Coronavirus: Business Implications for Retail and How to Respond

The coronavirus pandemic has left retailers worldwide suffering due to disruption of the global supply chain. Many businesses have had to shut down storefronts and lay off employees.

Q1 sales reports have already reflected the negative business impact of the pandemic and have left organizations working desperately on a recovery strategy. Companies are under pressure from supply chain disruption, a shrinking labor force, reduced cash flow and consumer demand, and the need for marketing pushes.

The following articles are helpful resources for understanding the impact of coronavirus on brands and retailers:

Companies must respond quickly to ensure both continuing operations and the health and safety of workers. The following are 3 key areas retailers should focus on:

    • Supply chain: Allocate resources to preventing supply chain disruption and managing reduced demand
    • Cash flow: Manage cash flow in a responsive and proactive way
    • Protect workers: Keep employees healthy by implementing proactive health tracking measures

The key to business continuity in the coronavirus crisis is to mitigate any possible risks, and enforce prevention and safety measures to protect workers and your business as much as possible.

For more insight into steps major retailers are taking to keep workers healthy during the COVID-19 pandemic that you can follow, read through the articles below:

    1. Target workers get masks, gloves and customers get more space
    2. Amazon deploying masks, taking workers temperature
    3. Costco sets up hours for senior shopping due to coronavirus outbreak
    4. COVID-19 fosters self-service innovation in China

Find out how you can quickly and easily implement health and safety guidelines at your own facilities using Inspectorio Rise.