For the last 3 weeks or so, the one and only name that has emerged to be supreme is Novel Corona also known as COVID-19. Till now there have been more than 600 confirmed cases reported throughout India with thousands being suspected. With the rapid spread of the disease, there has been complete lockdown in India and some cities worldwide as well. Offices, industries and malls have been shut down to restrict spreading of the disease. In the due course, the requirement of basic amenities is surging yet leaving the safety of the house can be precarious and hence there has been a consistent decrease in customers’ footfall in shops. Will the ecommerce shops also be affected?
If you are an online trader and don’t know how to act during the COVID crisis, this write-up is going to give you an idea.
When you have an online business, the first and foremost threat is low supply from the distributer as there has been lockdown of several factories, industries and assembly lines. You should be prepared to face the blow and plan accordingly. While big companies will look for other suppliers, medium and small industries may find it hard to cope with the imbalance in demand and supply process.
If you stock Chinese products, you may find a drop in their sales, as people are dubious about them. So, make up your mind that there will be many unsold Chinese products on your shelf. While there have been no reports of people being infected from any ‘made in China’ products, still a rational fear is prevailing. For the next few months, there will be a dip of the Chinese products for sure.
What You should be Doing Now to Protect Your Ecommerce Platform from Falling Apart?
Talk with Your Distributors and Manufacturers
It is best to have a refined talk with everybody who is supplying you items and products. Gain a good knowledge of the present situation and how can they support you in the crisis. Be sure, you get adequate information from a trustable source and if possible have a personal chat with the manufacturer himself to know their status of production.
Store Your Products
To have consistent sales, if not benefitting, hold some of your products to be sold later in case the situation further deteriorates. To do this you have to curtail some of the advertisements, suspend discounts and if possible raise the price of certain products. You would like to facilitate fewer customers now than be sold out completely in a few days.
Look Out for Alternatives
Look out for alternative producers when you still have some stocks left. You might not get the exact product, but similar ones having the same composition. In the quest, you may find other reliable manufacturers as well.
Spend Time Looking after Your Business
It is a great time to spend some moment with your core business areas. Analyse the products that have given you good sale and are customer favourites. This is the best time to look into the faults and rectify them so that by the time situation clears, you will be ready with your new ideas and boosted confidence.
There is a Risk, but there is a Solution as Well
It is a time of global crisis with humans being affected the most and economic growth toppling down consistently. As ecommerce platforms are completely dependent on products and services from all around the world, this is a risk of losing business due to lack of supplies. However, if you plan greatly and keep yourself flexible you will win the race without suffering any disaster.