The entire world is facing never before the crisis which has affected almost all countries and continents across the world and put the global economy under threat. Coronavirus has impacted every life and every business on the earth and we don’t know when it will end.
The impact of COVID-19 on every business, and especially on retail is hugely disruptive as operations are stopped and production chain, supply chains are greatly affected worldwide. Small, medium or even large organizations are forced to shut their doors as countries are in lockdown mode and social distancing becomes the norm.
Retail is hugely affected and while larger e-commerce ventures have some reserves, medium and small businesses are facing extreme challenges to keep the wheel running.
Commerce And Coronavirus: Challenges And Strategies
Nothing is left behind. Yes, whether it is a ‘brick-and-mortar’ store or an online e-commerce store, coronavirus has hugely impacted sales, supplies, production, and consumption too.
The major challenges faced by retail industries are:
To recover lost revenue and to have a noticeable comeback in the market requires a longer time than it seems. It is the long run and retailers have to mitigate constraints by taking little yet very significant steps to survive this pandemic.
What Retailers Can Do To Combat Corona Pandemic?
Here are some practical strategies retailers can implement.
It is not an exaggerated sentence to say that once this will end, retailers will see a surge in demand for various items. People will rush to physical stores and also online sales will be increased post-COVID-19. Till then, it is difficult to combat the virus and at the same time keep your business running.
If you are a retailer, here are some things you can do: