The growth of the digital retail services market in a down economy: problems and prospects

Abstract

Rapid developments of information technologies and transition to the digital national economy require consumers and business communities to reconsider their behavior patterns. In this case the past 2020 served as a digitization catalyst. The authors proceed with the research of the digital services market and its segments. In the framework of the study, of particular interest is the digital retail services market development in a down national economy in 2020, caused by the new Covid-19 coronavirus infection pandemic. Retail services market is a promising and the most important market segment, integrated into a weekly human life cycle providing goods on the B2C market. The aim of the research is to reveal trends in the digital retail services development in a down economy and to identify the priority areas for this digital market segment development in the medium term. The research objectives are to consider the development trends of online stores and the relevance of marketplaces and mobile applications in the conditions of changing consumer behavior patterns, to identify which prospects of retail development to target in the context of national digitization. The methodological basis of the research comprises analysis, grouping and comparison. The forced change in the consumer behavior patterns and the introduction of a number of restrictions for entrepreneurs have led to changes in the entire retail market landscape and a shift to the digital segment. Additionally, the business community has also changed. A number of retail businesses were forced to withdraw from the market as it was impossible to carryout their activities under new conditions.