative destruction.
Unsurprisingly, Amazon’s stock price soared by 66 per cent and eBay’s rose by 55 per cent since the beginning of the year. FILE PHOTO: The eBay logo is pictured on a phone screen in this photo illustration in New York, U.S., July 23, 2019. REUTERS/Brendan McDermid/Illustration/File PhotoBy mobile internet usage, four Southeast Asian countries rank in the top 10 in the world. Driven by a high mobile internet penetration rate, young consumers, and an increase in disposable income,
Indeed, online purchasing soared due to worldwide lockdowns and people’s inability to do the shopping in brick-and-mortar shops.
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