E-commerce seems to be booming to another level in these times of quarantine as the OTT platforms and the gaming industry is on a role. The industry has seen a steady rise in viewership when it comes to the OTT platforms and also the gaming industry has seen tremendous growth as people are avoiding going outside as much as possible and to keep them entertain people have been investing a lot of time in playing games and watching new shows that are being out left right and center as the industry is on a steady boom.
The number of transactions that have been made just in the span of 4-5 hours for the games and the different OTT platforms that exist has gone up to 34% which seems to be really amazing for the E-commerce market, It has been stated by the Edtech that they have seen a rise of 78% in the number of transactions that have been made overnight and even stated that the expenditure has increased by 44%, further stating that the northeastern market has seen a huge growth when it comes to the digital world.
PayU which is India’s leading provider for the online payment method has stated that they have seen steady growth and as of now, there has been a 24% increase in the transaction department and about 23% increase in the expenditure that has been seen in the expenditure department, in the month of October and December of 2020 there has been an astonishing spike of 45% when it comes to the online transactions that have been occurring frequently as compared to the earlier years.
They further stated that in a time span of a month they have closed up to 100 million transactions which are pretty insane. Even the UPI transactions have grown up to 288% and have stated that they have seen a growth of 331% as compared to the year 2019.
This is also occurring as the theaters are closed out and many of the social and public areas have been closed out because of which people have developed a taste for the OTT platforms that are in abundance and also buying of games as people need a way to entertain themselves in these desperate times.
The travel and food industry has also seen a decline respectively as people are more comfortable in their homes and it seems like E-commerce is really compensating for the many industries that are suffering to exist.