Retail will never return to normal. This is a good thing.
Since the outbreak of the pandemic, this was a sentiment we heard often and likely said it ourselves. Many of us spent significant time wishing for things to be the same as they were in the past year and a quarter. Hoping for normalcy was a common way of coping. There are many aspects of our lives that won’t “return to normal” and will not change. One of these is the way we shop.
Consider where we shop the most. This changed for many, and there was a surge in ecommerce adoption. As we tried to keep our distance and stay at home during the pandemic, online orders increased at an unprecedented rate.
This was evident at Bazaarvoice. Our client network includes 1,750 retailers. In 2020, online ordering increased 39 percent globally. Our global survey revealed that 37% of respondents (74%) have stopped shopping in stores since the outbreak. This is a trend that 32 percent of Americans and 37 percent of European shoppers would like to continue following the pandemic.
Narayana Murthy’s JV with Amazon Faces PS5.5 Mn Tax Demand
A report in The Guardian shows that Cloudtail, which accounted for 35% of all sales on the platform up to 2019, is 76% owned by the Murthy clan, while the rest is owned directly by the US retail giant. Cloudtail’s chief executive officer and finance director were held by Amazon executives. Separately, the Confederation of All India Traders wrote to India’s Union Commerce Minister Piyush Goyal asking for an investigation into why Amazon employees joined Cloudtail.