Abdul Fares |Impact of Coronavirus on Global Ecommerce

Effects of Coronavirus on Global Ecommerce Abdul Fares

Impact of Coronavirus on Businesses so far 1. With 11, 800 people quarantine, major cities borders closed and people are obliged to stay in their houses, online sales have gone up at a rapid pace. This means people are turning to Ecommerce

to buy their necessities instead of the traditional brick-mortar business.

2. Big players such as Ali Baba and Amazon are

experiencing a skyrocketing increase in the sales of medical products. This includes a

surgical face mask, thermometer, and hand sanitizers.

This

means

pharmaceutical

industries and businesses are benefitting from the outbreak. While this might not affect the big players, small businesses are more at risk.

3. Many tourist trips have been

canceled and the transportation industry

has

been

greatly

impacted by this coronavirus outbreak. Hotels and airlines are already offering a refund to

consumers.

4. The financial market is also not left out. Following the close of Wuhan, a city where the disease is said to be originated. Shocks and panic have crowded the investors’

sentiment and the stock market is experiencing a major decline says Abdul Fares.

Apply Proactive Approach in Businesses • Communicate • Forecast

Communicate

Communicate with your employees, customers, and investors and let them know you have got things under control.

Forecast Although some companies that rely on China for components and raw materials are being hit hard, yours might be an exception. Forecast your next order, assess

stocks and consider reordering. Going for higher quantity might be your best bet as there might be a risk of shortage in the long run says Abdul Fares.