{"id":13630,"date":"2020-05-25T07:42:47","date_gmt":"2020-05-25T06:42:47","guid":{"rendered":"https:\/\/magenticians.com\/?p=13630"},"modified":"2023-10-23T12:26:43","modified_gmt":"2023-10-23T11:26:43","slug":"corona-effect-businesses","status":"publish","type":"post","link":"https:\/\/magenticians.com\/corona-effect-businesses\/","title":{"rendered":"Can Online Businesses Neutralize The Corona Effect?"},"content":{"rendered":"At the start of 2020, when everyone was busy setting goals and devising a strategy to achieve the year\u2019s targets.\r\n\r\nThe wrench in the works was the deadly Coronavirus (COVID-19) that started out in China. It is a serious issue because it is easily transferred by the infected to the healthy.\r\n\r\nInitially, everyone thought that this was a localized event. However, the virus is extremely communicable and within just three months, the virus spread across the world. Pretty soon, Europe, the US, and Asia felt the Corona effect on business and financial activities.\r\n
On January 30th, WHO declared the outbreak a Public Health Emergency of International Concern (PHEIC). On March 11th, Director-General WHO characterized COVID-19 as a pandemic.\r\n

<\/i>WHO<\/a><\/p>\r\n<\/blockquote>\r\nThe Corona effect is not just limited to just the healthcare sector. Because of virality, the cities are in the state of lockdown that directly affects almost every industry and business niche.\u00a0<\/span>\r\n

The Impact of Coronavirus on Global Businesses<\/span><\/h2>\r\nWithout a doubt, Coronavirus has become a global issue with numbers that can easily scare everyone.<\/span>\r\n\r\n\"Corona\r\n

WHO<\/a><\/p>\r\nThe forecasted performance of stock markets and business sectors is greatly affected and the new forecast indicates that the businesses are in for a long depression <\/span>\r\n\r\n\"Corona\r\n

BBC<\/a><\/p>\r\nThe impact has hit the giants badly and many have started to report a decline in sales and revenue numbers.<\/span>\r\n\r\n\"Corona\r\n

BBC<\/a><\/p>\r\nThe issue is worse for small businesses that do not have the safety nets and cash reserves to see the pandemic through.<\/span>\r\n\r\n\"Corona\r\n

AXIOS<\/a><\/p>\r\nAvery heartbreaking Corona effect would be the loss of jobs as businesses cut down operational expenses and scale down the workforce to remain competitive.<\/span>\r\n

The proportion affected grew for lower-income households, with 25% of those making less than $50,000 a year reporting that they had been let go or had their hours reduced\r\n

<\/i>NPR Survey<\/a><\/p>\r\n<\/blockquote>\r\n

These are challenging times we\u2019re facing.\r\nRegardless of their location, every entrepreneur is concerned and uncertain about the impact of COVID-19 on their business. AliDropship works closely with AliExpress. As the majority of AliExpress suppliers are in China, the past couple of months have been extremely difficult for dropshippers in the wake of COVID-19 pandemic and disruption of Chinese production.\r\n

<\/i>AliDropship<\/a><\/p>\r\n<\/blockquote>\r\n

The retail industry (and many other industries) were literally disrupted overnight in Europe, and everyone who was hesitant with the decision of going online with their business is pretty vulnerable at this moment. Many smaller businesses are trying to quickly group and rely on social media platforms as the easiest and quickest way to promote, and obviously sell their products online.<\/span><\/i>\r\n

<\/i>Maja Kokolari, Marketing & Sales Team Lead – Inchoo<\/a><\/p>\r\n<\/blockquote>\r\n

It’s frustrating to see the number going down, it truly is. But we\u2019re quick to move forward with our initiative. At the moment, we\u2019ve calculated several scenarios ranking from worst to best with detailed plan of action accordingly.<\/span><\/i>\r\n

<\/i>BssCommerce<\/a><\/p>\r\n<\/blockquote>\r\nNow in these hard times, how can businesses stay relevant and continue their existence in their industry?\u00a0<\/span>\r\n\r\nThe Coronavirus virus spreads through physical contact and therefore physical distance, avoiding social gathering has become the norm. In fact, this is why people are afraid to go out and shop<\/span>\r\n\r\nHowever, online businesses do not face this issue and thus these businesses could use their digital presence, social media, and related solutions to capture the market share. <\/span>\r\n

Retention is of the utmost importance at this time, because acquisition costs are spiking as offline stores move online, and the usual channels become less effective. Cashflow will be king for merchants over the coming months of uncertainty, so marketing spend must be focussed where it will deliver the highest return.<\/span><\/i>\r\n

<\/i>LoyaltyLion<\/a><\/p>\r\n<\/blockquote>\r\n

Are Digital Channels Really An Alternative?<\/span><\/h2>\r\nDue to Coronavirus, many cities are facing lockdown and people are not allowed to go out, giving rise to the <\/span>work from the home<\/b> trend. This requires the use of digital presence tools and solutions to facilitate the process of working from home.<\/span>\r\n
TemplateMonster has already joined the “all remote” movement, and right now every employee is working from home. This decision was made to help everyone do what they love from their homes, and so far, we’re doing fine.\r\n

<\/i>Template Monster<\/a><\/p>\r\n<\/blockquote>\r\n

While footfall in physical retail stores is understandably decreasing due to social distancing measures, this is an interesting time for ecommerce. According to Ipsos MORI, 50% of Chinese and 31% of Italian consumers say they\u2019re shopping online \u2018more frequently\u2019 to purchase products they\u2019d usually buy in-store. Other countries such as Vietnam, India, and Russia have also seen their populations turning to ecommerce more often to shop \u2013 with an increase of use measured at 57%, 55%, and 27% respectively.\r\n

<\/i>Econsultancy<\/a><\/p>\r\n<\/blockquote>\r\nBusiness owners are also worried that they are already facing loss and launching an online business or focusing on digital strategy may create more financial burden.<\/span>\r\n

Speaking on behalf of the whole AliDropship Team, we want to emphasize that our clients continue to receive the best service and the highest quality products from us. As always, our Customer Support team will do their best to answer any clients’ questions to encourage them to keep going.\r\n

<\/i>AliDropship<\/a><\/p>\r\n<\/blockquote>\r\n

MageAnts provides support to our eCommerce clients in this critical situation. We are also ready to help our merchants in any case if required.\r\n

<\/i>MageAnts<\/a><\/p>\r\n<\/blockquote>\r\nExpert Opinions<\/b>\r\n

In this critical time, eCommerce plays a very critical role to fulfill all the requirements of the people. Consumers could easily purchase their needs and avoid exposure to public places.\r\n

<\/i>Sparsh Technologies<\/a><\/p>\r\n<\/blockquote>\r\n

During such times, eCommerce stands to be a major solution for the increasing confusion and fear in society. The best way to fight off these tough times is by meeting the gap in essential needs caused by isolation and social distancing. Where again eCommerce has come up as a panacea.\r\n

<\/i>CEDCommerce<\/a><\/p>\r\n<\/blockquote>\r\n

In such scenario E-commerce businesses can play their part by directing their resources to fulfill the essential orders only following the footprints of Amazon.\r\n

<\/i>Meetanshi<\/a><\/p>\r\n<\/blockquote>\r\n

Such times highlight the importance of having online presence to ensure that customers are being served with the basic necessities in the lockdown period as well.\r\n

<\/i>Qaisar Satti<\/a><\/p>\r\n<\/blockquote>\r\n

Run a Business Digitally During the Coronavirus Crisis<\/span><\/h2>\r\nAs the entire world feels the impact of the Coronavirus, businesses need to ensure continuity by taking appropriate actions to offset the impact. According to the<\/span> International Chamber of Commerce<\/span><\/a>,<\/span> businesses should start developing their continuity plans and implement them according to the situation.<\/span>\r\n\r\nBy following some of the points mentioned below, businesses can set up online components and thus reduce the long-term costs for their business.<\/span>\r\n<\/span>\r\n