Founder & President of PKFare Jason Song, Co-founder and Chief Business Officer of PingPong Payments Ning Wang speak during Day 2 of CNBC East Tech West at LN Garden Hotel Nansha Guangzhou on November 18, 2020 in Nansha, Guangzhou, China.
Zhong Zhi | Getty Images
The coronavirus pandemic has forced industries to rethink how they do business, resulting in a “new normal” that’s here to stay, according to two start-up founders.
Many small retailers were forced to shift to e-commerce platforms in an attempt to survive the pandemic’s disruption to everyday life.
“From our side, what we saw, of course, very first impact was (the) acceleration of retailing going from offline to online,” said Ning Wang, co-founder and chief business officer of PingPong Payments — a crossborder e-commerce payments processing company. He was speaking at a panel discussion during CNBC’s annual East Tech West conference, which was held this year remotely and on the ground in the Nansha district of Guangzhou, China.
Wang explained that there has also been a category shift in the kind of things that are now being sold online.
“Some of the categories – leisure-related, of course, declined. But there are for example, in the U.S., a lot of home goods stores, mostly sold offline. They closed the stores, so everything is moving online,” he said. “I think we are still seeing overall trend of digitization, e-commerce taking over offline, but accelerated in a somehow chaotic way.”