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2020 And What Changed in the Corporate World

August 26, 2020 By Mircea Vasiu

The world changes with the speed of light. The 11th generation of IPhone is here, computers become obsolete faster than ever, Saudi Arabia successfully launched a mission in space, etc. Even consumer behavior changed in 2020 due to the pandemic. 

As such, changes in the corporate world are the first ones to reflect the new reality. The start of the new decade was nothing short of impressive – so here is what changed so far and which companies did what.

Food Delivery Services On the Rise

Even before the pandemic, food delivery services were on the rise. Once the COVID-19 hit economies and people were forced to stay at home, demand for food delivery services exploded. Companies like Uber, Grubhub, Alibaba, Doordash – they all saw strong rises in their businesses trajectory.

The big question here is – are these changes permanent or temporary. Will consumers adopt food delivery even after the pandemic? There is a big chance that they will.

E-Commerce Penetration Reaches New Levels

Whenever talking about e-commerce, most people think of Amazon. While Amazon does have a big share of it, other players have an increased presence in the e-commerce space, both in selling goods and services. Web infrastructure services, cloud services, also generated rising revenue streams for their companies so far in 2020.

Zalando, a German e-commerce retailer, reached 3 million customers for the first time since 2013. What is interesting is that most of these customers were first time shoppers and many of them male customers.

Nike, the U.S. sports giant, had a plan to reach 30% digital penetration by fiscal year 2023. It just announced that it will reach that goal this coming year. It even raised the digital penetration target from 30% to 50%.

Shopify is one of the companies that benefit the most from the structural shift to digital. Its growth accelerated to the highest level since the 2015 IPO, being one of the companies most active on the job market as it expanded its activities continuously.

Paypal, Square, Visa, Microsoft, EA Sports – are just other examples of corporations seeing first hand the impact of people turning to digitalization. The tech sector, as such, is not only about Amazon and Google, but about various companies in the digital world that make tons of money as consumer behavior changed.