Coronavirus is at high-rise today. China, Italy, Spain, the USA, and many other countries are devastated due to this deadly disease. When the World Health Organization (WHO) has declared it as a global emergency, governments of all affected nations have requested their citizens to stay at home and quarantine. Lockdowns are imposed in almost all the affecting countries. Special measures are undertaken to supply food and essential services to the homes, hospitals and, other needy ones if they are stuck somewhere. As per the news channels reports, the epicenter of Corona, Wuhan, is opening soon for all of its routine workflows. Things are gradually resuming there, but Italy, Spain, and America are still suffering nations reporting hundreds of deaths every day. Their economies are thrashed brutally, and their supreme heads have declared their inability to cope up with the situation. India is under an observation these days. When all significant nations have locked down their main cities due to the coronavirus pandemic, brands across the globe are worried as to how the entire situation will affect ecommerce as a whole. According to Technomic, a global consulting and research firm reports that the stock market has become increasingly volatile. More than 52% of the consumers are maintaining self-distancing and avoiding crowds, and 32% are not leaving their homes unless there is an emergency. Coronavirus is affecting eCommerce Business. How? 1. Severe disruption to supply chains is the most apparent and immediate business impact of the corona virus pandemic on the businesses. People are forced into self-quarantine, and this led to a partial and full shutdown of some companies, plants, and factories. For example, Foxconn, a primary manufacturer of Apple iPhones has shut down its production in China, and thus, Apple experienced shortages of its iPhone supply in the country. 2. Due to the Coronavirus pandemic, several of the most important tech-conferences got to cancel, and it is likely to result in numerous missed partnership opportunities for the businesses. For example, Facebook canceled its F8 developer conference and Global Marketing Summit. Google has also rescheduled the Google Cloud Next event to online only. As per PredictHQ, the cancellation of the tech events has incurred more than $1billion of direct economic losses. 3. The need for remote interactions has increased during Coronavirus pandemic, and it has highlighted the need for 5G technology to improve connection density. Many organizations have given the ‘Work From Home’ facility to their employees. Hence, telehealth and teleconferencing facilities should be given high importance. 4. WHO has suggested consumers use contactless payment options considering the pandemic. People in rural areas still lack operating such facilities and thus, altering their shopping options or minimizing their usages that is further affecting the ecommerce businesses. 5. Due to coronavirus outbreak, up to 85% of the brick-and-mortar retail shopping turned into digital shopping, leading to creating the logistic challenges to the companies. The delays in supplies due to over-crowding demand has also become a challenge for the businesses these days. 6. Delivery services across the board for on-demand goods, food delivery, and grocery are observing an increase in new customers. Still, contactless supply, minimized risk of infection have become a challenge to the businesses to maintain consumer’s trust. 7. National Retail Federation in the US noted a downfall in the business due to falling consumer spending. The payment companies like PayPal, Visa, and Mastercard are revising their revenue estimates downward. How can you protect your business during Coronavirus Pandemic? If you have an ecommerce business, you can still protect yourself from this pandemic. Due to the progression of COVID-19, here is what the experts suggest for the best of your business’s survival. 1. Be wise and transparent. Do not alienate your audience. 2. Do not over-communicate. The consumer confidence level is quite low these days. 3. Diversify your supply chain. 4. Keep advertising. 5. Focus on virtual products. 6. Get social connections with consumers. Build the trust of your customers. All the above-given tips have the same essence i.e. build your customer’s trust. It will turn back to you positively when the situation improves.
Coronavirus is at high-rise today. China, Italy, Spain, the USA, and many other countries are devastated due to this deadly disease. When the World Health Organization (WHO) has declared it as a global emergency, governments of all affected nations have requested their citizens to stay at home and quarantine. Lockdowns are imposed in almost all the affecting countries. Special measures are undertaken to supply food and essential services to the homes, hospitals and, other needy ones if they are stuck somewhere. As per the news channels reports, the epicenter of Corona, Wuhan, is opening soon for all of its routine workflows. Things are gradually resuming there, but Italy, Spain, and America are still suffering nations reporting hundreds of deaths every day. Their economies are thrashed brutally, and their supreme heads have declared their inability to cope up with the situation. India is under an observation these days. When all significant nations have locked down their main cities due to the coronavirus pandemic, brands across the globe are worried as to how the entire situation will affect ecommerce as a whole. According to Technomic, a global consulting and research firm reports that the stock market has become increasingly volatile. More than 52% of the consumers are maintaining self-distancing and avoiding crowds, and 32% are not leaving their homes unless there is an emergency. Coronavirus is affecting eCommerce Business. How? 1. Severe disruption to supply chains is the most apparent and immediate business impact of the corona virus pandemic on the businesses. People are forced into self-quarantine, and this led to a partial and full shutdown of some companies, plants, and factories. For example, Foxconn, a primary manufacturer of Apple iPhones has shut down its production in China, and thus, Apple experienced shortages of its iPhone supply in the country. 2. Due to the Coronavirus pandemic, several of the most important tech-conferences got to cancel, and it is likely to result in numerous missed partnership opportunities for the businesses. For example, Facebook canceled its F8 developer conference and Global Marketing Summit. Google has also rescheduled the Google Cloud Next event to online only. As per PredictHQ, the cancellation of the tech events has incurred more than $1billion of direct economic losses. 3. The need for remote interactions has increased during Coronavirus pandemic, and it has highlighted the need for 5G technology to improve connection density. Many organizations have given the ‘Work From Home’ facility to their employees. Hence, telehealth and teleconferencing facilities should be given high importance. 4. WHO has suggested consumers use contactless payment options considering the pandemic. People in rural areas still lack operating such facilities and thus, altering their shopping options or minimizing their usages that is further affecting the ecommerce businesses. 5. Due to coronavirus outbreak, up to 85% of the brick-and-mortar retail shopping turned into digital shopping, leading to creating the logistic challenges to the companies. The delays in supplies due to over-crowding demand has also become a challenge for the businesses these days. 6. Delivery services across the board for on-demand goods, food delivery, and grocery are observing an increase in new customers. Still, contactless supply, minimized risk of infection have become a challenge to the businesses to maintain consumer’s trust. 7. National Retail Federation in the US noted a downfall in the business due to falling consumer spending. The payment companies like PayPal, Visa, and Mastercard are revising their revenue estimates downward. How can you protect your business during Coronavirus Pandemic? If you have an ecommerce business, you can still protect yourself from this pandemic. Due to the progression of COVID-19, here is what the experts suggest for the best of your business’s survival. 1. Be wise and transparent. Do not alienate your audience. 2. Do not over-communicate. The consumer confidence level is quite low these days. 3. Diversify your supply chain. 4. Keep advertising. 5. Focus on virtual products. 6. Get social connections with consumers. Build the trust of your customers. All the above-given tips have the same essence i.e. build your customer’s trust. It will turn back to you positively when the situation improves.
Coronavirus is at high-rise today. China, Italy, Spain, the USA, and many other countries are devastated due to this deadly disease. When the World Health Organization (WHO) has declared it as a global emergency, governments of all affected nations have requested their citizens to stay at home and quarantine.
Lockdowns are imposed in almost all the affecting countries. Special measures are undertaken to supply food and essential services to the homes, hospitals and, other needy ones if they are stuck somewhere.
As per the news channels reports, the epicenter of Corona, Wuhan, is opening soon for all of its routine workflows. Things are gradually resuming there, but Italy, Spain, and America are still suffering nations reporting hundreds of deaths every day. Their economies are thrashed brutally, and their supreme heads have declared their inability to cope up with the situation. India is under an observation these days.
When all significant nations have locked down their main cities due to the coronavirus pandemic, brands across the globe are worried as to how the entire situation will affect ecommerce as a whole. According to Technomic, a global consulting and research firm reports that the stock market has become increasingly volatile. More than 52% of the consumers are maintaining self-distancing and avoiding crowds, and 32% are not leaving their homes unless there is an emergency.
Coronavirus is affecting eCommerce Business. How?
1. Severe disruption to supply chains is the most apparent and immediate business impact of the corona virus pandemic on the businesses. People are forced into self-quarantine, and this led to a partial and full shutdown of some companies, plants, and factories. For example, Foxconn, a primary manufacturer of Apple iPhones has shut down its production in China, and thus, Apple experienced shortages of its iPhone supply in the country.
2. Due to the Coronavirus pandemic, several of the most important tech-conferences got to cancel, and it is likely to result in numerous missed partnership opportunities for the businesses. For example, Facebook canceled its F8 developer conference and Global Marketing Summit. Google has also rescheduled the Google Cloud Next event to online only. As per PredictHQ, the cancellation of the tech events has incurred more than $1billion of direct economic losses.
3. The need for remote interactions has increased during Coronavirus pandemic, and it has highlighted the need for 5G technology to improve connection density. Many organizations have given the ‘Work From Home’ facility to their employees. Hence, telehealth and teleconferencing facilities should be given high importance.
4. WHO has suggested consumers use contactless payment options considering the pandemic. People in rural areas still lack operating such facilities and thus, altering their shopping options or minimizing their usages that is further affecting the ecommerce businesses.
5. Due to coronavirus outbreak, up to 85% of the brick-and-mortar retail shopping turned into digital shopping, leading to creating the logistic challenges to the companies. The delays in supplies due to over-crowding demand has also become a challenge for the businesses these days.
6. Delivery services across the board for on-demand goods, food delivery, and grocery are observing an increase in new customers. Still, contactless supply, minimized risk of infection have become a challenge to the businesses to maintain consumer’s trust.
7. National Retail Federation in the US noted a downfall in the business due to falling consumer spending. The payment companies like PayPal, Visa, and Mastercard are revising their revenue estimates downward.
How can you protect your business during Coronavirus Pandemic?
If you have an ecommerce business, you can still protect yourself from this pandemic. Due to the progression of COVID-19, here is what the experts suggest for the best of your business’s survival.
1. Be wise and transparent. Do not alienate your audience.
2. Do not over-communicate. The consumer confidence level is quite low these days.
3. Diversify your supply chain.
4. Keep advertising.
5. Focus on virtual products.
6. Get social connections with consumers.
Build the trust of your customers. All the above-given tips have the same essence i.e. build your customer’s trust. It will turn back to you positively when the situation improves.
