Coronavirus and eCommerce
The covid-19 pandemic has affected every facet of life, and eCommerce is no different. If you are running an eCommerce business, you are going to need to know how the Coronavirus is going to impact you and the industry at large. Indeed, according to US government data, in the last quarter of 2019, online sales accounted for 11.4% of total retail spending. Here are some things to consider that are going to influence your business and your decision.
Some Believe eCommerce Will Thrive
Due to things like social distancing, as well as the issues with the economy and the closing of businesses, many believe eCommerce is set to thrive in the coming months. Titans of the industry, such as Amazon, are well-placed to take full advantage of this in the near future. However, this is not an exact science, and there are many who are sceptical about the future of online shopping as well.
It’s a Little More Complex
The future is unclear and uncertain at this stage, and there is every chance that eCommerce businesses could feel the full effects of this as well. If the economy tanks, and businesses have to close it is going to be much more difficult for eCommerce businesses like yours to source and order products. What’s more, supply chain problems and declining customers could all play a role as well. And with only 20% of businesses saying they are taking aggressive action in the face of the virus, we could run into more problems.
At this stage, the future is a complete unknown, and this can be scary. And, despite the government’s plans to offer aid and support to businesses and employees, it is unclear what to expect. This is a scary and worrying time for a lot of business owners, but the resources offered by the government may provide some relief and respite from the financial burdens of a potential recession.
All of that said, if you are running a eCommerce business, now is the time to be bold. Now is the time to find the right partners. Now is the time to make your move.
70% of the Fortune 500 was started during a recession. Your brand might be the next one on that list.
Contact ShipJoy today to capitalize on this opportunity.