COVID-19 Pandemic Encourages Contactless And Digitalization Trends In The Postal Service Industry
According to The Business Research Company’s research report on the postal services global market, in today’s fast-paced lifestyles, customers do not find time to visit or wait at post offices to deposit their mail.
/EIN News/ -- LONDON, Oct. 21, 2020 (GLOBE NEWSWIRE) -- (Postal Services Companies Included: United States Postal Service, China Post, Deutsche Post, Japan Post, La Poste)
To meet the needs of the customers, post offices are launching digital solutions like Kiosks and Mobile POS to improve branch productivity and make the mail depositing process simpler and to provide less human contact. Using drones for delivery of mails and parcels is another driving factor in this sector, as drones can provide contactless delivery which is likely to attract customers in the current COVID-19 situation and is likely to be adopted in the future. Drones can be used to deliver urgent mails and parcels to remote areas. Delivery of mails and parcels by drones is in testing stage and is subjected to safety regulations, high operational costs, and limited carrying capacity.
While the ongoing pandemic forced governments across the world to impose lockdowns to contain the immediate spread of the virus, there were few services which were considered essential and continued operations in the pandemic. Postal services were one of them. Postal services were categorized under essential services in most countries that imposed lockdown and were used to deliver personal protection equipment, medicines, government documents, medical equipment, money, and mail, among other things. For instance, in 2020, India Post kept all their branches in operation and was delivering medicines, cash, insurance, pension, and government papers, mostly in rural areas.
The Business Research Company’s report titled Postal Services Global Market Report 2020-30: COVID-19 Impact And Recovery covers major postal services companies, postal services market share by company, postal services manufacturers, postal services infrastructure market size, and postal services market forecasts. The report also covers the global postal services market and its segments. The postal services market segmentation by type is into express postal services and standard postal services. The standard postal services market was the largest segment of the postal services market segmented by type, accounting for 98.3% of the total in 2019. Going forward, express postal services segment is expected to be the fastest growing segment in the postal services market, at a CAGR of 1.2%.
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While considered an essential service and continuing as such during these times, the rapidly spreading coronavirus outbreak will have long-term effects on the postal services market and its segments, i.e. letter post (communications and direct mail), parcels and logistics (delivery of e-commerce goods and supply chain solutions), financial services (e.g. remittances), and other products (e.g. citizen services). The postal services market is facing supply side shocks such as labor shortages or the physical inability to carry on production activities owing to social distancing measures. Cross-border trade is restricted, and all international flows have been disrupted due to the closure of airports. International supply chains of postal services are suffering a setback as constraints imposed on international transport, in particular aviation, are being implemented. As the COVID-19 crisis gathered pace and disruptions to air transport mounted, many postal operators took significant steps to mitigate the most adverse impacts of the disruptions in the global supply chain, and therefore in their activities. Some of these measures were simply a necessary and obligatory follow-up to the public health and economic measures decreed by governments, thus inevitably causing further disruptions to operations. Lockdown and travel restrictions imposed by governments to curb the spread of the virus have impacted the domestic postal services flow as well. With fewer post offices open and the projected decrease in postal payments, the amount and volume of transactions will most likely drop in 2020, as the number of new postal accounts also falls. The crisis will also impact other postal activities such as philately, with delays in the production, delivery, and reimbursement of international reply coupons.
The postal service market share is thus expected to decrease from $208.55 billion in 2019 to $193.25 billion in 2020 at a rate of -7.34%. According to postal services market research, it is then expected to recover and grow at a CAGR of 1.60% from 2021 and reach $200.77 billion in 2023.
A part of this recovery is the understanding that there was a misconception in concern regarding receiving and sending mails and parcels during the wake of the coronavirus pandemic. In March 2020, according to Google Trends in Australia the third most searched question in the third week of March in Australia was “Can you get coronavirus from mail?” Similarly, several people around the world were concerned about getting an infection from post. To find this, different studies were conducted to understand how long the virus can survive on paper and mail. According to a study published by the Lancet in April 2020, the novel coronavirus only lives for three hours on printing. Due to growing fears, the C.D.C. made an official announcement stating that there is a low risk of transmission through packages. The WHO also stated that the likelihood of an infected person contaminating commercial goods is low, and the risk of catching the virus that causes COVID-19 from a package that has been moved, traveled, and exposed to different conditions and temperature is also low.
Postal Services Global Market Report 2020-30: COVID-19 Impact And Recovery is one of a series of new reports from The Business Research Company that provide market overviews, analyze and forecast market size and growth for the whole market, segments and geographies, trends, drivers, restraints, leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies. The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
Here Is A List Of Similar Reports By The Business Research Company:
Ecommerce & Other Non-Store Retailers Global Market Report 2020-30: COVID 19 Impact and Recovery
Air Cargo Services Global Market Report 2020-30: COVID 19 Impact and Recovery
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