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:
- Retail Dive: COVID-19: The ultimate stress test for retailers
- Retail Customer Experience: Following COVID-19: How coronavirus pandemic is impacting retail
- Forbes: The Impact Of COVID-19 On U.S. 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