COVID-19 or Coronavirus has been spreading like a wildfire in the whole world and has put every country on alert. The confirmed cases of Coronavirus has reached around 95,000 globally, and the death toll has reached up to 3,000 in 45+ countries. The pandemic situation is affecting the supply chain and disrupting global markets, producers, and retailers. The escalating concerns of Coronavirus are affecting almost every industry and sector out there making retail and eCommerce certainly no exceptions.
Chinese brands such as Oppo, Xiaomi, Lenovo, and Huawei are expected to face major production delays. Whereas there are some industries like the online retailing, online gaming industry, and social networking services that are benefiting from the Coronavirus outbreak.
The outbreak has created a boon for the eCommerce industry as shoppers can be at their homes and still order goods online. It is proving out to beneficial for online sales of provisional supplies because the whole situation has led to “cocooning” for people and thus increasing the online sales. The whole state of affairs is increasingly pressurizing as well as boosting the eCommerce industry.
Though Coronavirus is posing a deadly effect on all of us, it has proved out as a boon for the eCommerce business. However, along with positive impact, we may tend to notice supply chain issues, product shortages and even potentially declining consumer demand which could blunt e-commerce growth – if the economy falters or goes into recession. So the Retailers need to utilize and leverage all their assets to stimulate and sustain consumer demand, to keep up with the changing consumer patterns.